Managing a Global Franchise System in the “New” World
The world as we knew it changed drastically with the outbreak of COVID-19. Although nobody knows what the future will bring, most would agree that it will be different, as the impact to both businesses and personal lives has been significant – globally. Continued change in consumer behavior, industries’ structure and competitive landscapes across the global economy are to be expected. The speed and nature of change will depend on many factors, particularly medical advances. While some changes might be temporary in nature, others will not; hence, it is prudent to assume constant change. Until a vaccine is available, there will continue to be physical distancing and/or stay-at-home periods, travel restrictions / limitations, and an enhanced need for customers’ and employees’ safety. These factors will require re-thinking and re-designing you support and management structure for your global franchise system.
To develop a framework, it is helpful to consider some questions that pertain to three critical areas:
Financial: How to most rapidly recover your system revenues and profitability for both franchisor and franchisees? Which initiatives and projects will result in best ROI and paybacks?
Operational: What operational changes are needed to adapt to change? How can you leverage and accelerate the use of beneficial technologies?
Structural: What is the optimal organizational structure in this new environment? What changes are necessary to be nimble, yet agile?
Before expanding on these.........
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