We are pleased to be featured by Global Franchise Magazine to discuss KPIs in Franchising.
In today’s business environment, which is both highly competitive and data rich, KPIs (key performance indicators) in franchising are becoming a must-have to succeed worldwide. The management style connected with KPIs is especially important in franchising. You are working with entrepreneurs, not employees. An entrepreneur, worth their salt, will be motivated to succeed and will draw on the “I’ll do what it takes” mentality. This situation sets the stage perfectly for managing via KPIs.
Traditional management talks about “the carrot or the stick” as the two sides needed to lead effectively. In terms of the carrot, KPIs motivate, especially when they are displayed together with leaderboards. Having regional leaderboards in a global organization can be especially powerful.