Now I know why (call me) Dave is Prime Minister.
He’s found the key to unlock future prosperity… the private sector.
You may all gasp in astonishment at this revelation.
The fact that we all knew it already doesn’t mean that we should be PM.
Even more specifically (call me) Dave said that it is new business, small business and entrepreneurs who will drive the recovery. Isn’t this what we’ve been saying on EB for the passed couple of years?
Now, I don’t want to blow smoke up the collective EB… well, let’s just say what (call me) Dave said to the CBI is not a huge surprise to us.
But let’s just drill down a little further.
There’s a huge opportunity for franchising to come to the fore as never before in this economic recovery… to put it into corporate speak, it ticks all the boxes.
Based on proven business systems, we know from survey after survey that franchisees’ businesses are more sustainable and profitable than other business start ups.
Franchisors tend to run their businesses lean and mean, without huge reliance on debt to sustain them and the risk of setting up a network sometimes with hundreds of outlets is spread across many franchisees.
This means that if there is a failure, albeit horrible, it is not disastrous, tends to be ring-fenced and local… it doesn’t bring down the whole organisation.
There is a massive opportunity to develop retail franchising as well as the more prevalent food and beverage and person with van franchise models – 54% of retail sales in the USA is via a franchise operation.
To make all this happen, though, franchising needs to get on the radar of government. There are some people out there who have recognised and are valiantly doing what they can, but we need a much broader based lobby group to really up the ante with (call me) Dave.
The problem is, in franchising we’re, naturally, fragmented. We have our own businesses to run, whether as franchisor or a support function.
So who could we turn to, to bring franchising to the attention of our government?
Any ideas anyone?