Insights from the 2024 IFA Convention

Here are a few thought-provoking insights we captured from various speakers at the Convention.

Don't assume that franchisee performance and franchisee satisfaction are correlated. Your most profitable franchisees will often be the most demanding.

Your franchisees’ needs will change over time, so you need to regularly check in with them on their goals and priorities.

Your top performers are at the top for a reason. Your bottom performers are at the bottom for a reason. Focus on the "Movable Middle".

The most effective way to grow an existing franchise network is with existing franchisees. Assess all your franchisees regularly to identify who is “growth ready”.

Look after your culture and vet new franchisees against this. Ask existing franchisees for their opinion on the fit of candidates who have spoken to them.

Online discovery days work well provided candidates are prepared with relevant background materials and a detailed agenda of what to expect.

When recruiting franchisees from outside your network, have a panel that includes an operations person and uses an objective checklist of important criteria.

There is an epidemic of loneliness, with Gen Z at the highest risk of feeling lost and disconnected. Franchised businesses can be a haven where young people feel welcome and valued.

Before releasing changes to your franchisees, ensure your operations team is fully briefed. You can't expect them to lead from behind.

The number one metric to assess the health of a franchise network and its attractiveness for investors continues to be unit-level profitability. 

Be where your feet are!