BoeFly Unveils Inaugural ‘Franchise Growth Confidence Index’
BoeFly, the leading financial technology company specializing in fueling franchisor growth, announced today the results of its inaugural Franchise Growth Confidence Index, which measures franchisor executives’ confidence in achieving their domestic growth goals. The results of BoeFly’s comprehensive, industry-wide survey showed an overwhelming majority – 76.9% – of c-level franchisors are confident in their brand’s ability to meet franchise growth goals for 2023.
The inaugural Index surveyed nearly 700 franchisor CEOs, CFOs, and CDOs across several major industries such as automotive, education, fitness, health/beauty, home services, restaurant and retail between April 4 and April 16, 2023. BoeFly will continue to conduct the Franchise Growth Confidence Index on a quarterly basis, providing a consistent barometer of franchisor sentiment regarding the state of franchise growth in the U.S.
“At BoeFly, we firmly believe in empowering businesses with data and insights that can help drive their success. The Franchise Growth Confidence Index is a crucial part of that mission. It’s not just about understanding the landscape; it’s about providing the tools and information to help franchisors thrive amidst uncertainty and change,” said Mike Rozman, CEO and co-founder of BoeFly. “By providing regular, timely snapshots of executive outlooks, we aim to offer valuable insights that franchisors can use to make informed decisions to navigate current economic conditions and move their businesses forward.”
While most franchisors seem optimistic about their growth prospects, the survey included four supporting questions related to the economy that provide context to their respective confidence scores. The findings reveal that factors such as inflation (74.4% agreed) and rising interest rates (71.8% agreed) are sources of concern and had a negative influence on confidence levels. However, the impact of the recent banking crisis on executives’ confidence appears to be relatively low, with two-thirds (66.6%) of respondents stating that they disagreed or strongly disagreed that it has negatively impacted their goals for the year.
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