Life always throws curveballs – whether on a personal or business level – and as we enter a new decade and a new era of change, we need to face up to the changes that will come our way and the challenges that will present themselves.
From a business and economic perspective we are faced with increasing competition, rising costs, falling staff morale, bad debts and trying to adapt to ever-changing consumer needs. Understanding the challenges that face the franchise sector and navigating the changing economic landscape has to be a franchisor’s top priority. Whether it’s solidifying the existing infrastructure, re-designing the franchise model in line with changing trends or finding the right franchisees, every entrepreneur today needs to find a way of doing business… against all the odds… and with the prospect of opening up new doors to new opportunities.
The prospect of a new way of doing things within the dynamics of 4IR is both exciting and frightening and ensuring that we can keep up with the fast-paced changes is probably our biggest challenge.