Creative and Practical Steps for Franchises to Survive the COVID-19 Crisis


Originally published in Entrepreneur

By Danny Cattan and James Vitrano

The current coronavirus crisis and its economic impact is a colossal curveball that nobody could have anticipated, and if you’re a franchise owner, it has likely turned your world upside down.

Challenging as these times are, there are several concrete steps that franchise owners can take to help survive the current environment.

For starters, right now is a great time for franchisees to go through their P&L statement with a fine-tooth comb and look for any non-essential services that they don’t need or can cut. When times are good, you might have someone coming once a month to wash your windows or mow your lawn. Maybe you have someone coming in every two weeks to sharpen your knives.

Guess what? If there ever was a time to perform those services yourself instead of paying someone else to do it, it’s now. When the economy is up and running again, you can go back to outsourcing these tasks, but you’re in survival mode right now

Read the Full article at Entrepreneur

Danny Cattan is Director Of Franchise Development at Fat Tuesday. James Vitrano is Chief Development Officer and General Counsel at Fat Tuesday.