One sign of a successful franchise is a harmonious relationship between the franchisor and the franchisee. Of course, achieving this kind of working bliss is a huge challenge, as the corporate realms and the coal-face of business are often very different places. We thought it was interesting to get a woman’s perspective on this contentious issue.
Catherine Monson, CEO of Fastsigns International Inc, one of the more interesting franchises in the Franchise Direct family, has written a very interesting post for the Woman Entrepreneur website on this. Catherine provides a lot of insight on running a company during a recession and how to strike a fine balance between franchisor and franchisee.
Regardless of the economy, every franchisor should be working continuously to improve operations and efficiencies so that franchise partners can maximize their profits. You can no longer take the attitude, "If it ain't broke, don't fix it." Listening to franchise partners is a great way to generate ideas and learn best practices, so we began actively reaching out to franchise partners--not only listening to their concerns, but involving them in corporate decisions. Since their feedback comes from their experiences on the front lines, it provides great value and can teach you a lot about what works and what doesn't.
She also introduced the following four steps to improve these valuable relationships:
- Franchise system road tour
- Annual conventions
The key for the franchisor, Catherine says, is to have a hands-on approach. That way the franchisee will see your interest as sincere and genuine. Anyone seeking the issue from the franchisor's side of things should read this article.