Nedbank mindful of the challenges facing the franchising sector, encourages communication
Franchisors and franchisees must remain in touch with customers during the challenging lockdown period, so that they can resume operations seamlessly once the lockdown ends, says Prithivan Pillay – Head: Client Value Proposition of Nedbank Business Banking:
"As money experts committed to doing good, we understand the hurdles posed to the economy by Covid-19, the greatest global crisis since World War 2. Businesses are experiencing severe challenges, and its impact on the workforce is of great concern, therefore, we urge both franchisors and franchisees to stay in touch with clients, operate where possible online, and most importantly, engage with their dedicated business bankers to discuss various relief measures on offer to assist clients during the pandemic."
During this extended lockdown period, Nedbank encourages businesses to use electronic channels for banking, including scan-to-pay or tap-payment options, and, when necessary, the building of ecommerce platforms and exploring alternative revenue streams.
Pillay says that the challenging conditions call for innovative industrywide solutions, such as the example shown by a national restaurant group, which suspended franchise fees during the lockdown, while another large group made video conferencing available so owners and their staff can communicate with one another, as well as with their customers safely. In other sectors firms have also negotiated decreased or no rentals during the lockdown. Many franchise brands are spending this time efficiently by revisiting their business model, planning new menu items, costing structures, renegotiating with suppliers and building alternate strategies to come into play once lockdown is uplifted.
"Your sustainability and future survival matter to us. These are challenging times and we support measures aimed at mitigating real human hardships during the pandemic. Our main task is to let clients know that we care about their challenges and pledge to work with them in accordance with relief measures set out by the bank to assist where possible," says Pillay.
"Nedbank acknowledges that this is a time of heightened anxiety for our clients and their employees, not just in terms of their personal health but also their economic survival. Our dedicated business bankers are on hand to provide support during these challenging times. We value our clients and the South African population in general experiencing hardship, and want to acknowledge the hurdles, and show our support as best we can as a bank committed to doing good," adds Pillay.
Why not get in touch with us at firstname.lastname@example.org to discuss your needs as a franchisor or franchisee?