Lasting franchise success requires an understanding of behavioral sciences.
Being able to spot early signs of disengagement while a franchisee is still reasonably engaged and needs counsel is a process worth building or refining.
With all the external pressures franchising is facing in today’s business environment, franchisors and franchisees must take control of their relationship, their businesses and their future. FranTogether shows franchisors and franchisees how to build resilient, sustainable businesses through effective collaboration.
Franchise brands face risks around every corner. From the federal government shifting rules about employment to weather patterns impacting commodity prices, franchise executives need to keep a sharp eye to recognize risks and even sharper wits to determine what risks can be mitigated.
As the leader of a growing franchise organization, your role is ever changing. Many hats will be worn over time as the brand is built. Franchising is a tried and true method for accelerated growth; however, going from being a small-business owner to serving as the CEO of a multi-unit franchise brand is no easy transition.
The process of running an effective business is built on a foundation of good communication. Yet good communication eludes us. It seems that the fundamentals of how we communicate are broken. Take a moment to consider how things would be different if everyone in your organization were on the same page, communicating effectively, and working together.
Franchisor annual meetings, more often, are being pitched as “the ‘blockbuster’ meeting of the year” by many franchisors and, depending on the key goals of the meeting, that may be the right emphasis. That is, provided the franchisor’s and franchisees’ needs are being met.
Franchisors should pay close attention to their franchisees’ maturation. Data shows more than half currently have average tenures of about seven years and may be facing mid-life crises. In lifecycle terms, business years are like animal years, where one year is equivalent to several human years.
Fulfill your role as a leader: take responsibility, always show up, and seek wise counsel to speed up the growth of your business.
As your franchise matures, one of your greatest assets to new franchisees is a system of franchise veterans, who were once in their shoes and understand any challenges they may face, a trusted peer and extended family member they can turn to for support at any given moment. Easier said than done. Encouraging a system of nurturing support isn’t simple, but is often high on a prospective franchisee’s checklist of must-haves. To create this type of environment, you need to start by having the right people in place, supplying the leadership, vision and framework and creating opportunities for franchisee interaction.