When the economy takes a dive, luxury expenses (such as dining out) are the first cuts people make to their personal budgets. An economic slump can stop a business’s growth dead in its tracks, and can even threaten it’s very survival. However, there are steps you can take to help your franchise weather the storm.
Tightening the Belt
First, it’s time to pull out the Profit and Loss statement and start going over expenses with a fine toothed comb. Many of your expenses are unavoidable, but cutting out any unnecessary cost now is going to help you in the future. Postpone some of those cosmetic repairs or that big redecoration project for the time being. Instead, focus only on those repairs that are necessary for public safety and official standards.
From the Ground Up
Now it’s time to head back to the drawing board. Rethink your marketing promotions, especially if you are well established in your community already. Everyone loves the wacky arm-waving-inflatable-tube-guy on the roof, but keeping him at his antics isn’t cheap. Now is the time to be conservative. Start focusing on drawing attention to your more economically appealing “value menu”. As long as your quality and service remain reliable the community will understand.
Also take a look at your wastes. As a franchise owner you may not have much say in where your supplies come from, but it is entirely up to you to ensure that those supplies are put to good use. When times are good, it’s easier to overlook or forgive sloppy work. However, in a crunch, that one extra pickle making its way into the burgers, those shake that gets dropped on the floor and the food that gets sent back because it just wasn’t prepared to the customer’s specification all adds up. Now is the time to review with your employees and ensure that loss is minimized.
Focus on Quality
When cutting costs in marketing and cosmetic upgrades to your business, ensuring top-notch quality and customer service become more important than ever. The dining experience your business provides becomes your biggest public draw. Fortunately, for the savvy business owner and crack management staff, these standards of quality can be met or exceeded at minimal cost.
Focus on the work environment and improving employee morale. A positive employee is going to be much more likely to provide a positive experience for the customer and will be more prone to following procedures that minimize waste and loss. Don’t be afraid to discipline when necessary, but be sure to balance the dynamic with rewards for positive and proactive workmanship.
Flexibility
Above all, remain flexible. If the old way of conducting your business is costing you more than it’s bringing in, then it’s time for a change. Keep current with the community and it’s desires. If you can, cater to the current trends in the community. It doesn’t take a whole lot of nonfat decaf latte sales to justify a WiFi connection in your business. With a willingness to adjust, you can create an environment and experience that will ensure that your loyal customer base will always make room in their budget for your establishment.
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