I’ve been asked time and again by brand founders my philosophy about achieving success as a franchise brand. As the International Franchise Association Emerging Franchisor Conference is next week in Nashville, Tennessee, I thought it’d be a good time to share my thoughts on franchise success, and especially for those franchise founders unable to attend.
Franchise Success Strategy
At Acceler8Success Group, we focus on developing strategies for healthy, sustainable growth. Unlike many consultants and advisors in our field, we know that this must be more than just a focus on franchise development to acquire and convert leads.
That strategy is based on a concept of a hierarchy of franchise success requiring certain needs be met as a foundation to the next level and ultimately sustainable growth. Our approach is much like the Maslow model of human motivation.The first level of success to be achieved is establishing and maintaining franchisee profitability. The next level is to maintain a healthy relationship with the franchise network. Sustainable growth in franchise development relies on a solid foundation of profitable franchisees that believe in the management team guiding their future because sustainable growth relies on validation from the existing network for future franchise development.
Once that foundation is in place, a strategy for growth relies on the third level of success. A robust marketing and management approach must be developed to generate leads, develop prospects, and convert franchise candidates to open and operate a successful franchise location or territory. This development will be designed to maximize the impact of the positive validation from the existing franchisees.
The fourth level requires a constant vigilance of the management to team to understand and react to changes within the marketplace. The evolution of the offering and the brand creates a continuous improvement cycle that continues to support and sustain unit profitability, the franchisee/franchisor relationship, and thereby continued success in franchise development.
90% of organizations continue to miss their strategic targets. Poor planning is at the root, but you are only as good as your culture. James Milsom, Head of Marketing, i-Nexus regarding ‘True North’ companies
We believe our approach to franchising is in accord with the simple and constant philosophy of True North companies:
• We provide outstanding companies the tools for improved performance.
• We partner with management to provide new opportunities for growth.
• We believe that the most important assets in any business are the people who run them and work at them every day (including the franchisees).
• We develop strategies built on a solid foundation and continuous improvement for long-term success
• And of course, we reflect and maintain the highest standard of integrity.
We start with an introductory meeting to determine the pain points of our clients and the pain points of their franchisees. The next step involves a complete evaluation of the franchise system to help the franchisor identify the actual root causes of the problems that have hindered or reversed its growth pattern. Once we have determined the root cause(s) of the issues, in coordination with the existing management, we develop a strategic plan to strengthen every level within the hierarchy of success.
The strategic plan is designed to be cyclical in nature allowing continuous improvement at each level so as you reach the evolution level the cycle starts again with an evaluation of how the changes have affected the unit economics of the franchises and the relationship. Again that will impact validation and the foundation for growth through franchise development. This cyclical approach for continuous improvement provides the strategy a plan for sustainable growth.
For more information about our Franchise Success Strategy, please reach out to me via email at Paul@Acceler8Success.com. As well, please visit our website to learn more about our comprehensive services. Our initial consultation is complimentary as it’s necessary for us to fully understand goals as well as current challenges.
Have a great day. Make it happen. Make it count!
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