What are the best strategies for improving a franchise system's performance?

1 Align your vision and values

One of the key factors for a successful franchise system is having a clear and consistent vision and values that guide your decisions, actions, and communications. Your vision and values should reflect your brand identity, your customer promise, and your competitive advantage. They should also be shared and understood by all your franchisees, staff, and suppliers. You can align your vision and values by creating a franchise manual, providing regular training and coaching, and fostering a culture of trust and collaboration.

2 Monitor and measure your results

Another essential strategy for improving your franchise system's performance is to monitor and measure your results regularly and objectively. You need to have a set of key performance indicators (KPIs) that track your financial, operational, and customer outcomes. You also need to have a system of reporting, feedback, and benchmarking that allows you to compare your results with your goals, industry standards, and best practices. You can monitor and measure your results by using software tools, surveys, audits, and reviews.

3 Innovate and adapt to change

A third important strategy for improving your franchise system's performance is to innovate and adapt to change. You need to be aware of the trends, opportunities, and threats that affect your industry, market, and customers. You also need to be willing and able to test, implement, and scale new ideas, products, services, and processes that enhance your value proposition, differentiation, and efficiency. You can innovate and adapt to change by conducting market research, engaging with your customers, soliciting feedback from your franchisees, and investing in research and development.

4 Support and empower your franchisees

A fourth vital strategy for improving your franchise system's performance is to support and empower your franchisees. You need to recognize that your franchisees are your partners, not your employees, and that they have their own goals, motivations, and challenges. You also need to provide them with the resources, tools, training, and guidance that help them run their businesses effectively and profitably. You can support and empower your franchisees by offering them incentives, recognition, mentoring, and networking opportunities.

5 Communicate and collaborate with your stakeholders

A fifth crucial strategy for improving your franchise system's performance is to communicate and collaborate with your stakeholders. You need to establish and maintain positive and productive relationships with your customers, suppliers, regulators, media, and community. You also need to communicate and collaborate with your franchisees, staff, and advisors on a regular basis and in a transparent and respectful manner. You can communicate and collaborate with your stakeholders by using various channels, platforms, and formats, such as newsletters, webinars, social media, forums, and events.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?