When, Why, and How to Adapt

Where we were is not where we are now and not where we are going to be.

As I work with multi-unit franchisee owners across the country, this statement describes many of our conversations around planning and developing talent for the future. Once an industry comprised of "mom and pop" businesses, the number of multi-unit and multi-brand organizations is becoming more prevalent, making the franchisee business a completely different environment than what we have encountered in the past. Franchisees today are building multifaceted complex organizations that are dependent on talent and are both emotionally and financially demanding because of the decreasing margins and competition. Today, day-to-day operations require highly motivated, talented employees who are sought after by competitors.

As with any endeavor of significant value such as innovation, planning for the continuation of success deals with change that will challenge you, your next generation of leaders, and key managers. The move from a mainly "mom and pop" environment to "bigger business" makes us ask the questions; Can you predict where the industry is going? What new concepts will continue to enter the market? What new craze or generational shift will impact consumer behavior? This is just a short list of the many unknowns coming to the industry and, as you know, there is an endless supply of innovators, entrepreneurs, and capitalists who are willing, eager, and able to take your market share for their own.

Therefore, as a call to arms, you must be willing to start contemplating the changes to the business environment and what needs to be done to get in front of them. Furthermore, as the new generation of managers, leaders, and owners emerge on the scene, successor curriculums that include strategic planning for the future must be included. It is vital they contemplate the changes which could impact your current model and seek innovative ways to help your business adapt. The focus is on understanding the ways of the past, but also instilling the creativity needed to innovate and adapt for the challenges of the future.

You must be willing to address the fact that change is coming. As individuals and a unified organization, you must be willing to innovate and adapt. The following steps will help ensure you are tackling the questions of when, why, and how to adapt:

Shrinking margins and increased competition continue to require multi-unit franchisees to think out of the box, innovate, and adapt. The bright side is that change requires innovation and adaption which serves as a filter to the future that will handicap or eliminate competitors unwilling to take on this task and provide increased profits and opportunities to those willing to embrace the change. With the potential of "proven business models slipping away," the need to innovate and adapt is most crucial to future success.

Being a part of his own family's business, Champ has a unique insight into the difficulties, challenges, and triumphs families face when combining family and business. Champ Rawls has been officially associated with The Rawls Group since 2012, although it could be said he become a part of the team in 1984, when he was born into the family business. For more information visit www.rawlsgroup.com

Related Stories