I was reading the news a few days ago and I got to thinking about where we are today versus where we were in 2010. It’s not quite 10 years ago but it seems like those years went by so quickly.
When reading the newspaper or watching the news on TV, it may seem like we are so disconnected. More and more, Congress can’t agree. Whichever side says something, the opposite side of the aisle will no doubt dispute it!
Fortunately, I recently had the opportunity to listen to an economist speak and it inspired me to do some research myself to see how we are doing.
So where are we today? Consider this:
- The U.S. median income at the end of 2010 was $49,445. Today, it is more than $62,000.
- The poverty rate in 2010 was 15.1%. Today, it’s 12.3%.
- The average savings account per household at the end of 2010 was $20,074. Today it is over $30,000.
- The unemployment rate at the end of 2010 was 9.4%. Last month, it was 3.6%.
- The stock market high in 2010 was $13,198. On June 26, it was $26,537.
- The highest close in history was $26,829. This means we are at 99% of the highest close EVER.
- There were 8.4 millionaires in the U.S. in 2010. Last year, 11.8 million.
- Finally, we live longer than ever before. Life expectancy is now 78.7 years in the U.S. and 81.2 years in Canada.
So, what does this all mean?
It means we have never been in better shape in the U.S. We are wealthier, have more savings and have less unemployment. Don’t construe this as a political statement. It isn’t. It’s simply is a fact of where we are today.
When I talk to some franchisees, they tell me they are having their best year… EVER. At the same time, I hear other franchisees indicate the sky is falling.
This made me think of Laura, one of my franchisees when I was a FBC at Valpak in 2002. She and her neighboring franchisee, Trevor, worked for - then purchased - their respective territories from their previous boss. That boss sold each half of his territory. Both Trevor and Laura swore the other person had a better territory. To make things worse, each lived in the other person’s territory. Trevor made about $150k per year. Laura was closer to $25k. Trevor did the system. Laura said the system didn’t work and that her territory was different.
This gave me a whole different perspective. Yes, each territory is different. Trevor would have done great in any territory. Laura wouldn’t succeed in any. After 38 years in franchising, I’ve dismissed the “my territory is different” excuse and focused on franchisees who are positive, work the system and focus on future solutions – not past problems.
So, what is the point of all of this? I think we need to look at the facts for our future success.
- Fact: We have never been in better financial shape than we are today.
- Fact: Our unemployment rate isn’t going to change much in the next five years. Hiring is going to continue being a challenge. This goes for ANY business.
- Fact: As Einstein said, “Doing the same thing over and over again and expecting different results” is the meaning of insanity.
This means a few things to me:
- We need to focus on RETENTION like we never have before.
- It starts with the culture in our offices. Benefit programs. Management styles. Your competitors want and need the people who work for you.
- We need to use EVERY tool that is made available through the RARE Toolbox.
- SmartDollar for Retention
- 401k for Retention
- CareerPlug for Recruiting and Hiring
- Generation T program for seven of our brands
- We have to USE the tools that SmartDollar and CareerPlug offer.
- Texting
- Onboarding
- Getting your employees families involved with SmartDollar
We all also need to stay positive. Find those franchisees who are having their best years and ask them what they are doing. I guarantee they do something different. Ask them to mentor you.
This is the magic of Reunion. The most successful franchisees will be there. They love sharing tips because they all talk to other positive franchisees every day focusing on how they can become ever more successful. Like Reunion speaker, Walter Bond, said, “I stopped watching the news”. Watch this video of Walter and listen to what he said at the 7:40 mark and again at the 12:00 - 15:00 mark: https://www.youtube.com/watch?v=8KmYWKwcf-c&t=25s (You can also find this by going to YouTube and searching, “Walter Bond Best Motivational Speech 2019.")
I’ll finish by asking you to watch the entire 17:11 of Walter’s speech. He is just one of my favorite people and someone I watch often. Next, re-read what I just wrote. It will really make more sense!
