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.
Currently, with the world swirling in an economic, political and environmental vortex that seems to spell disaster at every turn, what is needed is a cool head as no-one, it seems, will escape the fall-out. But armed with foresight, ambition and a lot of guts, we can be riding the wave of the 4th Industrial Revolution.
What can you do in your business today that can streamline information? Deliver better results or create new income streams in your business? How can you improve service delivery to make your customers lives easier, whether it be for your franchisees or a customer buying your product or service. And as a service provider how can you supply a better service whilst saving costs.
How can you use algorithms, artificial intelligence, smart tech, IoT, robotics and an app-driven economy be used in retail, business and professional services?
For those embarking on new careers or looking to going into business, the profile of the future job is changing by the minute with the prediction that there won’t be any traditional ‘jobs’ as we know them. Tomorrow’s jobs will be fuelled by technology, inspired by 20/20 vision and anchored in entrepreneurial endeavours and ideological aspirations.
If you are thinking of embarking on a new career but find it daunting to striking out on your own, why not consider buying into a franchise system that has already done all the research, set up the business structures and can offer you a viable business proposition. Visit www. fasa.co.za to see a list of all the franchises that are members of FASA and that have committed to ethical franchising.