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The recession has got a lot of franchisors and franchisees in a state of worry, and understandably so. What’s going to happen to my business? The news media are no help as they continue to report more doom and gloom. And more doom and gloom. It’s enough to create a panic, and it has among some of the folks who are contacting me these days.
Due to the volume of information, and the way it’s presented (or pushed) to us–via TV, radio, the newspapers, and the Internet–we suffer from too much information. As a result, we sometimes feel we have no control because we can’t make sense of all the information. We can’t process it and feel confident about what we think we know. We can’t sort what’s real from what’s noise. And yet, we must!
That’s why it’s important to seek the counsel of experienced, grounded people. They don’t get carried away by the doom and gloom. They have the ability–perhaps the wisdom–to make sense of things quickly, almost effortlessly.
Whether you’re a franchisor or a franchisee, it’s important now to associate with people who keep their wits about them. Too often, it’s the loose canon that begins the negative buzz in a franchise network.
Perhaps most important . . . Franchisees: Do what you’ve been trained to do. Market, sell, buy, implement your action plan, transact business–do the work of your franchise and don’t get distracted by the noise. Franchisors: Step up your communications with both your employees and your franchisees. They need to hear from you, maybe as often as daily in these troubled times.
Both franchisors and franchisees need to cultivate a network of like-minded people who they can call on when they’re anxious, or who they can consult with as they’re trying to figure out the next steps in their business. If you’re part of a Mastermind, you’ve already cultivated your network. If you’re not part of a Mastermind, and you’d like to be, I’ll give you that opportunity in the near future. Space is limited but I’m still adding names to the lists for both the next franchisor and franchisee masterminds. Let me know if you’re interested!
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