“I filled out the survey and they were great questions,” said Greg Nathan of the Franchise Relationships Institute, but on reflection I’m not so sure. Did ‘a better year’ mean a better year for you personally or for your business? I was angling for the latter and most of the respondents would have been business people or professionals. Anyway, while there was some optimism for 2024, half the respondents believe it’s going to be worse or much the same as 2023.
The results are in: What’s in store for ’24
Wouldn’t our lives be different if we could predict the future? Think of the massive implications that would have on our businesses. So what’s the best way to predict the future? Studies show that economists, scientists, psychics and other ‘futurologists’ aren't actually very good at it. But one deceptively simple idea posits the question: Are the many smarter than the few?
I decided to test this theory with What’s in Store for ’24, a readers’ poll to find out what you think and measure the collective predictions in a completely unbiased and anonymous way. I got a surprising 512 responses from people all over the world. And here (ta-daa) are the results:
Are you expecting 2024 to be a better year, worse year or much the same as 2023?
What is your greatest hope for 2024?
Not surprisingly after a turbulent 2023, the economy and government rated highest as your hopes for this year. Thankfully, inflation has already begun to stabilise in most of the western world and some brave banks and lending institutions have started to reduce their interest rates. I’m assuming that many of the votes for better government came from New Zealanders after last year’s election, and the more altruistic of us wished for world peace.
What is your greatest concern in 2024?
The economy ranked a little lower among respondents’ concerns, perhaps indicating a degree of confidence given that around half of you ranked an improving economic and business situation as your greatest hopes (see previous pie graph). Crimes such as shoplifting and ramraids have been a growing concern in the retail trade, and climate change has forced many business people to rethink the sustainability of their business practices.
Do you go to work or work from home, or both?
The nature of work — and business ownership — has been changing over time as more and more of us have been choosing to work from home, either all or part of the time. Part of the time, or hybrid, work topped our poll, but the question here was what type of work do you do, not what type you would prefer.
What are your preferences in regard to hybrid work, no matter what your current situation?
People’s preferences have swung back and forth since the pandemic. When you had to work from home during lockdowns, you missed the comraderie of your team mates, but when you had to go back to work at the office, you missed the independence and convenience of working from home. Hence the current popularity of hybrid work.
Have you prepared or do you intend to prepare a business plan or personal plan for 2024?
It was heartening, and a bit surprising, to find how many of you had done or are intending to do some planning for the year. It’s one thing to make New Year’s resolutions, but studies show that developing a concrete plan around those resolutions can make them ten times more likely to be achieved.
Do you see AI as more of a positive or negative thing for humanity?
Whether we realise it or not, artificial intelligence (AI) has become an integral part of our lives. It’s everywhere — on our phones, in our software, in many of the electronic products we buy. My son told me yesterday that his university assignments are assessed by AI. But while AI has brought numerous benefits to our lives, our survey shows there is still some mistrust and concern about its negative impacts, such as job displacement and bias in decision-making algorithms.
How do you feel about sustainability and eco-friendliness?
In a survey conducted by the UN, said to be the largest public opinion survey on climate change ever conducted, nearly two-thirds (64%) of the 1.2 million respondents in 50 countries felt that ‘climate change is a global emergency’. The question is: What can we do about it? Three-quarters of the respondents in our poll supported sustainability and eco-friendliness and four out of 10 of the respondents were doing something about it on a business and personal level.
What goals do you or your employer have for the business in 2024?
A bit of a mixed bag of responses here but the focus was firmly on growth rather tightening belts.
What media does your business or your employer mainly use for marketing?
Not surprisingly, digital media dominated but there is clearly still a place for non-digital. The question was ‘What media do you mainly use?’ so this may have skewed the responses away from non-digital media. Certainly the clients I work with in marketing prefer digital marketing because it enables them to reach a targeted audience and track their results. But my professional advice is never to rely on just one medium and always to remember that frequency is as important as reach.
Happy New Year! One of the highlights of 2023 for me was being invited as a guest of honour to the 40th Anniversary dinner of one of my former clients, Signature Homes. That’s me on the right with my wife Margaret and Brad Hay of Signature Homes.
This year, one of my New Year’s resolutions is to do even more of what I love — helping businesses and franchises like Signature to grow and prosper. I work with businesses of all sizes and offer a free initial consultation, so contact me now to make this your best year ever!
Share on your Page:
Follow us:
As a franchise consultant, I’ve had the privilege of working with brands that are reshaping industries and challenging the status quo. From the adoption of groundbreaking technologies to the reinvention of traditional franchise agreements, the past year has been a proving ground for innovation. As we step into 2025, the question isn’t just about keeping up—it’s about leading the charge. Let’s explore what the future holds and how some of the most innovative franchises are already paving the path to success.
New laws and regulations came into force in 2024 which will affect the franchising industry, both directly and indirectly, and may lead, in the words of McDonald's corporate and franchisees, to "destruction of the franchise business model"
$8 billion. That's the jaw-dropping amount that Blackstone private equity just paid for Jersey Mike's, a submarine sandwich franchise with just 3,500 stores.
Jaguar's recent rebranding announcement has stirred up fierce criticism and even ridicule. Critics say Jaguar has thrown its iconic brand heritage into the toilet and come up with a new brand image that distances it from its traditional market but seems to alienate new markets.
Meet Sarah. She’s the owner of a boutique business in Auckland specialising in handcrafted, eco-friendly candles. For years, Sarah’s website thrived, attracting customers searching for ‘sustainable candles in New Zealand.’ Her engaging blog posts on candle-making and sustainability consistently ranked high on Google, driving steady traffic and sales. But recently, everything changed.
If you’re not up with the latest on 102-year-old brand remakes, then you’ll never guess whose rebranding pre-launch teaser this is part of. The whole video clip may help.
Donald Trump hasn’t yet taken his place as the 47th president of the United States, but he is already starting to make his mark again on world politics and economies.
This guy has, in my opinion, revolutionised the franchise industry with his unique approach to strategic franchisee recruitment and responsible franchising practices. Just last year, Aaron Harper, CEO and Owner of the Rolling Suds Franchise, awarded franchises for 59 territories across 16 US states, transforming the business into one of the world's largest power washing franchises. Here's how he's done it. Educational Videos: Harper shares real-time business strategies through educational videos on social media, offering insights into responsible franchising and business growth. Social Media Engagement: He maintains an active presence on platforms like LinkedIn and Twitter, posting daily content that discusses franchising best practices and industry trends. Podcast Appearances: Harper regularly participates in podcasts, sharing his journey and expertise in franchising, thereby reaching a broader audience. Keynote Speaking Engagements: He delivers keynote speeches at industry events, discussing topics such as responsible franchising and business development. Media Features: Harper has been profiled in top-tier media outlets like Entrepreneur, Authority Magazine and Franchise Dictionary Magazine, enhancing Rolling Suds' visibility. YouTube Content: He creates informative videos, such as explaining the franchise sales process to educate potential franchisees. Sometimes he seems to give away his 'trade secrets', which could easily fall into the hands of his competitors or inspire would-be franchisees to start their own independent power washing businesses. But Harper believes that his powerful branding, comprehensive end-to-end operating systems and his strong team approach add more value to prospects than going it alone. Getting the help of seasoned professionals: Because Harper's background is in a different industry than property maintenance and he was unfamiliar with franchising before acquiring Rolling Suds, one of the reasons for his rapid success was to engage the services of professionals who assisted him in combining his own vision, values and skillsets with those needed to build and grow a thriving franchise organisation.
Picture this: A prospective franchisee, excited about the possibility of joining your franchise, opens your Franchise Disclosure Document (FDD) for the first time. But instead of finding an engaging, informative document that fuels their enthusiasm, they’re faced with a wall of dense, complex text—a 100-page monolith that feels more like a legal maze than an opportunity.
Every few years, surveys surface that claim to offer a snapshot of the franchising landscape in different parts of the world. These reports are often filled with glossy graphs and impressive numbers like the one below.
Team New Zealand's stunning victory in the 2024 America’s Cup has become a source of inspiration far beyond the world of yacht racing. The principles that led them to success on the water can serve as powerful lessons for businesses looking to excel in 2025. Here’s what we can learn from their win to help drive success in the competitive business landscape. 1. Innovation as a Game-Changer Team New Zealand is known for pushing the boundaries of yacht design, constantly innovating to gain a competitive edge. Their 2024 victory was fueled by their cutting-edge technology, particularly in aerodynamics and hydrofoil design. In business, innovation is equally critical. Companies that embrace new technologies, from AI to automation, stand to gain the upper hand by improving efficiency and creating value in ways their competitors can't. Lesson for business: Invest in research and development and stay ahead of industry trends. Whether you're a franchisor looking to enhance operational efficiency or a startup exploring new markets, leveraging innovation is crucial to staying competitive. 2. Adaptability in the Face of Challenges In the unpredictable world of sailing, adaptability is key. Team New Zealand faced shifting winds, currents and tough competition, yet they adjusted their strategy on the fly. Similarly, businesses in 2025 will need to stay agile, responding quickly to changes in the economic environment, consumer behavior, and emerging technologies. Lesson for business: Build an organisational culture that thrives on flexibility. Encourage teams to experiment, pivot when necessary, and be open to rethinking strategies to stay resilient in dynamic markets. 3. Teamwork and Leadership While technology and innovation are important, Team New Zealand’s success also came down to their strong leadership and cohesive teamwork. Every crew member had a specific role, but it was their ability to work seamlessly as a unit that truly set them apart. The leadership team created an environment where each member could thrive and contribute to the collective goal. Lesson for business: Foster a collaborative work environment where every employee understands their role in the bigger picture. Strong leadership, clear communication, and a shared vision can align your team and ensure everyone works toward common goals. 4. Precision and Execution Yacht racing at the America’s Cup is all about precision—split-second decisions, perfect maneuvers and flawless execution. Team New Zealand's ability to execute their strategy with laser focus enabled them to edge out their competitors. Similarly, in business, having a strategy is only half the battle—success comes down to how well you can execute that strategy. Lesson for business: Prioritise operational excellence. Whether it's improving supply chain management, enhancing customer service or optimising your franchise system, ensure that execution aligns with strategic objectives for long-term success. 5. Staying Calm Under Pressure The high-stakes environment of the America’s Cup puts immense pressure on teams to perform. Team New Zealand's composure during tense moments allowed them to make smart decisions when it mattered most. In business, the pressure of deadlines, competition, and market shifts can be equally overwhelming, and maintaining focus is essential to making the right choices under stress. Lesson for business: Cultivate a culture of resilience. Train your team to handle pressure calmly and methodically. This will not only improve decision-making but also keep morale high in challenging times. 6. Working with the Best to Sail into 2025 with Confidence Team New Zealand's win was its record-breaking third in the America's Cup. New Zealand is only a small and geographically isolated nation compared to all of the other competitors in the iconic race. To me, their victory was a testament to any nation's—or business's—ability, no matter how small, to draw on the best people in their fields into their team. The Team New Zealand team was made up not only of world-class designers, boat builders and sailors, but some of the best in their fields outside the realm of yacht racing. For example, one of the team's cyclors was Hamish Bond, who was not a champion cyclist as you might expect but an Olympic gold medalist in rowing. Just as Team New Zealand's innovative, adaptable, and team-driven approach led to their triumph in the 2024 America’s Cup, businesses can draw on these same principles to navigate the complexities of 2025. I have a passion—backed by expertise and experience—for helping businesses like yours with the strategic vision, systems, people and flawless execution to win the future. Contact me to get started with a free Initial Consultation .
As we approach 2025, the franchising industry stands at a crucial crossroads. Following years of economic uncertainty, shifting consumer behaviours and adaptation to post-pandemic realities, indicators suggest that 2025 could mark a significant turning point for the franchise sector.
