Franchise owners face unique challenges in business. Associated in part with corporate America due to their national or regional reputation and market reach, franchisors also closely identify with small business challenges. They cannot look to either the S&P 500 or small business market for indicators of growth, development or crisis, as their challenges cross the spectrum of both markets. The franchisor needs to look within its own market segment to best monitor their performance, assess their ranking (as compared to competition in the marketplace and/or industry) and analyze key data relevant to their business and industry.
No other organization provides as much education and advocacy for franchisors worldwide as the IFA. In more than 50 years of service, this organization has assisted franchise owners with public relations, government relations and educational programming. Recognizing a need for its members to possess a benchmarking system which makes use of key performance indicators in measuring progress and performance comparisons in real time, they partnered with Dynamic Benchmarking to develop a StackUp™ platform specific to the needs of franchisors.
A system was developed to allow franchisors to easily and accurately compare their performance with that of their peers within IFA. Taking into account everything from number of employees and employee type to the category of products and franchising history, this new web-based performance solution allows for meaningful data comparison with relevant filters to ensure apple-to-apple comparison.
IFA members now have access to this tool as part of their standard member benefit package, making it an even more valuable membership. By participating in the online collection of 30 vital metrics points, the IFA member can immediately retrieve performance evaluations along with key performance indicators and other important measurement breakdowns. The process of measuring these factors within the business allows for more accurate and relevant appraisals of self and industry, resulting in more informed decision making by the franchisee, franchisor and overall growth for their respective businesses.