Fastsign's CEO Monson Builds Trust

A year ago Catherine Monson took on the role of Fastsign CEO at one of the worst economic times in recent history. She says the company's 530 graphic center system was experiencing a double-digit sales decline when she stepped into her new role. Franchisees were up in arms with senior management, who they felt were not listening to them.

Monson, who is featured as the headline story of WomenEntrepreneur, speaks about how she focused on franchise profitability. This is what she did to regain trust.

Listening to franchise partners is a great way to generate ideas and learn best practices, so we began actively reaching out to franchise partners--not only listening to their concerns, but involving them in corporate decisions. Since their feedback comes from their experiences on the front lines, it provides great value and can teach you a lot about what works and what doesn't.

From there, I worked with the corporate team to employ a strategy of getting back to basics, which included an incentive program, and monthly company meetings for sales updates, program developments and company announcements. This went a long way toward opening the doors of communication, establishing trust and aligning the team on our common goals.

While these changes were a crucial stepping stone, they were just the tip of the iceberg. Tough times require tough measures, and I needed to get down in the trenches with my team. Fastsigns developed four key objectives: improve franchise profitability, drive top-line sales, increase the value of the Fastsigns brand, and increase franchise partner satisfaction.

FastSign first began franchising sign centers in 1986. A wave of franchise agreements have begun expiring in the last few years amidst bad economic news. Monson, the former president of PIP Printing, is known for holding town hall meetings, visiting stores and listening to franchisees. She stresses that building trust and credibility are huge first steps in the economic challenges that lie before the chain and its franchisees.