The storm caused by the Coronavirus pandemic has transformed the world upside down. It has shattered all the fundamentals and is transforming an era of new times that is here to stay now for a while. So, when almost all the businesses were hit by the COVID-19 pandemic, how powerfully has it impacted the franchise domain, and how are the franchise companies reviving back on track is yet to be seen.
The franchise business follows a chain which comprises franchising, franchisors, franchisees, the entrepreneurs, and also the business owners. Hence, this central line of business is entirely impacted and as all of them are closely interdependent, the franchises are looking forward to a lucrative plan of action to battle the existing challenges and provide a frontrunner mindset.
The Prevailing Times of the Franchising World
There is a huge effect seen on the sales of many services and products, the supply chain has been interpreted and is now experiencing a drastic change. Some sectors will be extremely affected as compared to others, which include the aviation, tourism, F&B, and hospitality sector. Even though these sectors are seen coping with the presiding times, the demand for them is comparatively low and will take time to bounce back on track.
Currently, the customers are well-aware of the situation and hence they are seen combating with it with more precautions than usual. So, for the franchise businesses, it is imperative to advertise their products or services with utmost cognizance and deliver the customers with safety first. Keeping up with the times will go a long way for the franchise business, so be it a restaurant that is now opting for online delivery making sure your presence is known to your regular customers on the various platforms available and make use of it thoroughly.
One cannot predict how long these situations last, hence working on the alternatives for it for time being is the best choice. For the hotel business, which is majorly affected than others, the best way to have a word with their customers is to maintain their website, and whenever the state is allowing tourists or professionals based on work, get across them.
Also, a breakthrough for many companies is now to find potential franchisors with Made-in-India products. The new law conditioned by the government on a ban on Chinese manufactures, products, services, and their overall business market in India has revolutionized the start of a new era. Hence, a large number of franchises will now have to find new Indian franchisors that are ready to source their Indian products across. This is an important decision for companies to make as they have to deliver their customers with premium quality products in a cost-effective manner.
Revitalizing with the Existing Times
While the global economy has been hit by the coronavirus, the long-term franchise businesses are at risk. With the situation starting to get under control steadily now, the supply chain must gain some momentum to run the long race ahead. The franchises have to manage the other stakeholders or suppliers, establish a coronavirus strategy, protect their consumer base, look after their staff members, ensure that the other franchisees are operating properly, and many more such aspects have to be taken into consideration for its well-defined maintenance.
The franchise networks which are tremendously affected by this have to stick to their roots with their strong leadership and ace solutions. The impact of coronavirus can be tackled by franchises keeping in mind their audience and team come and work together for a better future of this industry. With the new narrative of “Atmanirbhar Bharat”, Indians are all set to pave their path in the world for years to come.