Three Lessons for Franchise Leaders
We recently had the pleasure of attending and sponsoring the FaegreBD Franchise Summit
, hosted by Brian Schnell, an esteemed thought leader in the franchise industry. Amid recent growth, there is an air of excitement around franchising, and we returned with fresh insights and perspective on this dynamic time in the industry.
Here are a few of our most memorable takeaways from the program:
Effective franchise leadership requires setting (and sticking to) priorities
You can only be as successful as the leaders you have in place
- As Steve Romaniello, Managing Director of Roark Capital Group, told us, franchise leaders should be laser-focused on the objectives that are achievable. To effect real change, set priorities that will enhance the company and have few barriers or prohibitive costs and execute there first.
Pay close attention to unit level metrics
- It’s crucial to be extremely careful in choosing leaders. Leaders in this industry must be decisive, and to achieve success, underperformers should be eliminated quickly. Steve recommends looking at metrics on a daily and weekly basis to evaluate leaders and teams.
- Many franchisors don’t pay enough attention to the unit level metrics of day-to-day operations for each location. According to the “panel of pros,” this means they are missing out on key opportunities to optimize profitability, make better informed business decisions and effect swift change. It’s important to find a way to aggregate your day – and your POS system may help – to get actionable data on an hourly and daily basis to run stores effectively from a corporate level.
We were proud to sponsor and participate in such a powerful program and first-class event. Following the successful meeting, I was happy to reaffirm my commitment to the industry by personally giving $5,000 to FranPAC to support the endeavors of the IFA.
And while the speakers and insights were exceptional, the icing on the cake was having the chance to network with new friends and connect with clients and colleagues. We hope to see you at next year’s event!