Earlier this week, Cashflow It attended the Franchise Relationships Institutes Franchisor Excellence Masterclass in Melbourne. Over two days a small group of franchisors and suppliers covered everything happening in the franchise industry with facilitator Greg Nathan.
Based on the foundations of the FRI’s Franchise Wheel of Excellence, the sessions covered a broad range of topics designed to help franchisors create positive working environments for their franchisees and be on the forefront of changes happening within the industry.
Some of the most engaging sessions included those on organisational change and recruitment. As the franchise industry continues to adopt new technologies that come to market, internal change is a topic relevant to many businesses; and with a shortage of franchisees to meet franchisor growth targets, the matter of recruitment is at the forefront of many franchisors minds.
In depth workshops on managing organisational change and identifying common mistakes helped franchisors develop strategies for implementing change and getting franchisees informed and on board. In some cases a lack of transparency or opportunity for input can result in a defensive mindset among franchisees, Greg highlighted the importance of gaining a franchisee's perspective through an engaging case study, showing how this can impact how smoothly the change process progresses.
In addition to this, Greg covered some tips on best practice recruiting for franchisors and how to attract quality candidates to your brand. On this topic he also covered recruitment do’s and don’ts, highlighting common mistakes throughout the recruitment process and how to avoid them.
Another popular session centered around important trends shaping the franchising sector. Touching on subjects such as millennial's in leadership roles and the growth of ESL franchisees, as a group the masterclass brainstormed ways in which franchisors and suppliers can stay abreast of such changes and how they can adapt to embrace them. Also discussing more topical industry matters including margin compression and the rise of franchisee associations, the session facilitated important discussions surrounding the future of the franchising sector.
Over the two days, Greg and the FRI educated on and encouraged best practice among franchisors to promote a healthy franchise network. With a collection of guest speakers and lively group discussions, the experience gave attendees an insight into how their fellow franchisors are managing the changing landscape of the industry.
If you missed the Franchisor Excellence Masterclass, you can catch Greg along with Cashflow It at the upcoming National Franchise Operations Conference in Melbourne, on May 24th.