For franchisees and franchisors obtaining necessary capital is becoming an increasing challenge which is impeding growth. Unfortunately, finance experts think the ongoing cash crunch will continue to limit opportunities for some time. Restrictions on available capital will reward those franchise systems that adopt intelligent management and systems which enable them to improve core operations so [...]
The results of the study indicate that franchise systems founded between 1981 and 1983, which are structured to economize on agency costs, are more likely to survive than franchise systems which are not structured to economize on agency costs. This finding is important because the failure rate of franchise systems is high, with over 72 percent of the new franchise systems in the sample ceasing to franchise by 1995.
“The significant problems we face cannot be solved at the same level of thinking we were at when we created them.” -Albert Einstein In my previous post, titled “Designing a Process for Awarding Franchises – Part 1: Leadership”, I looked at the notion of how designing a process of awarding franchises has to start with [...]
Designing a process for effectively awarding franchises can be challenging. There is both a management and a leadership component to doing it. You may recall the image that Stephen Covey paints in “The 7 Habits of Highly Effective People” whereby a group of Workers are fighting their way through the jungle, wielding machetes and cutting [...]
As a follow up to yesterday’s post about effectively managing lead-flow, I’ve posted another video showing what I’ve found to be very useful and effective tools for lead generation. You might want to consider incorporating Google Adwords campaigns into your repertoire for franchise lead generation. The ability to target micro-channels and create highly relevant campaigns [...]
In the spirit of posting helpful information that has real-world applicability, I’ve put together a short video demo of effectively managing lead flow. This clip deals with managing incoming or reactive lead flow, as opposed to proactive lead generation. Sophisticated franchise companies will have multiple lead generation campaigns in place, at all times, and in [...]
So much has changed around how franchise brands attract qualified prospects. Like many aspects of advertising, the game has fundamentally shifted. What can you do about it ? To be successful, brands must re-engineer their methods based on the following 9 disciplines: 1. Understand HOW and WHERE to engage qualified prospects; 2. People trust others [...]