TIPS FOR GREAT FRANCHISING PART THREE
Franchize Consultants share nine best practices to build excellent franchises
Award-winning advisors Franchize Consultants launched their Franchising Best Practice 500 two issues ago, and are now well into the project. Here’s a summary of nine more best practices – you can find them in full, along with all the previous tips, at franchize.co.nz.
10. Join your franchise association
if you are a franchisor, become a member of FANZ, for the long-term benefit of your own business and those of your franchisees. It adds credibility, gives you access to expertise, and keeps you up-to-date with potential issues before it’s too late.
11. Long-term brand positioning
franchisors need to be crystal clear about their brand and their positioning. Franchisees need to understand the big picture, what they need to deliver, the brand’s values, market positioning, and where it is heading.
12. Share benchmarking results
benchmarking represents a key benefit of franchising. Information comparing franchisee performance should be presented and discussed with franchisees via well-trained and resourced field managers.
13. Good franchisor presentation skills
franchisees need to leave customers with a good impression; so franchisor staff should with franchisees. Great presentation skills don’t come naturally but are important for fostering credibility and respect. Some skill training may be advisable.
14. Regular action planning
great outcomes don’t just happen – there needs to be an active management framework. Franchisee Action Plans form an important component of this framework, and should be regularly agreed between franchisor and franchisee – and followed-up on.
15. Get it right from the start
franchisors, franchisees and advisors need to recognise the important role of good franchise system development in creating and sustaining franchisor and franchisee business value. The full version of this tip outlines the type of assessment and developments critical to ensure that franchising is an appropriate path, and that the correct structure and infrastructure are put in place to govern and support the franchise network.
16. Regular performance monitoring and review cycle
a best practice franchisor will tie regular performance monitoring and review into the field management and greater performance management cycle. This will help franchisees improve and, in turn, enable the franchisor to consistently understand (and act upon) their own levels of achievement.
17. Economic model review
a periodic review of a franchise system’s economic model is important to ensure it is optimal, for both franchisor and franchisees alike, for the future.
18. Demonstrate strategic thinking leadership characteristics
Franchisors would do well to foster their reputation for sound strategic thinking based on sound planning and detailed analyses. This will build franchisee respect and adaptability – after all, future changes require the buy-in and investment of both franchisor and franchisees.
Dr Callum Floyd, managing director of Franchize Consultants, says, ‘We aim to help good franchises become great companies, and enable great companies to stay at the top of their game. For more detail on these best practice insights, go to our website.
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This material is copyright © Franchise NZ Marketing Limited, Franchise New Zealand ™ magazine and Franchise New Zealand On Line . While it may be downloaded for personal use, no part may be reproduced in any form whatsoever without the specific written permission of the publisher.