BANKS PROMOTE FRANCHISING

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Two of the top 4 commercial banks shone the spotlight on franchising with seminars aimed at sharing the success stories of top franchisors.

Nedbank held their Franchise business Breakfast with Radio 702, widely promoting the event which boasted a panel of experts including Greg Solomon, Managing Director of McDonald’s South Africa, industry specialists from Nedbank as well as other relevant stakeholders and influencers who shared their valuable knowledge. Some of the topics discussed included the effect location has on turnover, how to handle payment mechanisms and, from a banking perspective, which franchises are worth funding.

Standard Bank held two Franchise Masterclasses in Cape Town and Johannesburg with the theme of ‘moving your franchise into the future’ with a special focus on technology. Tony Da Fonseca, MD of the OBC Group and FASA’s Chairman Elect for 2017, was the opening speaker and, in addition to presenting FASA’s latest and very positive survey results which bode well for the future of franchising, also gave an overview of where franchising globally is headed.  He shared the fast-moving pace at which changing trends affect consumer spending and quoted international franchise analysts who say that franchising generally, and especially in the USA, lags behind other businesses when it comes to technological innovation with many franchise brands having ‘paralysis’ when it comes to technology.  “Although franchising in terms of setting trends has always led the way,” warned Da Fonseca, “staying ahead of the technological curve will make your franchise more attractive, relevant and more valuable in the long run.”

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Source: The Franchise Association of South Africa – www.fasa.co.za

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