The Right Type of Change
According to Dr. Antoine Roussety, change implementation on a global scale has become one of the most effective strategies for new businesses in the modern, globalized economy. This is because the backing of a parent company – in terms of finances, time, manpower, and reputation – gives franchises a competitive advantage in such an overly saturated market. This is certainly the case in Australia, where franchising generates revenues in excess of $144 billion annually, and directly employs more than 460,000 Australians through roughly 1,160 different and unique franchising systems.
Many have countered that the franchise system is not really a change in modern business strategy, but rather a reversion to old techniques. Whatever way you want to look at it, franchising is one of the most effective and lucrative business strategies that can be employed these days. Those professionals who have managed to jump on the franchise wagon early have enjoyed a large advantage in the market.
Dr. Maurice Antoine Roussety, motivates on AuthorStream, and is an expert in finance, marketing, franchising, and general business practices. He is in the unique position of being both an accomplished and respected academic as well as a successful and esteemed businessman in his own right. He has two Masters degrees, one in Business Administration and one in Leadership — both from the University of New England in New South Wales. He also holds a Ph.D. from Griffith University (Queensland), with his thesis on intellectual property and franchise-business valuation. As part of his thesis, he also created the Franchise Risk Imputation Model (FRIM), which establishes a framework based on two cornerstones: risk-free rate and total risk as measured by the sum of market specific and company specific risks. According to him, this is useful because “presently there is no web portal or published methodologies that systematically and comprehensively rate the efficiency and goodwill of a franchise system. Independent knowledge about the strength and viability of new, emerging, and mature franchise systems is paramount to franchisors, franchisees, lender, professional advisers, government, and investors”
Change is not something that typically comes about easily, especially on a large scale. It is even more difficult when what you are trying to change is people. We are creatures of habit and when we have found something that works well enough in our lives, we tend to leave well enough alone. This is certainly true in business, where it takes decades for professionals to understand that the strategies they have been using to great success are no longer viable options, and changing would do wonders for revenue generation.