Special COVID June Newsletter
Hope you’re going well in these unusual times. The suddenness of the changes that have been imposed on us has meant wholesale changes to much of our life… but you know all about that. So, I’ll get straight down to business with our June Edition of the Franchise Simply Newsletter.
First Things, First
Far too many business owners have been running at half speed during the Covid 19 lockdown.
It’s very understandable of course.
The whole event was so left field, so unexpected, that so many entrepreneurs felt quite powerless during it.
But now that most countries are slowly moving out of full lockdown mode, it is absolutely vital that you play the next few months at full speed.
If you act fast and play hard, you should be able to grow your company during this next recovery period.
Here you can find are my suggested immediate steps
Business Franchise Australia and New Zealand speak with three Subway Franchise owners who reveal the secret ingredient to building a successful franchise: excellent customer service.
There’s nothing more rewarding than being a small business owner, with the ability to drive your own success and build an empire. For more than 50 years, Subway® has been providing a platform for passionate small business people to grow their own success, with the help of a proven franchise framework.
Acting Assistant Commissioner of the ATO’s Risk and Strategy – Employer Obligations portfolio
We know that many businesses and communities are being heavily affected by the challenging economic conditions created by the outbreak of COVID-19.
We are working shoulder-to-shoulder with businesses to assist them through this difficult period and do what we can to ease the pressure.
The organisers of the Franchising & Business Opportunities Expo have announced new dates for all the shows, which are expected to grow with the increased interest from displaced workers looking to start their own business.
It’s often ignored but really has to be acknowledged, and no better place to start than with franchising’s very own resident psychologist Greg Nathan”
How’s your health? I’m not just talking about physical well-being. How have you been feeling lately, mentally and emotionally? And how connected are you to the things that truly motivate you?
In this tip we’ll look at 10 evidence-based strategies you can use to get back to being your best. (These come from our popular interactive Zoom session on Maintaining Positive Mental Health and Resilience in Ourselves and Others).
In this episode of The Franchise Entrepreneur, Des draws from the work of Trevor Moawad and discusses the power that negative thinking can have on your mindset. Des discusses a simple but effective psychological trick for not letting negative thinking stand in your way.
You can listen to his podcast here.
Instant asset write-off extended
The Federal Government has announced it will extend the $150,000 instant asset write-off for six months to 31 December 2020.
Australian businesses with annual turnover of less than $500 million will be able to take advantage of this extended timeframe to invest in assets to support their business as the economy reopens and Coronavirus health restrictions continue to be eased.
These measures will support over 3.5 million businesses. They are designed to support business make investments they had planned, and encourage them to bring investment forward to support economic growth over the near term. The instant asset write-off also helps to improve cash flow for businesses by bringing forward tax deductions for eligible expenditure.
Click here to view the media release.
THE PEOPLE, TECH AND TOOLS CONVERGING TO OVERCOME COVID-19
Within two weeks of getting the vaccine, the immune systems of people receiving all three doses showed some level of response, with the most developing a type of antibody that can attach to the virus, though not necessarily destroy it.
U.S apparel chain Gap is speeding up its rollout of warehouse robots for assembling online orders so it can limit human contact, the company told Reuters, a sign if more retail automation to come. Lisa Bernhard has more:
Remote Working / AR & VR
Its main product allows clients to easily hire and pay workers regardless of where they are located, using a single software program versus a patchwork of services most companies use for teams around the world, said Westgarth.
U.S apparel chain Gap is speeding up it’s roll out of warehouse robots for assembling online orders so it can limit human contact, the company told Reuters, a sign if more retail automation to come. Lisa Bernhard has more :
Like all businesses at this time, the franchising sector is weathering a rapidly changing landscape because of COVID-19. Racha Abboud, a Principal Lawyer and franchising specialist at Macpherson Kelley and has written a useful checklist to help franchisees during this unprecedented time.
Click here to view the checklist.
Some Tips and Insights You May Find of Value
If there is anyone who can add enormous value to a stressed franchisee at this time, it is their field manager (or whatever you call this role in your network). I have particularly noticed high calibre field managers focusing on three important areas – emotional resilience; financial management; and operational effectiveness. Click Here to find the nine tips field managers might like to keep in mind when considering these areas.
Something You Might Want to Read
Today’s businesses generate massive quantities of sales and customer data. They are also prone to utilising some external sources of data including social media and trackable display advertising. Franchise owners and executives can feed their resulting data into predictive analytics software to get actionable insights into the status of the business. The following are 3 possible ways to improve profitability for a franchise business by making use of business analytics and data:
Rob Dryden, CEO of IWS Australia talks us through the two identifiable waves of change he’s seen in the sector over recent times around compliance.
With wage compliance becoming a crucial factor in the operating of a franchise system, he talks on the reasons for this, and how to approach the problem
For Your Diary
Dates have been announced for the Franchising & Business Opportunities Expo 2020/21
Postponed until 21 and 22 August 2020 at Melbourne Exhibition Centre, South Wharf
Postponed until 13 and 14 November 2020 at ICC, Darling Harbour
Postponed until 16th May 2021 at Crown Perth, Burswood
Postponed 18 and 19 June 2021 at Brisbane Convention & Exhibition Centre, South Bank
I hope you enjoyed this.
To your success,