Published January 3, 2023
How to build a healthier franchise brand in 2023
For many of us, New Year’s resolutions revolve around getting — or staying — healthy. But regardless of personal resolutions, for franchisors it also means building a healthier brand in 2023. Never has that been more true as we continue to confront both new and ongoing challenges — an impending recession, labor shortages, supply chain issues, hybrid work, and a desire for more work-life balance.
But with all the changes in 2022, some things never change when it comes to building a strong franchise system that can weather the inevitable challenges. With a new year upon us, here are a few ways to take what you already do well and, dare I say it, pivot to a happy and healthy 2023.
1. Build your development muscles.
Recession, or even the threat of a recession, is typically positive for franchise growth. “With the widespread layoffs in the tech space, many of them will enter the world of franchising for the first time. This is a great opportunity to use the recession as a benefit. Being more strategic with fran dev could pay dividends for franchise companies,” points out Cliff Kennedy, CEO of Frios Gourmet Pops, in a recent post on preparing franchises for recession. Now is the time to double down and position your brand to take advantage of increased interest from candidates. Start by measuring franchisee satisfaction to make sure your brand is in tip-top shape! Brands with high franchisee satisfaction attract higher quality leads and validate better with candidates. Wild Birds Unlimited, a top-scoring franchise for the past 18 years, has it dialed in when it comes to using their satisfaction scores to close deals.
What changes are franchisors making in the face of a recession? We asked and here’s what they said…
2. Cut out added “fat”.
Look at where your ops team is spending time and money. Are there places you could “slim down” to become more efficient? How can you work smarter, not harder, to achieve the results you want? Benchmarking data can give you keen insights into what’s working and what’s not, and how to better focus your efforts.
3. Add in some personal training.
Effective coaching is a crucial tool for motivating franchisees to boost performance. If you want your franchise “team” to take their business to the next level, you need to help them identify their goals and give them the guidance they need to stay on track. By creating a culture of learning and support within your system, both you and your team are positioned for a win. This eBook, How to Assess Franchise Business Coach Effectiveness, is a good place to start. Take it to the next level at the FBR Summit, a two-day in-person event for operations teams to get together for some heavy lifting around refining support tactics.
4. Take preventative measures.
Annual franchisee satisfaction surveys and employee engagement surveys allow you to measure the overall health and culture of your system and identify potential risks before they become an issue. If the last year has shown us anything, employee recruitment and retention is more important than ever, both at the corporate level and at the unit level. Gathering feedback from employees is arguably one of the best ways to keep your system functioning smoothly. Engaged employees will lead to engaged franchisees, and ultimately to more loyal, satisfied customers.
5. Get regular check-ups.
Make sure you’re staying on track to meet goals with regular pulse surveys. Taking the pulse of your system with short, targeted surveys gives you a quick snapshot of how your franchisees and employees are feeling at any given time.
Whatever your resolutions for 2023, we wish you a very happy and healthy new year, both personally and professionally.
If you’re ready to make the health and wealth of your franchise system a priority this year, contact us for a 10-minute demo to see how partnering with FBR can help you drive performance and accelerate development.
People are more likely to make progress when goals are broken down into concrete, measurable actions that include accountability and positive reinforcement.
This eBook lays out 12 best practices, broken down into digestible steps that can be implemented over the course of a year, to help you achieve a healthier, more profitable franchise system.