While many industries struggled during the COVID-19 pandemic ― and countless individual businesses shut their doors ― one industry consistently came out stronger than ever: franchising. Our CEO, Richard Mukheibir, chats us through the six game-changing strategies that Cash Converters implemented, which make franchising (with us) resilient and reliable – even during uncertain times like these.

1.   Creating a distributed, digital environment

In 2015, we decided to bring all our IT in-house and digitise the business. This was a lifesaver during Covid, as we able to move all our 1 400 staff members easily and efficiently from working in an office to a work-from-home set up ― with minimal disruption to the business.

2. Driving online engagement via our webshop

Having set up our webshop in 2020, online sales really took off during the pandemic. We were able to geo-position customers who wanted to buy or sell second-hand items to their closest store, and during harsh lockdowns (and beyond) online sales increased exponentially. Overseas, 20% of Cash Converters’ profit comes from the webshop component – and we aim to do the same (or more) over here.

3. Using technology to enhance efficiencies

By rejigging our internal processing, we were able to improve various facets of our business, including the quality of our products, pricing, accessories and more. Subsequently, customers now experience better service and we have improved our gross profits for franchisees too. In addition, we are now also able to move money digitally for customer loans onto a Cashies™ Card (an FNB enabled e-wallet) in real-time.

4. Increasing communication and decreasing costs

Pre-Covid, we spent lots of money and time on various in-person conferences (including flights and accommodation) around the country for our 100 franchisees. By doing all our meetings digitally, we can now hold franchise meetings more often (every month). Franchisees are more efficient and focused, as they don’t need to leave their stores, and the only cost to us is the time spent preparing for and hosting the meetings.

5. Exponentially dialing up support for franchisees

Similarly, our personal finance specialists and support team members don’t waste time travelling (sometimes for days) to remote parts of the country anymore. During webinar calls, they can help franchisees in real-time with minute technical details.

6. Creating a ‘use-it-anywhere’ e-learning platform

Franchisees everywhere from Swakopmund to Phalaborwa all have access to our Head Office IP (and IT). With over 500 items of content, all 1 400 staff members in Southern Africa can access the platform via their phone, download the modules in-store, then do the e-learning on the taxi on the way home, if they want, so that they can utilise their time efficiently.

For more information and to apply to become a franchisee, click here.