A few weeks ago I attended a first-ever virtual Franchise Conference with my colleagues from across the country plus many of the finest franchises in North America.
I confess I was not looking forward to this online event as much as I usually did our in-person Conference which is held every six months. I knew I was going to be spending copious amounts of time in front of my laptop camera for a few days.
However, once the Zoom sessions began, I was in "on" mode because of the exciting innovations and adaptability the franchisers related. As usual, the conference focused on learning as much as possible about the companies, and interestingly enough, we got to drink from the Zoom firehose in a rapid stream of information. There never was a dull moment.
The one thing that has happened through the pandemic in the franchise industry is that the real supporters and builders and innovators have been quick to pivot. Any weaknesses in the business models are all being exposed, and the corporate cultures are being laid bare for all to see. I am pleased to say that our franchisers get it. They are growing their businesses and customer bases and adapting or even recreating their systems in ways never even thought possible a short six months ago when we met in Tucson, AZ.
Here are a few significant takeaways from the conference I wish to share with you. These are the things that struck me as best practices top franchises applied in a very short timeframe during a most challenging economic climate dominated by almost daily change.
Caring: They showed in many ways the care they have for their franchisees and their customers and their support staffs. Communication was daily and didn't go to weekly until the franchisees wanted it that way. All hands were on deck at the corporate offices to ensure franchisees knew royalties were being cut or suspended, landlords were giving concessions on leases, paperwork for CARES programs was submitted, and on and on. It was incredible to learn how franchises are not only sustaining their franchisees' business activity but growing it in many cases. It all came back to caring about what happens to every segment of the business relationship and each person in it.
Innovation: Nothing like a pandemic to kick start an innovation epidemic. The move to Virtual has been rapid and professional. We see service franchise systems leading the pack. We see the bricks and mortar franchise concepts re-configuring to meet the change by going on-line or going to the curb. We see a melding of the use of video mixed with real contact. Stunning is an understatement of the remarkable adaptability they are showing.
Positivity Reigns: The positive vibe and approach that came from the franchisers was palpable. It felt like I was watching a Good News Channel. Positive is good, but hype was not allowed. The good news was backed up with creative adaptions, reports showing success, and new service delivery methods to meet customers' needs. This is what I saw over and over again throughout the broad range of franchises and industries they represent.
Sense of Direction: All the franchisers showed a true sense of understanding what the needs of their franchisees are and how to address them. The franchisers knew their marketing strategies and operational plans no matter what happens in the near term. They are driving the business and finding ways to grow it by focusing on true customer satisfaction and enhancing their franchisees' profitability. They now have the added dimension of making customers feel safe while using their businesses. They mastered this efficiently and cost-effectively.
Technology: Whatever technology it takes, the franchisers are going to make sure it is in place and it works. Projects that were slowly being created are now active and producing results. It is almost llke someone pushed the fast forward button on systems and improvements. The positive long-lasting impact on business will be stunning.
I could name many more takeaways, but a year from now, those franchisers that have innovated and quickly supported their franchisees are going to be miles ahead of those who have not. I am so pleased that I have access to the innovators and creators. I would not want to compete against them. The pandemic is moving them even further ahead of their nearest competitors, and as the weak disappear, the strong will gain even more market share.
I hope these insights are helpful and more importantly thought-provoking. I remain readily available to discuss the conference and what I see happening in the coming months.
Ready to talk more about franchising? Please complete the Free Consultation Form to learn more about franchising and my entrepreneur consultation services.