Here's how you can minimize the risks of neglecting strategic thinking in a franchising career.

One risk that is rarely mentioned is the risk that the homogeneity of franchisees will cease to exist. Whe. This happens the value of standardized products, processes and promotions creates inequities: it suits some but not all. This happens because the franchise’s methods are based on their early experiences in markets carefully chosen to be similar. But as the franchise grows they may sell franchises to people in dissimilar markets So ask yourself : where will the franchise next appear OR how many areas are like mjne

The first part of a strategic thinking process is doing situational analysis for both external and internal factors. The analysis will help identify the size and potential impact of both risks and opportunities Coming out with SWOT and then transferring it to TOWS as a strategic tool will help a lot not only to minimizing the risks but also to building on strengths and opportunities to mitigate that risks

While assessing risks the focus should be on current and future risks as well... Strategy is the bridge between Today and Tomorrow, hence balancing risk assessment for now and next is a must Risks should be also linked to the future economies dynamics and the anticipation mechanisms not only traditional forecasting tools

It is also important to recruit franchisees who will have the resilience to withstand the competition and understand the market and area in which they will be operating.

It's easy to settle in and feel comfortable - but the more you can have goals for the future the better. Even if you fail to reach them, the practice of setting and attempting to meet/exceed forces your hand to continue expanding your strategic thinking.

I disagree with the very heavy emphasis on linking trends to technology... Actually, social and cultural trends can be more powerful in shaping strategy than just technology... The use of AI is the talk of the town today... While this is a true trend to study and incorporate in your strategy, incorporating the impact of AI on social and cultural shifts is also important. The latest calls to use Tobacco-Like warning labels for social media use is an important sign of how technology and social issues can represent opportunities and threats...

I agree with Dr. Hesham that cultural trends can be just as important, if not more, than technological trends. Aligning your organization's values with your consumers' values is essential. For example, boycotting products from manufacturers that harm the environment or support killing innocent people shows the importance of staying aware of cultural trends. With Israel's war on Gaza, many consumers in our region boycott brands supporting Israel. When choosing a franchise, ensure it matches your target market's values and ethics.

Organising regular meetings with your franchise partners and conducting felicitation ceremonies and educational programs for them are also two ways of empowering them. If you need to foster collaboration, you can never compromise on making them feel like parts of a team. So, strengthen your entire network more than strengthening your particular bond with a partner.