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First of all, as you may have seen on Facebook, I am back from another amazing franchise convention – the Canadian Franchise Association’s National Convention in Niagara Falls. And if you DID see my Facebook posts from the convention, you might think it was all about networking and socializing ????
While there were the usual opportunities to connect, learn, and exchange stories, there were also some great educational sessions to keep all of us in franchising on our toes.
Today I thought I’d share with you one of the key messages from the CFA 2017 convention. This exponential growth tip is something that has also been ingrained in me through my upbringing with the family business, M&M Meat Shops. It is probably the number one reason we were able to grow the company to over 470 locations over the years! And it is something that so many companies miss!
Ready for it?? The exponential growth tip for today is:
Franchising is so much more than an operations manual and a good business plan.
Having worked with a number of business owners who are considering implementing the franchising model for business growth, I have become aware of the misconception that franchising is a straightforward expansion strategy, where the money is exchanged for the right to use a company brand. It isn’t until you’re in the thick of things with disgruntled franchisees who are holding you accountable for all your decision making, because they have invested their life savings to be a part of your brand, that you realize that franchising is all about relationships.
My franchisor and franchisee perspective has afforded me many opportunities to experience first-hand the intricacies that come from this unique business relationship. For example, in my early 20’s, when I was helping develop the chain across Western Canada, I had 60+-year-old male franchisees crying and/or yelling at me because they were frustrated with their financial situation. Being in business ‘for themselves but not by themselves’, they were expecting support for improving their financial situation – and rightly so!
If you’re an early stage franchisor or even just thinking about franchising your business, now is the time to set up amazing but simple support systems that build great relationships. Or perhaps you are further along but struggling with franchisee/franchisor relations.
I can help you implement practical and engaging strategies that will improve relationships and set you up for exponential growth. The best way to get in touch with me is by email so we can set up a call.
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