{"id":8144,"date":"2020-04-03T17:24:46","date_gmt":"2020-04-03T11:54:46","guid":{"rendered":"https:\/\/www.franchisezing.com\/franchise\/?p=8144"},"modified":"2023-08-17T17:33:39","modified_gmt":"2023-08-17T12:03:39","slug":"how-can-your-business-survive-this-covid-19-pandemic","status":"publish","type":"post","link":"https:\/\/www.franchisezing.com\/franchise\/how-can-your-business-survive-this-covid-19-pandemic\/","title":{"rendered":"How Can Your Business Survive this COVID-19 Pandemic?"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.franchisezing.com\/franchise\/wp-content\/uploads\/2020\/04\/full-image-1.jpg\" alt=\"\" class=\"wp-image-8148\"\/><\/figure>\n\n\n\n<p>These are some of the many questions which are crossing the mind of every entrepreneur today. Be it a <a href=\"https:\/\/www.franchisezing.com\/franchise\/what-is-a-franchisor\/\" title=\"Who is a Franchisor?\">franchisor<\/a>, brand owner or <a href=\"https:\/\/www.franchisezing.com\/franchise\/what-is-a-franchisee\/\" title=\"Who are the franchisees?\">franchisee<\/a>, or investor. Every businessman today thinks that I don\u2019t want to earn profits right now. All I want is for my business to survive through this pandemic of <strong>COVID-19<\/strong>.<\/p>\n\n\n\n<p>Little does every businessman know that only thinking &amp; wishing won\u2019t do the work. They will have to step up &amp; take risks just like any other time.<\/p>\n\n\n\n<p>To be able to get through this situation of COVID-19 hit, every franchisor\/franchisee needs to work on the below things:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li> <strong>Stay in Touch With Employees:<\/strong> The strength of your business is your team, your people, and your employees. You need to take care of them. Just like you, your employees are also in a panic. It is very important for you to talk them through a regular interval of time. Be positive that this too shall pass. Share your mental pressure with them. Pay cuts can be need of the hour, paying them on time will keep them calm. <\/li>\n\n\n\n<li><strong>Stay in Touch With Customers:<\/strong> You must stay in touch with all your customers. A single message won\u2019t harm. This will keep your business alive in their minds. Ask them about their well-being and to stay indoors. This will enhance your relations with them.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lower Your Margins:<\/strong> At this point in time if you want to keep running, try lowering your margins. Not only this will help you gain a good reputation among the customers but in time it can increase the sales figure also.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lower <a href=\"Royalty:\">Royalty:<\/a><\/strong> If you are a brand owner\/franchisor, you need to think about your franchisees as well. If you charge the <a href=\"https:\/\/www.franchisezing.com\/franchise\/royalty-fees-in-franchise-business-understanding-the-value-exchange\/\" title=\"Royalty Fees in Franchise Business: Understanding the Value Exchange\">monthly royalty<\/a> or any kind of royalty, try to lower the percentage or if possible wave off the royalty for a couple of months. This will help them to manage their other expenses such as paying their own employees.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Change in Payment Method:<\/strong> If you have a company policy of advance payment or one-shot payment. You can change the payment method to Installments. With this, your alliances will stay intact &amp; they will also be able to release your payment at the earliest.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Opportunity to gain Goodwill:<\/strong> This time is a golden opportunity to earn goodwill. Any kind of social work be it monetary or nonmonetary, will help you build Goodwill for <a href=\"http:\/\/www.franchisebusinessindia.in\" title=\"\" target=\"_blank\" rel=\"noopener\">your business<\/a>.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Social Media Networking:<\/strong> In this time you can build up a strong social media network by keeping your company\u2019s page active on all the platforms. Be it <a href=\"https:\/\/www.facebook.com\/BeAFranpreneur\" title=\"\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>, \u00a0<a href=\"https:\/\/www.linkedin.com\/in\/franchisezing\" title=\"\" target=\"_blank\" rel=\"noopener\">Linkedin<\/a>,<a href=\"https:\/\/www.instagram.com\/franchisezing\/\" title=\"\" target=\"_blank\" rel=\"noopener\"> Instagram<\/a>, <a href=\"https:\/\/twitter.com\/i\/flow\/login?redirect_after_login=%2FFranchisezing\" title=\"\" target=\"_blank\" rel=\"noopener\">Twitter, <\/a><a href=\"https:\/\/www.youtube.com\/channel\/UClh-ZmMRrTVd9nuGo4s1oEQ\" title=\"\" target=\"_blank\" rel=\"noopener\">YouTube,<\/a> etc. Your posts can be related to your business or generic. Anything that keeps your audience engaged with you.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;<strong>Set\nYour Priorities: <\/strong>&nbsp;It is very\nimportant to pen down your priorities. If you don\u2019t have that, it will probably\nmisbalance your plan of action once this is all over which it will very soon!\nThis will help you to manage your funds judicially which are of utmost priority\nright now.<\/li>\n<\/ul>\n\n\n\n<p>The times are hard right now but, this too shall\npass! If you are taking care of all the aforesaid things, you will certainly\nfind yourself much ahead of all the other businesses &amp; your business will\nsail through this time smoothly. <\/p>\n\n\n\n<p>Further, if you need any assistance feel free to call us at <strong>+91-9717899655<\/strong> or write to us <strong>info@franchisezing.com<\/strong>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>These are some of the many questions which are crossing the mind of every entrepreneur today. Be it a franchisor, brand owner or franchisee, or investor. Every businessman today thinks&nbsp;[ &hellip; ]<\/p>\n","protected":false},"author":1,"featured_media":11622,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1491],"tags":[],"class_list":["post-8144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","list-style-post"],"_links":{"self":[{"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/posts\/8144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/comments?post=8144"}],"version-history":[{"count":0,"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/posts\/8144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/media\/11622"}],"wp:attachment":[{"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/media?parent=8144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/categories?post=8144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.franchisezing.com\/franchise\/wp-json\/wp\/v2\/tags?post=8144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}