This is the primary task and quality that every business owner should have. As with any business, franchises measure performance by the numbers. Yes, franchise profits have to be monitored in order for you to know if the business is doing well.
But is the concern only to increase sales?
If you desire positive change in your franchise then you will not only strive to keep your sales away from the slumps, but also endeavour to set a winning strategy to remain proactive and afloat whatever the state of the economy. Winners should not just take the crumbs that the economy provides. No, you have to adapt and create opportunities even with negative shifts in general commerce.
What should you not do?
When the economy experiences a plunge, the first thing you need to do as a franchisee is to remain calm. Do not panic. If you panic, you will launch yourself into a series of bad decisions which will eventually takes its toll on your business. It is also unwise to slash your prices as well as cut staffing immediately.
What should you do then?
You have to get ahead of the issue and address it even before it begins. As a franchisee, you are part of a system. Take advantage of that. This system contains approved and tested guidelines. You have the entire wisdom of the franchise system behind your back. You have a network of people that has the same goals.
Get your facts right.
Even with issues in the economy, things may appear dire than they actually are. Gather the right data from the right sources and use it to craft operational and long-term strategies for your business. You also need to listen to your clientele and your staff. Put out surveys and gather input from your staff so that you can get a feel of the pulse of the business from various perspectives. Study your clients buying habits and behaviours so that you can get them to increase spending without having to slash the prices of your products.
Always strive to find innovative ways to show your customers how you value them. Offer a solution to an existing problem and your customer will continue to swarm in no matter what the economy looks like.
For guidance on how to handle sales slumps or just improve sales in general, do not hesitate to give Fran Frog, a franchise consulting agency, a call.