“We don’t know what we don’t know.”
Today, March 17, 2020, that is the sentiment for all Americans, small businesses, and, for the focus of this article – franchisors! What we don’t know if the stage of this pandemic in the United States, judging by other nations such as China, Italy, and Spain, it appears that we are only now entering the pandemic phase and with an escalation of COVID-19 infections on the rise with store closings and an escalating drop in consumer demand. While we don’t know when the pandemic will peak, we do know that at some point it will end and we will enter a recovery.
So, how do franchisors survive and overcome the financial effects of this pandemic? While a lot will depend on current cash-flow, government intervention, and how long this pandemic lasts, Franchisor’s need to plan for the short-term, intermediate-term, and long-term.
We know that a recovery will eventually be at hand, and during our recent franchise webinar, we discussed the following framework:
Right now, the biggest variable is that we don’t yet know how extensive and how long this pandemic will last. Will short-term be a few weeks, a few months, or more? We just don’t know. However, what we do know is that this will pass and, together, as a franchise community in the long-term we’ll come back better and stronger than ever.
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