Why It’s Crucial to Align Franchisees’ Priorities and Business Strategy
There’s a lot of talk these days about “disruption” in the business world. The pandemic certainly disrupted many businesses – some struggled to survive while others were able to drive innovation. I recently read Times Have Changed: CEOs Must Disrupt the “First 100 Days”. The article outlines important trends emerging in executive leadership. The overarching takeaway? An early critical focus on people is crucial for success. This is the foundation of Franchise Business Review’s mission. Franchise CEOs who place a priority on the health and wealth of their franchise system should immediately implement these strategies that tie directly to Franchise Business Review’s services.
1. Lay Out Priorities
If you’re assuming you know what your franchisees think and feel and are basing your strategy on your assumptions, prepare for dissatisfied franchisees and no uptick in revenue. Our standard or customized franchisee satisfaction benchmark survey data shows you where your system is doing well and where improvements can be made from your franchisees’ perspective so you can prioritize what to tackle first.
2. Evaluate Success
Doing an annual franchisee satisfaction survey allows you, as well as your investors (current or potential), franchisees and employees, to see the positive impact of improvements implemented under your leadership. Some of our clients tie their franchisee satisfaction survey feedback to employee reviews and bonuses in order to ensure that bottom line and morale boosting objectives are achieved each year.
3. Create Business Strategy
Every great leader knows you can’t do it alone. You must have a culture of continuous improvement and have a corporate team and franchisees who believe in it and execute on it. One of the best ways to get franchisees to embrace your vision is to show them you care about their success by enabling them to share their feedback and acting upon it.
Forget 100 days! In just two to four weeks, we can have feedback and data from your franchisee satisfaction survey in your hands. You’ll have actionable insight into what your franchisees are thinking, which empowers you to quickly outline a strategic plan you can share with them that will result in many positive changes. These include increased revenue, building trust with your franchisees, and obtaining buy–in from your franchisees regarding your leadership.
Whether you’ve been at the helm of your franchise for less than 100 days or for years, Franchise Business Review can help you create a legacy you’ll be proud of and that future CEOs will strive to match.
Cultivate a Data-Driven Organization from the Top Down
When you survey your franchisees, it’s critical to share it with your entire executive team if you want to truly cultivate a data-driven mindset in your organization. Find out how every team in your organization can identify priorities, track their progress and meet their goals using franchisee satisfaction data.