Ep63 The Ultimate Franchising Success Formula, with Jan Timms - Franchise Books

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.   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.   0:00 Intro 0:52 The reason for creating the Ultimate Franchising Success Formula 2:25 The process over 7 years with hundreds of interviews and research with a model emerging 3:42 How Jan got her thesis work into a book 4:39 Turning an academic piece into a business practical format in the model that emerged 5:09 Discovered in research the 12 ‘silent killers’ of a franchise system 5:44 The five essential elements for success introduced with the first element - getting the right people 7:44 Franchisors and their relationships with supplier partners 8:44 Second element is knowledge management and capturing and retaining the knowledge so it is easily accessible 11:14 Knowledge sharing moments in meetings 11:48 Third element in the formula is culture communication systems, having a healthy culture and it’s importance with the interdependence requirement of the franchise relationship 13:09 How you build a great franchise culture 15:00 Communicating in other ways than just sending emails and developing rich communication methods 16:10 Fourth element is field support and ensuring structured support and that it is not viewed as one size fits all 18:39 Fifth element is learning and development 20:12 Key ingredients for learning transfer WICKAM acronym 22:14 How is the book best used in a business or franchise network. The book is not linear so can grab parts of it 24:39 Wrap up Get the book: https://tinyurl.com/59nsf33t Podcast Produced by: www.magneticbusinessmedia.com.au   Franchise Stories and Knowledge Base (our other website): www.franchisebuyer.com.au Listen or Watch on; Spotify: https://tinyurl.com/2dbmzb5s Apple Podcasts: https://tinyurl.com/ycy7ea3a Amazon Music: https://tinyurl.com/mw528eyk YouTube: https://youtu.be/P7eaRd0qtEk