We are pleased to share our thoughts and predictions on what the franchising industry is expecting over the next 12 months.
Firstly, things appear to be buoyant. The mind set across the entire sector is all focussed on positivity. I have spoken to many franchise owners and they have all said the same thing – they are looking to finalise their growth plans and make 2024 a very satisfying year.
It is interesting to hear that many are predicting a number of specialist areas which will be trending throughout the year. Firstly, everybody is on a mission to improve health and wellness so naturally there will be a push with fitness, healthy eating and improving lifestyles. Another focus will be on the environment and putting more sustainable processes in place to help both staff and customers. Embracing technology is another area for growth, whether it is adopting new smart technologies, innovating or exploring ‘ai’ (artificial intelligence) where items such as ChatGPT are transforming the way we create company documents and marketing material. Finally, more flexible working conditions will continue to embrace a more mobile workforce.
If we look more closely at a franchise’s business plan, many are adopting a ‘capitalise on what we have’ mentality so spending less time on acquisition and more time on nurturing an existing client base. By fostering existing relationships, the opportunity to upsell and receive personal recommendations can yield very positive results.
Staff training and nurturing the skills of a workforce is another popular development area. By investing in staff, the business will become more efficient, create a harmonious working environment and have a team that are driven to remain successful and offer the very best levels of customer service. Of course, it’s not just about training though, a franchise owner will need to make sure they continue to upskill their staff and further embrace the digital era. If we look at the food outlet arena the processing of orders is now predominantly done through tablets and handheld devices so staff must be fully versed in using this type of technology.
For those franchise owners who are running multiple locations the message is simple, keep doing what you are doing. The focus will be on maintaining efficiency, introducing an excellent communications programme so that every employee is kept up to date with what is happening and maintaining a positive brand experience across the entire business.
So to conclude, 2024 looks to be an exciting and prosperous year for the franchising sector.”
Our team are on hand to offer support, advice and guidance to all aspects of franchise finance and business planning. To find out more please call us on 01993 706403 or e-mail hello@ngifranchisefunding.co.uk.