Now more than ever Franchisors and their Franchisees
need a clear path forward.
The last 2 years have been a rollercoaster for Franchisors and their franchisees. It has required us to adapt and react to whatever was thrown at us, as the plans we made continually evolved or were simply ignored as the world around us changed.
SO NOW WHAT??
How is 2022 shaping up for you and
what plans have you made?
Many Franchisors are turning to innovative ways to help their Franchisees grow and thrive. Franchising is a great way for small business owners to get started, but it can be challenging to keep up with the latest trends and changes in the industry.
One thing we have learned from the last 2 years is, that we can’t count on things sticking with or returning to the status quo. Building versatility and flexibility into your plans is I believe the key to setting yourself up for success in 2022 and beyond.
Franchisors who stay ahead of the curve and offer their Franchisees the support they need will be more successful in the years to come.
So how to build that plan?
Prioritising what matters the most will allow you to narrow down the important things for your business. It was one of the reasons we built the 5 Pillars of Franchising, to help businesses cut through the noise and focus on the important things to you.
At BDC Partners we believe that building versatility into your plans is the key to success, and we’ve put together the 5 Pillars of Franchising to help businesses focus on what’s important.
The 5 Key Pillars of Franchising are:
1. Improve People & Performance
One of the most important things for Franchisors is to focus on improving their people and performance. This means providing support and guidance to their Franchisees so they can continue to grow and thrive.
2. Grow revenue
One of the best ways to grow revenue is to focus on improving your marketing efforts. This means staying ahead of the curve and using the latest marketing techniques and Lead Generation to reach your target audience.
3. Improve Profitability
Franchisors need to focus on improving their profitability in order to set themselves up for success. This can be done by developing a plan that is designed for versatility. So it’s important for Franchisors to mentor their Franchisees and provide them with the tools they need to grow and succeed.
4. Improve Asset performance
In order to be successful in the years to come Franchisors need to focus on improving the performance of their assets.
5. Utilise Business Intelligence
Successful Franchisors need to make use of business intelligence. This means staying ahead of the curve and using the latest techniques to track and analyse your performance.
Businesses that focus on the 5 Pillars of Franchising
will be more successful in the years to come
regardless of what the future holds
Regardless of your industry, chances are, you’re not prioritising where you invest your time enough. It’s a natural tendency in teams and organisations. By taking the time to assess where your business is you can narrow down your priorities.
That is why we developed a quick and free Franchise Advisory-Health-Check for existing franchisors who are ready to review and reassess their model and develop a growth strategy for execution.
If you’re a Franchisor or small business owner who is looking for support to help you grow and thrive in the years to come, we can help. Our team of Franchise Mentors are here to help you every step of the way, from developing your plans to implementation and support.