What makes the longest-running franchises so successful?
What makes a franchise successful, and how can you grow...
In today's interconnected world, reputation is everything. It takes a long time to build but can be dashed in an instant, which is one reason many businesses, including franchises, are turning to charity work.
There are many franchises whose charity work is a core part of their business' mission, such as The Human Bean, which buys its beans at above-market prices to support and reward sustainable farming practices and donates funds and supplies to communities around the world, helping their people to flourish. Others, such as Build-A-Bear, run specific events and partner with a range of different charities to support them in their endeavours, including anti-bullying campaigns and providing free teddies to under-privileged children.
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Why is charity work so important?
Reputation: We have already touched on it, but building and maintaining a reputation is fundamental to business success. By engaging in charity work and creating lasting ties to good causes, a business can dramatically improve its reputation as an ethical and fair supplier. This can increase customer satisfaction and support by up to 57% [1].
Retention and recruitment: Just as consumers prefer to purchase goods and services from an ethical company, people also prefer to work for an organization whose values align with their own. When a company's charity work is core to their business ethos, they typically find it easier to attract and keep a strong and loyal workforce.
Improved visibility: Just as a company will promote its charity work, the charities that they support also promote them as sponsoring or supporting them. In today's interconnected world, good news on social media spreads quickly, and a charity's supporters will gain insights into the businesses that work with their chosen charity, increasing the likelihood that they will also begin to support those businesses.
Solidifies community standing: When businesses support local charities, they solidify their standing within their local community. They become a part of that community, and the locals become invested in the success of the business. By creating long-lasting links with the local community, businesses stand a greater chance of enduring success.
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Does your franchise support a charity, and is it something that you promote enough? Do you have any upcoming events that you could blog about, and have you mentioned your charity work in your social media accounts lately? Promoting the charity work that your business participates in could have very positive implications for its long-term success.
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Resources:
[1] https://www.newswire.ca/news-releases/majority-of-canadian-consumers-buying-from-companies-that-take-a-stand-on-issues-they-care-about-and-ditching-those-that-don-t-accenture-study-finds-805546181.html#:~:text=Today%2C%2057%20percent%20of%20consumers,issues%20such%20as%20animal%20testing.
