It’s no secret that multiple industries have been widely affected by the global pandemic that has halted the usually-busy streets, shopping centres and food courts, causing changes to trading hours, countless job losses and a rising decrease in business profits.
The franchising industry is no different, with major stores and popular locations closed and a number of networks adapting their services to comply with the new changes. The updated social distancing rules, increased hygiene expectations and consumer fears have provided extra pressure for businesses.
The biggest challenge franchises face is generating enough income to pay wages, rent and suppliers (even with government subsidies) to be able to keep trading. Adjusting to the new regulations is no easy task and businesses of all sizes are feeling the effects caused by the ongoing global crisis. In a positive move, the government recently announced multiple ways that it will help businesses, including a JobSeeker stimulus package and a code of conduct for rent relief.