Good governance is crucial to the franchising sector, says former premier, Hon Jeff Kennett AC, at the keynote session at the National Franchise Convention in Melbourne.
Kennett says franchisors have had the crutches knocked from under them because of a few focused on gaining short term profit.
“I challenge you individually and collectively, and through this organistion [the FCA], to stand for something and fight back.”
Kennett outlined his leadership tips:
Five fingers to good leadership
Franchisors need to know where they are going and why they are in business.
2. Have the right people around you
Franchisors need to surround themselves not with sycophants but those who will challenge them and help them achieve their goals.
Leaders must trust staff and allow them to make decisions.
3. Develop strategy
Franchisors need to create a strategy to achieve the vision but should never be afraid to make change.
Business owners need to be constantly advocating for their business and their brand, and show consistency in the message.
Achievements made by following the four other points will lead to great rewards in business for everyone.