Unless you’ve been living in a cave, you know that this is the toughest economy we’ve seen since the Great Depression.  Just about every Franchise is having trouble, and there are no “silver bullets” coming from ANY Franchise Headquarters that will make these financial problems go away.  The reality is this:  While Headquarters is trying hard to support you, and the basic Franchise Business Model is still viable, it’s essentially up to YOU to power your business through this economic storm.  So, here are 10 Actions Steps you can take to WIN in these tough times:

1. Re-set Sales Goals, and Make a Plan!   Set realistic sales goals by month, week and day, and they’ll probably be lower than in prior years.  The key here is closely monitor how you’re doing relative the Plan, and develop specific marketing & operational plans to keep you on track.  In tough times, you’ve got to be more aggressive and creative, but it always starts with a Plan.    
2. Fight the Urge to Scrimp On Quality!    With economic challenges, there is always temptation to cut back on quality or portion sizes.  Don’t do that!  Customers are forking over their precious resources, and they expect quality.  Look to save in other areas, but never compromise quality.     
3. Make Sure Your Store reflects a “Happy Face”!   Here’s the deal: Your customers have their own financial problems, and they don’t want to hear your sob-stories.  So, regardless of your woes, make sure you and your staff keeps a “Happy Face” in front of customers.  If you need to vent, call your spouse, friend or preacher — but for the sake of your business, stay positive!      
4. Protect Your Product and Labor Costs!   Your product and labor costs are your largest expenses, and they drive your profits!   So be relentless in controlling them.  Monitor everything from your product supplier bills, to waste, to “honesty issues”, and conduct more frequent inventories to track product cost.  And definitely assess every employee slot to see if any positions can be combined, or eliminated all together.  Since there are a lot of skilled people looking for jobs now, perhaps it’s time to upgrade your staff.  These are tough decisions, but your business and financial well-being are on-the-line.   
5. Stay Committed to Local Marketing!   The temptation will be there to eliminate local marketing to save money…..and you should eliminate any programs that have not worked.  But at the same time, you’ll need to replace some lost sales, and that will require local marketing.  So, use the Headquarter Marketing Programs as a base, and then seek out effective, new marketing opportunities around your store.        
6. Make Sure You’re Getting Maximum Franchise Support!   It’s time to re-commit to your Franchise, and use the power of the Group to power through these tough times.  Avoid any temptations to be a “Maverick” and alter the Franchise Formula to save a few pennies.  And now is the time to get involved with your Franchise Advisory Board to register ideas and find solutions.     
7. Approach Your Landlord About A Rent Concession.   Landlords are hurting too, and do not want you to go out because it would be hard to replace you in this market.  So, if you’re having difficulty, develop a full proposal for the Landlord complete with what rent package you propose.  Most important, if you want the Landlord to be reasonable with you, make sure your request is reasonable.  
8. Scrutinize Every Expense Item.  From payroll services, to cleaning supplies, to in-store music, to light bulbs, you can definitely save some money by re-bidding everything.  Your suppliers are eager to keep you, and competing suppliers would love the chance to compete for your business.  So, let the “Supplier Games” begin, and eliminate ANY expenditure that isn’t absolutely necessary.    
9. Have a Source For Capital.   Cash Is King….especially in a tough economy.  So, stay lean and try NOT to take on any additional debt.  But also know where you can get cash if the business is pinched (e.g. line of credit, parents, wife’s shoe-box money, etc.).  
10. Stay Strong & Healthy!   This economy is causing a lot of stress, so you need to be strong & healthy to handle it.  Commit to eating better, get more exercise (even if it’s just a walk after dinner), find a way to clear your mind (e.g. take up yoga or listen to classical music) and get enough sleep.  

Yes, it’s extremely tough out there and the best way to deal with it is to have a Strategic Action Plan to build your Franchise Business.  Many folks are losing sleep because their business is being affected by things they cannot control.  So, focus on the things that you CAN control, and the above 10 Action Steps are a great place to start.  Most important, have faith that the American Market is the greatest economy on earth, and that customers will always appreciate and seek out quality products.  You just need to reach new customers during this period AND control your costs.  And with some extra focus, you can!

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.