Growing Revenue with Strategic Foresight
During this time of economic instability we are all searching for ways to make our franchise systems grow
. I think it is one of the main topics of discussion between
franchise consultants these days. If you have a solid, established franchise system in place then international expansion should go on your topics for discussion this year. There are lots of advantages to expanding globally. Many countries that were floundering not too long ago now have the emerging middle class needed to support US brands. In addition, many countries have a high demand for American brands, limited domestic franchises, positive currency conversions and the regulatory barriers to entry are not as limiting as in the US. All in all, if you can give yourself an honest assessment of your
franchise system that determines the extra time, effort and resources used to expand internationally will not affect your US operations, then you should seriously consider it.
Global expansion has been around for a long time. One of the many reasons George Eastman chose to name his company "Kodak" was because it was a word pronounced the same in every language. He didn't have a franchise consultant but he was thinking globally 118 years ago. If your franchise system is ready, global outreach is not a bad direction to look into today. With a broader population to tap into, franchise owners can find numerous opportunities that they may have not considered before. With this in mind, always consider the future potential of opportunities. While you may not be able to act on the idea just yet, a little planning can go along way.
Growing Revenue with Strategic Foresight
By: Mario Altiery
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