What are the top ways franchise executives feel they can effectively support mature-term franchisees?
According to the latest research from the Franchise Relationships Institute, there are five elements that strengthen their support stance.
These are in order of importance:
- Franchise or small business ownership
- Strong commercial and financial acumen
- Longer tenure in the business
- Confidence in relationship management and negotiation skills
- Specialised technical or industry experience
So experience and tenure counts when it comes to franchise support.
However, with about one fifth of franchise support staff in the Gen Y bracket, there will be franchise executives without all these advantages.
But there are ways in which franchise executives can boost the value they add in their relationship with long term franchisees.
Based on an analysis of comments by 374 mature franchisees with more than six years tenure in the franchise system, the following behaviours have been cited as beneficial:
- Listening to concerns and challenges, being empathetic and respectful (23%)
- An understanding of the business, practical ideas for performance improvement (15%)
- Direct and straight-talking, keeping franchisees up-to-date and acting as liaison with the franchisor (15%)
- Professional and prompt with follow-up (10%)
- Positive, motivating, making franchisees accountable to goals (10%)
- Shares best practice from other franchisees (9%)
- Financially and commercially savvy, focused on improving metrics (7%)
- Relates and works well with staff (6%)
There are steps to take that can help build personal credibility and FRI recommends these four approaches:
- Maintain a learning mindset – seek feedback and take notes
- Maintain a metrics mindset – stay across the figures and give data driven advice
- Maintain your confidence – speak up, be direct and focus on strengths
- Maintain a service mindset – maintain respect and keep our advice practical