The Whole World Has Changed. Now What?

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By the time you read this article, hopefully most issues around the pandemic will be resolved. The stages of this pandemic are different around the globe, so if it hasn’t resolved in your region, please revisit this series when it makes more sense. Today’s post, and the three that will follow it, are intended to make you more aware of opportunities that will await you and your franchise during the recovery, and the work that needs to be done to be ready for the recovery.

For businesses that made it through this very tough time, much opportunity awaits. If many of your competitors did not make it, your opportunity to grow market share will be unparalleled. The country will likely be in recession, but your larger slice of the market should more than make up for it. 

You need to be ready though. You’re going to have to make sure your supply chain is in place, that you have well trained staff, and that you are ready to advertise to win market share. There is likely to be a lot of pent-up demand, with customers looking for businesses to buy from. We will explore those topics in the coming weeks.

Before the pandemic, your focus was probably to win business from other companies. Now your focus will be to make people aware you are still in business, and to convince many customers to try you for the first time.

Many enterprises have added new products and even completely new business lines during the crisis. Have you? If so, I would encourage you to think about how they can transform your franchise, attract new customers, and increase your profitability. We will explore this opportunity in more depth in my post next week.

And the workers who are available to you have changed. During the crisis, they might have found out that working remotely works. Therefore, this may be a chance for you to reduce overhead and enable more staff to work from home.

And the opportunity to sell franchises may never be better. There will be plenty of open locations, and people to hire. Plus, there could be a new pool of potential buyers for your franchise—people with wealth who are now looking for opportunities. We know that a large number of experienced professionals lost their jobs or were furloughed during the crisis. They are now starting to look for new opportunities—and that means they are considering franchising. And at the same time there could be new locations for your franchise to open in, or where your current franchisees can expand their operations.  

Certain parts of the country will have been hit harder than others. And during the crisis, your brand might have suffered. Remember that online and virtual training can make your franchise system more efficient and help you execute your brand promise.

Together, you and I will explore these opportunities in the weeks ahead.

No one wished for this pandemic. But there is light at the other end of the tunnel… and considerable opportunity.