FINANCIAL PREPAREDNESS FOR FRANCHISEES: FROM PPP LOANS TO THE UNKNOWN
Reflecting on the past year in which one in five small businesses permanently closed, financial preparedness was a key factor in what helped keep many brands afloat. Specifically, for franchisors like Subway, Senior Helpers, and Meineke, securing millions of dollars in PPP loans for hundreds of franchisees as quickly as possible provided the foundation for recovery.
Behind that execution was a pre-existing partnership with BoeFly, a premier online marketplace for franchise growth solutions. Mike Rozman, founder of BoeFly, shares that trusted partnerships empowered franchises to successfully navigate the unexpected twists that typically accompany financial opportunities like the PPP loan application process.
“When it came to securing a PPP loan, speed and positioning were essential. As an outsourced partner, BoeFly helped guide franchisors in assisting their franchisees to rapidly access PPP funds and keep their businesses running. I encourage franchisors to have financing partners in place rather than wait for the next curveball to be thrown our way,” said Rozman.
Outsourcing has been a trend on the rise, seeing as it can preserve resources, streamline operations, and reduce spending by up to 60% when it matters most. Bernie Fitzgerald, a franchisee of Senior Helpers in Florida said: “We received a six figure PPP installment and used it for payroll and rent. We were able to use the funds for payroll and keep the staff doing the terrific job they do for the most vulnerable of our citizens.”
As recovery continues, outsourcing facilities management will continue its estimated incline, reaching $1.9 trillion as an industry by 2024.