Yesterday we were discussing franchisees who are finding ways to succeed at this challenging moment. Today, we’d like to focus on tips for franchisees that might not be doing very well at the moment.
Business Week spoke with a number of consultants recently and published 11 tips for turning your business around. We think these tips are especially worth noting:
Anticipate Opportunities. In whatever form it takes, there will likely be a large influx of government money this year as part of President Obama's economic stimulus plan. "With that much money flooding into the economy, of course there's going to be an effect," Paul Rauseo of George S May International says. "Prepare a strategy for tapping into it and you can take advantage of it."
Minimize Layoffs. You may have no option but to cut some staff. However, do your best not to make sweeping cuts that will cause morale and productivity to drop among your remaining employees and drive other workers out the door, says Jason Zickerman, president and CEO of The Alternative Board, a Denver-based small business networking organization. Another negative—customers who hear that you've downsized may lose confidence in your company's ability to handle a new order.
Resist Negativity. "All these crises are creating an opportunity we've never seen before in business," Rauseo says: "It forces small business management to be more professional and more mature than it's ever been. It's time to seize the moment."
Business Week has eight other tips for franchisees seeking advice on how to change their business prospects. Read them all here.