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I just read an interesting article about corporate culture as it relates to franchising. Seems that franchise companies are finally paying attention to cultural fits. DUH! I’ve been in franchising for 27 years and the two companies I’ve been associated with have always recognized the importance of “cultural fit” when it comes to who is awarded a franchise. |
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After all, that franchise owner becomes the face of the brand. It’s hard to imagine that the majority of franchise companies are just now starting this conversation. But where does the cultural fit begin…and how do you know who is a fit? Two words: Trust and Relationship. In her article published in Inc. Magazine in August 2010, Lois Dubois writes about establishing a “culture of trust”. Nothing is more important in a franchise company than trust. The relationship part must be established at the outset. Good franchise development folks recognize early on whether or not a healthy relationship can be established with an individual. And the good ones also want to bring in people who can be successful. If the conclusion is “yes…there is a cultural fit”, both parties should stay in the game to make the deal work. If the answer is “no or not sure if this is a fit”…run! This is not to judge whether a certain culture is good or bad culture, just to say that it has to be a fit for all parties for the relationship to work. It’s the culture, stupid! |
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It’s the Culture, Stupid!
October 8th, 2010In Franchising, Optimism Abounds!
February 25th, 2010The International Franchise Association recently held their annual convention in San Antonio, TX. If ever there was a question about the health of franchising in 2010, this convention answered it! Over 2500 Franchisees, Franchisors and Franchise Suppliers gathered to learn, address the challenges facing small business in 2010, and celebrate the beginnings of a healing economy!
The franchising community is at no loss for optimism as well as solutions for issues such as small-business financing and too much government interference. There were several companies that were taking a very innovative approach to the credit crunch. FranFund offer insights into what lenders are looking for. You can find this information at https://www.franfund.com/news.php
Stay tuned for more updates on innovative financing solutions!
Looking for Leadership? Look to Franchising!
December 17th, 2009
As we bring 2009 to an end, many of us look at the state of the economy and ask ourselves “where did the business leaders go”? I say look at successful franchise companies and you will find the business leaders of today in this country. The dynamic tension created in the world of franchising speaks to this issue. In order for a concept to succeed, it takes leaders at the franchisor level, as well as franchisee leaders. Having been a franchisee, area developer, and now a franchisor, I have seen this dynamic from all angles. The concepts who do not recruit the right leaders at the franchisor level will not reach their potential, but perhaps more important are the franchisees that are recruited to take the concept to market. A great article I recently read on the subject of leadership, Three Revelations and a Confession, can be found at www.generationwhy.com.
So I leave you, and 2009 with this quote:
“Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.” –Jack Welch
This is what franchising is all about! Happy Holidays…see you in 2010!
Nikki
Show Me the Money!
November 13th, 2009Financing for small business development has been a “hard to come by” commodity over the past 12 months. And though Tasti D-Lite has been able to secure some SBA loans for franchise candidates, the money has not been as easily accessed and forthcoming as the government would have you believe. What used to take 10 to 15 days for financing approvals, is now taking 45 to 60 days. Therefore interested franchise candidates need to get involved at a much earlier stage in securing financing.
Fortunately for franchising, we have an expert and professional trade association – The International Franchise Association. On behalf of Tasti D-Lite and all other franchise companies, both franchisors and franchisees, Matt Shay, CEO of IFA, recently testified in front of the House Small Business Committee. His message included improving access to SBA loan programs specifically for small business start-up and expansion. Watch his testimony here.