FranX | Q2 Power Hour

The Next McDonald's (Big Idea)

Evolution — Better Than Innovation?

Q2 is in progress. Have you hit the Pause button to evaluate Q1 — what worked, what didn’t, and how you can do better? Has your business evolved with the marketplace, your customers and the needs of your franchisees?

We all know the stories of once-great companies that failed to innovate, but what about the thousands of small businesses, franchise brands and franchisees that are struggling right now. Is their problem innovation or evolution?

Unless you are a technology company, or maybe even if you are a technology company, evolution is almost always more important than innovation. You need to adapt your business to a shifting marketplace, customer sentiment and franchisee sentiment.

Take some time now. Reflect on your quarterly KPI’s, the market signals you’re receiving, your mission and the Q2 rocks that will help your brand evolve.

News You Can (Actually) Use

MOOYAH is using Google Ordering, are you?

HHO Carbon Clean is creating a new franchise category in, well, carbon cleaning.

Killer Brands

Valenta is a home-office-based, low-start-up-cost B2B franchise. Valenta franchisees offer business customers solutions for reducing expenses, automating tasks, and streamlining operations with a suite of services that include CRM systems, artificial intelligence solutions, software development, and outsourcing. Franchisees sell value-added services and the Valenta corporate team delivers.

Franchisees Kicking Ass: The Franchisee Is King

A former franchisee with Coldstone Creamery and World of Beer, Ankita Mehta brings a wealth of experience to her new role as CEO of Curry Up Now.

Yo Broker, Sell My Franchise

The Pros and Cons of Working with a Franchise Broker, as told by Franchise Business Review:

Pro: It could take you weeks or months to research various brands and sectors, whereas a franchise broker can help you quickly target the types of franchises that meet your investment threshold and appeal to your personal interests.

 

Con: A disadvantage might include working with a franchise broker who only points you to emerging brands that may not yet have proven their business models, said Eric Stites of FBR. “It’s common in franchising for brands to look at leaders in a sector, copy their business model, and say they do the same things – but they might not do them better,” he said.

The Bottom Thoughts

Leads take time to mature. While, on occasion, single events can create impactful moments, most of your successes, especially in franchising, will come from Steady Eddie execution.

So, now that we are in the second quarter of 2021, the activities you do in these three months will have a tremendous impact in end-of-year results. A few things to consider:

If you’re behind in franchise sales, increase spend. It may feel uncomfortable when you are not rockin’ the deals, but if you don’t increase spend you very well could be in the exact same place at the end of the year.

Reconsider/reconfigure your goals. When knockin’ back some drinks around New Years, we create these crazy goals. Then, we don’t often look at the indicators. Now for some, you are probably crushing the goals you set out, but for others, if you are playing from behind, pivot and adjust.

Ask franchisees for help. They are walking in the same brand shoes as you. Lean on them. It will make them feel like partners, and they just may have some good ideas.

Make sure you are aligned as a team on what needs to be done this quarter. Assign tasks, measure and hold accountable. Make sure your team is aligned with your brand goals. And, don’t be afraid to share your personal goals, too.