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International Franchise Expo

27 Jul 2021

Helping your franchisees to succeed

Helping your franchisees to succeed
Both you and your franchisee will share the same goals for the franchise - to ensure operations are run smoothly and you produce a successful business. Your franchisee will often look to you (the franchisor) for advice and guidance on this, therefore we’ve put together 4 examples of how franchisors are able to aid franchisees in developing the business.

 

This may seem like the most self-explanatory, but it’s very important and can often ensure the success or failure of the franchisee. Without the skills and know-how of running a business, particularly in areas such as finances, problems will often arise.

 

You can provide your franchisees with tailored guidance on areas such as this, where they are able to learn revenue tracking, planning, transaction monitoring and ensuring bills are being paid. This will enable a monitoring system between you and your franchisor where you are able to keep track of that branch's success, or where you may need to apply more focus. 

 

Effective financial management is one of the most vital components of operating a business as it will enable the franchisee to monitor their financial resources and understand how to achieve their objectives.

 

When you take on franchisees, they don’t always have all the skills which are needed to run and operate their own branch. It is in your best interest to aid your franchisors with all the training they require to fully prepare themselves for the role. 

 

Initial training is important but sometimes ongoing training is needed in all aspects of the business operation to benefit franchisees the most. While the franchisor has had previous experience in running the operation, many franchisors may not have run a business before, so they would need training in more than the basics.

 

It is recommended that you hold regular meetings with your franchisees, alongside providing training on finance, management, and other relevant topics. With the pandemic forcing many operations to work from home, a lot of these training seminars can now be done online to save valuable time. 

 

It is important that your brand culture and attitude towards customers is consistent across the franchise. The brand is one of your most valuable assets, and therefore when you give franchisees the opportunity to showcase your brand, you need to make sure the messages to your customers are consistent. This means as a franchisor you need to offer support in marketing efforts to ensure that your messaging is the same. 

 

Setting and maintaining your goals in a franchise is important no matter what you are planning to do next. Your end goals will ultimately affect how the day-to-day of the business is being run, therefore understanding your aims for the franchise will allow you to adapt your operations. Once you are aware of the goals for the franchise, you would need to ensure that these are properly communicated to your franchisees on a regular basis to ensure that they know what you plan for the future of the franchise and how they should be maintaining their side of the operation. 

 

Sources:

https://www.pointfranchise.co.uk/articles/franchising-planning-your-exit-strategy-1341/#:~:text=Setting%20goals%20for%20your%20franchise%20business%20is%20key%2C%20whether%20you,adapt%20your%20working%20practices%20accordingly.

https://www.bookkeepingexpress.com/blog/2016/5/10/6-ways-franchisors-can-help-their-franchisees-succeed

https://www.nibusinessinfo.co.uk/content/ten-top-tips-improve-your-financial-management

http://www.franchise-chat.com/resources/importance_of_training.htm

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