Taco Bell, McDonald's and other brands have recently emphasized value, a concept that includes not just price but also factors such as portion size. "From a value perspective, [consumers are] expecting to get the most they can for their money," said Melissa Friebe, Taco Bell's senior vice president of brand marketing and insights lab.
Blackstone Group has announced plans to sell its remaining holdings in Hilton Worldwide, concluding an 11-year investment in the hotel company that has yielded $14 billion in cumulative profits for Blackstone. Hilton plans to repurchase 1.3 million shares as part of the sale.
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Leaders often feel isolated and unable to connect personally with employees, writes Art Petty. Finding avenues outside of work to discuss challenges and feelings can help, and so can practicing regular drop-ins to see how employees are doing, he writes.
Procrastination leads people to fall behind and feel anxious, and many times this is because they are busy during peak hours but work on the wrong things, Dan Rockwell writes. "Important trivialities prevent you from doing the thing that pays the bills," he writes.
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Franchise brands don't have to be massive to succeed in international markets so long as they have suitable financial resources, committed leadership and a successful domestic operation. For example, Anthony Russo, CEO of Russo's New York Pizzeria and Russo's Coal Fired Italian Kitchen, managed to successfully expand his franchise into the Middle East.
Social media managers at hotels are working to stimulate spontaneous advertising by encouraging guests to take and post photos and asking permission to use them on company websites. Hyatt's Brian Kraemer noted that going the extra mile "will often create a moment where a guest will take to social channels to talk about the experience."
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News from IFA
Accelerate your business: Apply for NextGen
The IFA Foundation is taking applications for the 5th annual NextGen in Franchising Global Competition through Aug. 31. Winners get a trip to IFA's Annual Convention, a spot at the NextGen in Franchising Summit, access to the NextGen Accelerator Program, and more. Apply today!
Emerging franchisors: Learn how to avoid financial mistakes
Want to avoid the most common financial mistakes? Join Diana Mead, managing director of OnePoint, for a free webinar on the four financial mistakes emerging franchisors make on June 6. Sign up now.
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IFA Member Monday
McDonald's plans to hire in Mass.
As summer approaches, McDonald's and its franchisees throughout Massachusetts will hire about 3,500 new workers. The brand is also adding $150 million to its Archways to Opportunity education program.
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The National Labor Relations Board has indicated that it is considering rule-making as a way to provide clarity on the joint-employer issue. "In my view, notice-and-comment rulemaking offers the best vehicle to fully consider all views on what the standard ought to be," said NLRB Chairman John Ring, adding that he looks forward to hearing from relevant stakeholders.
US Treasury Secretary Steven Mnuchin says the US and China are "putting the trade war on hold." The US is suspending tariffs planned for Chinese products while the countries develop a comprehensive trade agreement, he says.