Jeff BannonAll Articles
Key Strategies for Retaining and Attracting Talent in Today’s Business World
In today's competitive business world, attracting and retaining top talent is essential for companies to stay ahead of the curve. While competitive salaries and benefits are important, they are not the only factors that contribute to employee satisfaction and loyalty. In this article, we'll explore some key strategies that companies can adopt to retain and attract talent. Flexibility is a crucial strategy that can help companies retain and attract employees. The pandemic has shown that remote work is not only possible but can also be productive. Employees appreciate the ability to work from home and [...]
Expert Advice for Franchise Business Growth and Management
Franchising can be an excellent way for entrepreneurs to start their own business while enjoying the benefits of an established brand. However, as with any business venture, there are pros and cons to consider before making a decision. In a recent video conversation with Jeff Bannon, Succession Planner with The Rawls Group, and Aicha Bascaro, President of the American Franchising Academy, the differences between what franchisees get and don't get from their franchisor were explored, highlighting some important considerations for anyone considering this type of business model. One of the primary benefits of franchising is [...]
Preparing for the Future as a Multi-Unit Franchisee
As a multi-unit franchisee, you've invested a significant amount of time and money into your business, and naturally, you want to maintain control over it. However, as an entrepreneur or business owner, you must consider the future of your company and determine if you want to sell it, keep it, or are undecided. In a video, experts discuss the importance of preparing for the future to maintain control over your business. If you choose to keep your business, it's crucial to plan for succession and ensure that the team below you can run the business [...]
Managing Inflation: Key Considerations for Franchise Owners and Business Leaders
Inflation is a reality that businesses must deal with, and franchise businesses are no exception. The impact of inflation on franchise businesses can be significant, affecting the profitability and sustainability of franchise units. This article will explore the rising costs of goods, equipment, and services, and the recommendations for franchise business owners to stay ahead of the game. The rising costs of goods, equipment, and services are a challenge for franchise businesses. As the cost of raw materials and labor increases, the profit margins of franchise units decrease. This puts pressure on franchise owners to [...]
How to Protect and Grow Your Business During Economic Uncertainty
The pandemic impacted us all, causing some to reap the benefits and others to be shut down. And our fickle economy is causing many multi-unit franchisees to wonder what the best strategy is to thrive through next year. As the world evolves and changes, basic principles, such as processes, procedures, marketing, talent, attractive culture, capital, etc., stay the same. Jeff Bannon, a succession planner with The Rawls Group, and Michael Einbinder, a franchise attorney with Einbinder & Dunn LLP, discussed strategies for multi-unit franchisees to protect and grow their business despite inflation, recession, and the next curve ball in [...]
Strategies for Multi-Unit Franchisees to Succeed Despite Economic Uncertainties
Even though Wall Street predicts 2022 and 2023 will have 10% growth in earnings and isn't currently anticipating any slowdown, many multi-unit franchisees have expressed concern over economic uncertainties. Talks of inflation, change in tax law, ongoing supply chain issues, and labor shortages have multi-unit franchisees wondering how or if they need to readjust their business strategy. Some multi-unit franchisees who have focused aggressively on growth have cooled their engines. And then there are multi-unit franchisees sitting on cash, looking to ramp up acquisitions, and looking for good deals. And finally, others are unsure which [...]
