Thursday, March 14, 2019

Lack of Clarity Can Be a Stumbling Block for Franchises Going Global

Senior research analyst Ritwik Donde at FRANdata says that international expansion has opened numerous doors for small businesses looking to uncover new streams of revenue. But to succeed globally, business owners must successfully navigate the new territory of cultural divides.

A big stumbling block for franchises, for example, is lack of clarity for franchisors embarking on a rapid growth plan, often resulting in mistakes that can put the franchise at risk.
Among 480 small and medium-sized enterprises from 12 countries surveyed by the Economist Intelligence Unit in 2014, a majority foresaw expanding their business internationally as the future for their companies. However, very few understood the importance of finding the right advisory partner (or partners) to help them navigate the choppy waters of international growth.
Read more about the five common mistakes made by international franchisors and how to avoid them.

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