How to franchise: 4 things all franchisees should make time for
When starting out as a franchisee, it can be difficult to find the time to do everything you need to to get up and running. However, there are certain elements of running a business that often drop to the bottom of the list. In this article, we look at four things that could help your franchise become more successful that you should always try to make time for.
Cash flow projections
Keeping track of your cash flow is vital to your business. You should regularly spend time looking at the cash coming in alongside your outgoings to allow you to predict how much money you might have, and how to keep your business bank balance healthy. Cash flow projections are particularly important if your business experiences (or is expecting to experience) a quiet period. It is essential to be clear on how much you need to pay your bills and cover all your outgoings, so you have an outline for the coming months. Having such a plan can avoid the difficult decision to take out a business loan, or prevent you from defaulting on payments. Another important element of cash flow projection is that it can allow you to determine the best time to make big investments. Perhaps you need new equipment, or your premises needs an upgrade. Understanding when you might have enough cash can help you to plan the practical and business elements of an investment.
Developing your employees
Regardless of whether you have purchased a resale franchise with existing employees, or where you have carefully selected a great team, you need to spend time developing the skills and roles of your employees. Employee development opportunities are essential, as they can not only help improve your business but also ensure you can retain the best people in your business. While your team may never voice their need for learning new skills, you can be sure they will appreciate it, increasing engagement in their role. A recent survey from Infrastructure and the Harris Poll indicated that the biggest reason that employees leave their job is a result of a lack of career development opportunities.
Benefits of employee development in franchises include:
- Increased knowledge from your team members
- Greater ability of your employees to cover for other members of the team, particularly when senior team members are unavailable.
- Potential to streamline your workforce
Conducting audits
Your franchisor may carry out an annual audit as part of the franchise agreement. Many franchisees dread this event, but having a system in place to ensure that your business is formal-audit ready can help. You should take all measures possible to ensure you are ready to impress the franchisor, as it could determine what you can negotiate in any upcoming franchise agreement negotiation. However, even where they do not, conducting regular informal audits of your business can keep your operation running smoothly. While it takes an impartial auditor to really conduct a full or formal audit of your business, you can carry out an audit-style analysis of various aspects of your business yourself.
Auditing can help ensure your operation remains on brand, is carrying out work efficiently and is as profitable as it could be.
Developing a consistent marketing plan
Marketing is an essential part of any business. However, it can often fall by the wayside when your business is performing well and your workforce are busy. Failing to have an ongoing business and marketing plan can cause difficulty in the long run, and prevent your business from growing to its full potential. You can future-proof your business by ensuring you market your goods or services well and create a pipeline of leads to carry you through difficult or quieter spells.
You should try to set aside time each week to look at various elements of marketing your business. Things you may wish to look at include:
- Whether your franchisor offers any marketing support you have not yet taken advantage of
- Whether there are opportunities to market locally or partner with other local businesses
- Developing a social media strategy, improving your social media skills or hiring a freelance social media expert to help develop your online presence.
- Creating a content strategy such as for blogging, videos or podcasts to build a loyal and engaged customer base.
Don’t worry if you don’t have much experience in marketing, there is plenty of information available online and this is all part of developing your marketing strategy.
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No matter what type of franchise you are looking to invest in, we are confident you can find excellent options here on our website. Whether you want to work from home, work part-time or travel around with a van-based franchise we have excellent franchises her for you to consider.
