In late March, as most States were entering their 2nd week of shutdowns, we surveyed 233 franchise leaders to quantify and assess the impact to their businesses. The resulting data showed exactly how quickly and directly the impacts were rippling through the entire franchising world, spanning everything from business closures, to the impact on franchise sales efforts. Participants represented 8 industries: Quick Service Restaurants, Business Services, Personal Services Residential/Commercial Services, Real Estate, Full-Service Restaurants, Hotel/Lodging, and Retail Food Products & Services.
The FranConnect Blog
The latest insights and perspectives for the franchising community.
There’s no doubt that we are facing unprecedented times. While quarantine seems like “the new normal”, the fact is that we will be back to business much sooner than we realize, and we need to be ready. Now’s the time to prepare to rebuild after the storm.
The CARES Act passed into law March 27th includes $350 Billion allocated to low-interest and in some cases, forgivable, loans for small businesses. The loans are intended to cover payroll, benefits, leases, mortgage interest, rent and utilities. For many franchise businesses, this is a critical lifeline intended to help them navigate the impact of the COVID-19 pandemic.
There is a lot to understand about the package - it’s 880 pages long -- and it's easy to get overwhelmed by the depth of it. But some of the best minds in the world of Franchising are working hard to make it easy to digest. So, we decided to round up some of the best resources to help get up to speed.
At FranConnect we are committed to the safety and well-being of our employees, customers, and the franchise community. As a company we have implemented remote work policies across our offices. This was a smooth transition because we already use cloud and remote-work technologies for key processes, operations, development and support. Our team is energized and adapting well to this environment. Communications between FranConnect team members and our customers will not be interrupted or affected.