TRUST is an Essential Building Block of Successful Franchise Businesses
I recently wrote an article for Franchise Update magazine titled, “What are You About? Values are Your Foundation.” The purpose of writing the article was to ask franchise leaders if they understood how important values were in attracting the right owners and ensuring their success. In the article I say without hesitation that values are the reason for a business’s success. It’s not solely what a business sends out the door; it’s primarily the values that “provide the structural integrity for your business model, your training, your systems, your support, and most important, your corporate culture. Without values, you have no basis on which to recognize problems, to surface solutions and to make decisions.” For the article, I identified seven elements that make up a Value System with my number one being INTEGRITY: Franchisees want to follow someone (and people) they trust and depend on. With trust comes accountability and transparency. The other day I received an online copy of Multi-Unit Franchisee magazine that included a thoughtful and well-written article by Timothy Bednarz titled, “Trust Factor: Change Cannot be Achieved Without the Building Block of Trust.” Timothy eloquently states: “The need for trust in the workplace and communication therein is understood by many leaders to be the foundational building block of the organization. The degree of trust developed will impact employee performance and retention, the development of teams, and implementation of organizational change. Regardless of size and industry, organizations are comprised of individuals who desire the same thing: the ability to trust those they work with.” For franchisees, that is the essential quality of a franchise system—trusting the home-office team and your franchisee peers. Franchise organizations that have a well-connected franchisee network, where franchisees can communicate and trust each other for support and counsel are the ones you want to join and to help grow. During your investigation process, be sure to ask franchise owners about the working relationships among the franchise owners. When you buy into a franchise, you’ll get home-office support, and that’s valuable, but the support of your peers and the trust you have in them is priceless.