Peer groups are a recognized and respected tactic used by franchise brands to facilitate internal knowledge sharing and invigorate their system. They are a proactive mechanism for franchise systems that want to truly leverage the collective knowledge and experience to improve unit results and brand performance. But even in the best systems, peer groups can eventually start to lose their effectiveness. If your peer groups are no longer functioning as effectively as they should, these five tips can help reinvigorate them.
In order for an FAC to truly represent franchisees’ perspectives, the group itself has to function effectively, which is dependent on practices and a culture within the group that set up both the FAC and the franchisor for success. If you have an FAC in your system, look for these five indicators to determine if it is running successfully.
Franchisors frequently implement new programs with the intention of adding value for all (or most) of their franchisees, but oftentimes, it’s hard to create programs that impact the more experienced, high-achiever franchisees in your system who have already figured out how to be successful. Franchise peer groups, however, can inspire and motivate all franchisees, including those already successful and mature franchisees, and give them the tools to take their businesses to an even higher level.
Each year, Franchise Update invites franchise brands to compete in the Star Awards, which recognize franchising’s top sales teams at the annual Franchise Leadership and Development Conference. Find out which of the winning brands excelled in franchisee satisfaction and what the research revealed.
We see so many brands that grow quickly but don’t have the operations support in place to sustain it. Join us in Tampa on September 12 for the IFA's Operations Seminar, where top ranking brands in franchisee satisfaction will share techniques and insight on how to achieve grow your brand strategically through operational best practices.
It’s no big secret that business owners of all types get bored after a few years of being in business. When it comes to franchising, it’s even more crucial to keep them engaged - especially the more senior franchisees. These four tips will help you re-engage senior franchisees and break out of their performance plateau.
Creating a Culture of Transparency Having a strong culture of transparency is critical for the long-term success of your franchisees and your system as a whole. Franchisees can easily get distracted as their business grows, which will ultimately stall their growth. Being 100 percent transparent as an organization will keep you and your franchisees laser-focused [...]
Franchise Business Review founder and CEO Eric Stites offers one simple idea to get franchisees engaged, productive, and profitable.