The South African franchise industry has evolved to become a substantial contributor to the local economy. Recent reports indicated that South African companies dominated the latest World Economic Forum (WEF) global growth companies list, with six local businesses named the most dynamic in terms of growth in the continent. The calibre of franchise brands in South Africa penetrating the rest of the African continent is remarkable.
The franchise and financial services industries need to find innovative ways of integrating business efforts that will ensure that there is greater diversification in the business sector. This will not only contribute to the economy but also encourage business partnerships on all levels. They need to continually network and create dialogue in the industry. The annual FNB Franchise Leadership Summit (FLS) does just this. It provides a unique platform for new and existing franchisees to highlight some of South Africa's top franchisors and gives franchisees an opportunity to learn, network and contribute to the industry.
Efficient, innovative new technology has helped build an infrastructure that has assisted businesses on many levels. Today, innovation creates growth, disrupts and adds value to the innovation process. The bank's electronic business banking platform provides evidence of the ease and effectiveness, with which technology can be harnessed to add significant value to small and medium business banking clients.
According to the International Franchise Association (IFA), despite slower than expected growth in 2014, so far, the outlook for franchise growth remains strong with employment and output forecasts revised up slightly from January estimates.
Collaboration of ideas and corporate governance has helped attract foreign investment and new industries to our shores. In order to capitalize on this investment, we must continually invest in developing and assisting new talent in the market. Skills development and training from a franchisor point of view is crucial as it will only contribute to a successful franchise. Women and youth are key to this as they form an integral part of the business environment.
What lies at the heart of franchising is the fact that it is not a business, but rather a way of doing business and if the fundamentals of the franchise format are followed, it can be adapted to almost any industry, across all sectors and services.
