“If you fail to plan, you plan to fail.” And, never has that statement been more true. As the global landscape shifts rapidly, franchise leaders need to set a clear path in times of uncertainty. According to Harvard Business Review, “entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs”. As a franchisor, you want to be sure to lead that planning effort.
Industry veterans know that working hard alone is not going to put your franchisees ahead of the competition. There are many, both on the local level and nationally, who put forward a strong effort. But working on the right things will ensure that your franchisees have the best chance at success. In short, it is about working smart.
Additionally, a flexible process where the Franchise Business Consultant (FBC) and the franchisee co-creates the plan, and checks in at regular intervals, can help you have the discussions that you need to have, and make adjustments when needed. To distill the value down of what a franchisor offers a franchisee, it is a combination of:
- Brand, as a noun and verb
- Processes and support of them
If you are not planning, there are a few important questions. What processes are you supporting? Are you supporting ones that will actually foster growth, efficiency, and risk mitigation or is this a rudderless ship? A trip with no direction, could mean that no matter how talented or hard-working people are, they will not achieve results.
In a franchise context, planning can create a sense of unity and collaboration. For the benefit of the brand as a whole, it means that franchisees will make similar changes at once, enhancing consistency. From a collaboration standpoint, there is a flow between the franchisees, who see what is happening in the field, and the franchisor, who has more strategic expertise. This flow can create some exciting collaborative experiences that get results.
As we navigate this time of change together, it is important to put our best foot forward. To create value for the franchisees and help grow your system while keeping the pillars of brand consistency and collaboration strong, providing a plan which is worked on collaborative is one of the best resources that you can provide.