A week of wealth - September 14 2009
Amid the countless stories of economic doom and gloom, it is encouraging to read some positive news for a change - particularly from home grown sources.
The Australian franchise sector’s performance has continued to shine through gloomy economic conditions.
A recent report by PricewaterhouseCoopers has shown the sector has continued to grow throughout the downturn – and indeed a different mentality is emerging in contrast to the private business sector.
For example, while businesses were busy battening down the hatches and reducing their expenditure in areas such as marketing, most franchises were increasing their marketing budgets.
Perhaps the mentality is a result of confidence, with the Franchise Sector Indicator report finding franchisors predicting profit growth of 18% in the next year and 24% over the next three years.
But mere profit projections do not explain all the cheer.
In the September/October issue of Wealth Creator we spoke to a range of franchisors across different sectors – from bookshops to bodywax – and the positive profit projections were there as well.
Perhaps more importantly though, there was an intangible element of energy around the table.
There is no doubt every company – franchise based or otherwise – is looking to constantly improve their performance. The problem is that it is very draining and sometimes it is difficult to separate the wood from the trees.
Remember to keep the energy levels up and the confidence high – remember it’s not all bad news out there.
