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Dictionary of a Franchise Convention

By Annie Baptiste

On Thursday 7 April, FASA hosted the annual Convention as part of the International Franchise Exhibition.  There were some excellent speakers who shared some interesting information, advice and insights into franchising specifically, as well as business management in general. 

Here are a few terms mentioned throughout the day that will stick with me. Not all of them are new, but may need further explanation as they apply to business today.


 

 

 

 

 

 

#AfroOptimist

~noun~ A person or company filled with hopefulness and confidence about the future or success of business in Africa.

-DERIVATIVES: AfroOptimistic; AfroOptimism

#ArchivableWordOfMouth

~noun~ A collection of historical comments or posts which can go viral (read by all) on social media and blogs and never goes away.

- ORIGIN: Greekarkheia  ‘public records’

- APPLICATION: Customer experiences will be referenced and recalled long after the storyteller has forgotten.

#ChiefDigitalOfficer

~noun~ A person whose primary job function is to ensure technology used in the business is of such a nature that a store manager can be released from the office in order to spend more time on the floor (see #ElectronicIncomeReducer below).  This is a transitional job and should be obsolete in five years from now.

#Collaboration

~verb~ /kuh-lab-uh-ray-shun/ To work jointly on an activity or project.  Not just for the satisfaction of a need or a want.  Today’s businesses should turn their needs into opportunities for collaboration

-EXAMPLE: @Scully’sScooters needed a tarred driveway. Instead of raising R65 000 from the bank, they sold advertising space to a supplier.

#Craveable


~noun~ A powerful desire created by providing a customer with a unique experience and/or simple moment.

- EXAMPLE: @KrispyKreme

#Disrupt

~verb~ To interrupt or disturb a market with a unique solution, which is so far ahead of the other market players, that they cannot compete.

-DERAVATIVES: Disruption ~noun~ ; Disruptor ~noun~

-EXAMPLE: @Uber

#ElectronicIncomeReducer

~noun~ An electronic device which gobbles up time, energy and efficiency and keeps employees and business owners from knowing what is happening at the cold face of their businesses.

- EXAMPLE: Laptop, Computer, Cellphone, Tablet

#Enterprisemobility

~noun~ The bold resourcefulness to take a business (project or undertaking) to the customer through the quality of being mobile.

- EXAMPLE: Mechanics on Wheels, McDonald’s delivery

#Micromonitor

~verb~ Observe the finer details of business statistics and KPA’s so as to record, regulate or control what is happening in the business.

- CAUTION: Not to be confused with Micro Managing.

#Smartmarkets

~adjective~ A word used to describe the modern marketplace. Markets are now an intelligent and quick way to gather people in order to offer goods for sale. #Smartmarkets are electronic, online and global.