MSNBC:
With the new year comes new challenges. As business owners and operators, consumers, and citizens, we know that the climate has changed radically in the last year. However, as I indicated recently in mycolumn–there’s no need to panic. I talked then about cultivating stronger customer relationships, and provided tips on how to do so. My advice applied to anyone working to establish and build a successful entrepreneurial venture, whether it be an independent restaurant, a consulting firm, a successful franchise or some other type of business. For all of us who are business leaders, everything begins and ends with customers. I’d like to dig a little deeper into how a customer-oriented culture impacts franchises–a market that has its own opportunities and challenges.
According to a recent report by the International Franchise Association’s Educational Foundation, the franchise industry is expected to face challenges this year with regard to the number of establishments in operation, jobs and the economic outlook. The same report, however, indicates that franchise owners remain cautiously optimistic, and I, for one, am not surprised. Like other entrepreneurs, franchise owners are a stalwart, determined bunch.
Here’s the challenge: Financing will be tricky this year, which inhibits the growth of current franchise locations and the establishment of new franchises. So, franchise business owners are under increased pressure to make current situations work–and work well. Read full article.
