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Biggest franchising mistakes revealed
Written on the 9 September 2009 by Lorelle Frazer
Not establishing a board of directors sooner was the biggest mistake Eagle Boys Pizza founder Tom Potter made in his 20 years at the helm of Australia and New Zealand’s largest privately owned pizza company.
Tom, who stepped down from Eagle Boys two years ago, says despite bowing out of the franchise sector he still believes in the strength of the franchising model.
“For franchisors to be successful they must make the tough decisions, and focus on a five year vision as opposed to short-term, short-sighted thinking.”
When Tom started Eagle Boys he had little money and a minimal education behind him (leaving school in Year 10) and a steep learning curve in front of him.
However, Tom went on to build one of Australia’s home-grown franchise successes.
Tom's biggest franchising mistakes
As mentioned above not establishing a board sooner was one of the biggest mistakes Tom made, however he also admits it wasn’t the only one.
Another was hiring the wrong people and as we all know it’s the people you employ that can make the difference between a good and great company.
“After hiring the wrong people I learnt to employ to company ‘culture’ first, then skills,” Tom said.
“Another mistake I made in the early days was I did not always have the facts and figures in front of me when meeting with franchisees.
“The most effective strategy to inspire franchisees to lift their game is by presenting actual facts and case studies outlining return on investment, increases in profit and how it’s done.”
And having worked with more than 250 franchisees Tom has plenty of experience.
Franchise business forum
Tom will share his experience, greatest mistakes and how he overcame them (including the ones above in more detail) so you can save time and resources learning from his mistakes and getting things right the first time at our upcoming Franchise Forum.
The Franchise Forum 2009: How the best thrive in any environment, will be held on November 18, at Griffith University’s South Bank Campus, Brisbane.
The Forum is jointly hosted by the Asia-Pacific Centre for Franchising Excellence and the Franchise Advisory Centre.
The first five people to register their interest and attend the Franchise Forum 2009 will receive a free copy of Tom’s recently released book, The Eagle Boys Pizza Story, valued at $34.95. Winners will be able to pick up their free, signed copy at the registration desk the day of the Forum.
Tom will also reveal at the Franchise Forum 2009 why he’s not planning to franchise his new business concept.
Author: Lorelle Frazer