The Future of Franchising

BDC Performance looks at he future of franchising and a financial year review

The Future of Franchising.

Around this time of the financial year, we know that businesses engage in a period of reflection, evaluation, and planning (or at least they should).

A comprehensive business review cycle, such as the one below, fosters stronger engagement not only within the company but also with clients and the broader sector. By soliciting input from stakeholders at every level, businesses can cultivate a culture of collaboration and innovation. This inclusive approach not only builds goodwill but also generates fresh perspectives and ideas.

Here at BDC Partners, we are in the midst of this process, however, we are also mindful that our focus is very much on one sector in particular…franchising.

In the ever-evolving landscape of business, understanding the intricacies of a specific sector is paramount for success. Whether you are a seasoned industry veteran or a newcomer looking to make your mark, gaining deeper insights into the sector can provide a competitive edge.

So, where to from here? I’ve included below an effective strategy for better understanding a specific sector could include:

1. Identify Key Stakeholders:
Identifying and engaging with key stakeholders within the sector to gain insights and build relationships. This includes industry leaders, trade associations, regulatory bodies, and academic institutions.

2. Study Case Studies:
Case studies offer invaluable insights into real-world scenarios and best practices within the sector. By studying successful (and unsuccessful) case studies, we can glean practical lessons and apply them to our business strategy. In particular case studies that showcase innovative approaches, strategic partnerships, and effective problem-solving techniques.

3. Engage with Companies:

Engaging directly with companies operating within the sector provides first-hand insights into industry dynamics and challenges.

4. Conduct Thorough Research:
Conduct thorough research to grasp its nuances. Start by analyzing market trends, regulatory frameworks, and key players. Utilize industry reports, market studies, and academic research to gain a comprehensive understanding of the sector’s dynamics.

What’s next? We want your help to better understand the ‘Future of Franchising’.

Another ACCC review is behind us, however, the perennial challenges, such as franchisee recruitment and employee engagement remain unresolved.

We are keen to create an in-depth understanding of the challenges for the sector, with an eye to the future and sustainable solutions. Can you spare some time to share your perspective on what will shape the franchise sector in the next 12 months?  

We would explore a couple of key themes including:

– Issues that limited your growth
– Strategic Priorities for 2024/25
– Adoption of emerging technologies
– Franchisee recruitment and engagement
– Use of outsourced services

The process would be quite simple, and the combined insights would inform both of our business plans for the 2024/25 financial year and beyond.

If you would like to participate or have any questions, please contact me directly at [email protected]. Learn more at BDC Performance.

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