The tough economy has invaded every aspect of the business world. The affects of rising gas prices, food costs and curbing spending habits among consumers are being felt in every industry. In franchising, the softening of the economy is serving as a loud wake up call to franchisors.
Franchisors have two options: they can sit back and commiserate with their peers about lagging system-wide sales or fewer eager franchise buyers or they can take proactive steps to combat the situation. From reading trade publications and watching television coverage, itâ€™s apparent that many franchisors are indeed taking progressive action, such as cutting production costs, reducing energy use, utilizing money-savings coupon promotions to entice consumers, and taking many other measures to attract and retain their customer base.
One additional approach thatâ€™s increasingly being implemented by many franchisors is the use of group-oriented business coaching on a system-wide level for their franchisees. Many franchise systems are finding that group- business coaching is the final missing link in the total support and development of helping franchisees become effective, focused and strategic owners of the franchise brand.
By implementing a group-oriented, strategic-focusing process in their systems, franchisors will be giving franchisees the opportunity to work on themselves and their businesses on a regular basis, usually quarterly. They will be able to openly and freely discuss techniques, problems and solutions with their peers under the guidance of an objective and professional coach utilizing a proven coaching process. Read more.