- LEADERSHIP IS PRICELESS.
Any growing business needs a strong leader. This holds true especially when a business is struggling. Senior management should play on the strengths of other team members to reinvent old ways and pull from outside sources to evaluate what is and what is not working. As a leader, it’s important to be transparent and honest about the financial stability of the system, yet remain optimistic that positive changes can be made to face economic conditions head on.
2. ACT LOCALLY
National and global goals are certainly something to aspire to; however, market share is won at the local level. A successful and motivated franchisor helps franchisees get active with local businesses, schools, and charitable organizations. Having a strong brand in a local market can build reputation and lead to potential growth opportunities.
3. LOYALTY IS EVERYTHING
Customer loyalty is crucial during tough financial times. Along with a high-quality product, it is just as necessary to give your customers an awesome experience, consistently. To provide loyalty incentives to your customers is a win, win. For example, this year, the Marco’s Pizza franchise received more than 27 percent of new restaurant applications from Marco’s Pizza customers. Additionally, 30 percent of applications came from referrals of existing owners who sought to share franchise opportunities with ambitious entrepreneurs.
Thanks to Franchising World Magazine‘s January issue for some of this week’s content! Check out more here!