Empowering a positive change in your franchise is the current challenge. Battling against slumping sales and to organize a simple executing method makes you win and be proactive in any economy. First things first, let’s discuss what not to do.
The three mantras of success include:
- Do not panic
- Do not Slash Prices
- Never Slash Staffs
The current economic situation might be just fate for pessimists. All they think of doing is to preserve cash. While an entrepreneur (i.e. an optimist) always foresees how they can act to get ahead of the problem and generate positive results out of it. Franchisee can be benefited by implementing the system’s knowledge and also with networking with the peers who have the same notion.
More brand equity can be derived through more sales. It strengthens their own business and also their neighboring franchisee too. To get all the facts straight always take a closer look into your industry. Some things might be feeble than they appear. Use all the information to make any decision strategically for sustainable and short-term activities. Looking into the numbers, the recession is a broad-based view at the gross domestic product overall. We cannot breakdown sector by sector.
For example, your region’s economy can differ significantly from other regions across the country. You must take decisions foreseen already to improve the situation that may not have been foreseen by others.
Selling based on Value and couponing is widely spoken by people. But these are the best strategies and must be always explored; you must also have knowledge about what is happening in your market and the potential.
Never believe in the temporary hypes around you. Some industries might perform well like the quick service hotels, services for children & health care. But some like luxury items & vacation rentals lags indicators of the real world economy. Are you looking out for such middle, cutting edge and back-end of economic and customer trends? Ask yourself. Timing is very important factor to understand how long you plan to commit the resources. You need to plan what degree of activity you require today vs. from six months later.
Only after clearly understanding this dynamics, then only you can begin to look at increasing your sales in franchise.
Always find new ways to provide what your customer needs. You may not know that educating your customers helps them to want your business more. It always keeps a value for your position. You will always be the supplier of something they want. Always people do not focus on the solution; they always tend to see only the problem. Always try to add value to your customers. It provides a win-win situation for all.
In entrepreneurial career, always look into the opportunities to increase sales. On tougher times, franchising always lends you a strong hand. It helps you to grow the overall sales and increases the profits. Always have a customer point of view in the back of your mind. This enables you to succeed anywhere.
In SHS Advisory Group, we are offering Franchise Consultancy by taking entire responsibility for bringing the success to your business.
- : Infinix