3 minute read
'FIVE TO THRIVE AND BEYOND FOR 2025'
In 2024, franchisors and franchisees have navigated challenging waters, battling economic uncertainty and rapid technological change.
As we look to 2025, how can franchisors not just survive but thrive in this evolving landscape? The reality is that we are in a generation of immense change and one in which uncertainty has become a norm. Many challenges for franchising (and conventional businesses) will continue. However, franchisors have additional challenges due to the nature of the franchise relationship – most particularly when it comes to managing change.
As we think about rounding out 2024, the following are five key strategies to help you and your franchise thrive in 2025 and beyond. These are suggestions to build stronger relationships and foundations for the short, medium and long-term future.
1. Hear the voices of your franchisees. Satisfied franchisees help build a system while dissatisfied franchisees can destroy one. Put franchisee feedback at the centre of your franchise system planning by undertaking an independent Franchisee Satisfaction Survey. Know how franchisees feel, what they value and want in place to build bigger more productive businesses.
2. Modernise and impress with updated franchise manuals. Make sure your manuals reflect new process, brand and regulatory requirements – and provide value for franchisees and their staff. Impress with visual aids, step-by-step guides, and real-life examples to ensure manuals are user-friendly and engaging.
3. Invest in your franchise leadership team. Undertake Franchise Executive Training to keep your team, your business and yourself onpoint with specialist franchise system management practices and the many Field Management dimensions.
4. Hold franchisee business planning workshops. Having clear goals, plans and actions is key. Therefore now, more than ever, Franchisee Business Planning, needs to be at the centre of the franchise relationship. Specialised business planning workshops can introduce or enhance franchisee planning, driving alignment and growth.
5. Lay the groundwork with a comprehensive system review. A comprehensive Franchise Review, pioneered and conducted by Franchize Consultants, looks at performance, structure and management of a franchise system, including both franchisor and franchisee perspectives. The objective is to identify impactful changes to improve long-term results for all stakeholders. We suggest companies undertake a Franchise System Review of this nature every 5-7 years.
In an environment like this, we also suggest all franchisors should be building and fostering more franchisee communication and collaboration into their models – thinking about Franchise Advisory Councils and other collaborative structures. Now is also an important time to be active members of the Franchise Association of New Zealand – maintaining adherence to the Code of Practice and Ethics, attending events and aspiring towards success at the Westpac New Zealand Franchise Awards.
Franchising Leaders a Franchise System 17 & 18 June – In Auckland In 2024, franchisors and franchisees have navigated challenging waters, battling economic uncertainty and rapid technological change.
Final thoughts
By embracing these five strategies, franchisors can build resilient systems enabling them to thrive not just in 2025, but well into the future.
Franchize Consultants has been providing small, medium and multi-national sized businesses with franchising structure, strategy and improvement advice for 35 years. It is six-time winner of the Westpac New Zealand Franchise Awards Service Provider of the Year.
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Franchize Consultants
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Dr Callum Floyd
09 523 3858
021 669 519
