Jan Timms Authored “The Ultimate Franchising Success Formula,”
A Comprehensive Guide to Best Practice in Franchising Based on her 25 Years of Experience in Franchising and a PhD Study on Success Factors in the Industry. In it, Jan Identifies the Best Practices that Distinguish the Most Successful Franchise Brands.
Episode Timeline
- 0:00 – Intro
- 0:52 – The reason for creating the Ultimate Franchising Success Formula
- 2:25 – The 7-year process with interviews & research leading to the model
- 3:42 – Turning thesis work into a book
- 4:39 – Making academic research practical for business use
- 5:09 – Discovery of the 12 ‘silent killers’ of a franchise system
- 5:44 – The 5 essential elements for success: starting with people
- 7:44 – Franchisors and relationships with supplier partners
- 8:44 – Second element: knowledge management & retention
- 11:14 – Knowledge sharing in meetings
- 11:48 – Third element: culture & communication systems
- 13:09 – Building a great franchise culture
- 15:00 – Richer communication methods beyond email
- 16:10 – Fourth element: structured field support (not one-size-fits-all)
- 18:39 – Fifth element: learning & development
- 20:12 – WICKAM: key ingredients for learning transfer
- 22:14 – How businesses can use the book (non-linear resource)
- 24:39 – Wrap up
After 7 years of research when Jan wanted to find out what made the successful franchises different from those that aren’t, the research was well-received academically, and it soon became obvious that putting it into a more practical and useful resource beyond the academic world was the best approach.
And the Franchising Success Formula was born!
Broken into five essential elements of success, as the key things good brands do well, and identifying the 12 silent killers to a franchise network, turns it into a true formula for franchise networks to follow and improve on what they do.
The five essential elements of success are;
- Getting the right people
- Knowledge management
- Culture communications systems
- Field support
- Learning and development.
These five essential elements when implemented successfully, are the key to counteracting the 12 ‘silent killers’ of a franchise brand that were identified through the research.
Designed to be a non-linear publication, franchise executives and owners can work on pieces of the elements or the silent killers piece by piece in their brands.
