Home | Buying a Franchise | Finance | Operations | Marketing | Legal Corner | Free Newsletter
 
 
 

In Franchising itís as Simple as A, B and C

by Ed Teixeira

Here are some tips that can help maintain focus on important strategies in franchising

When it comes to franchising, there are certain components that can make the difference between a successful and unsuccessful franchise system. Iíve reduced these components to a simple A, B and C, which should make them easy to remember.

A- Always respond to franchisee concerns and issues with urgency. Avoid putting off responding to franchisees and make sure that franchisor staff from operations to accounting follows the same path. When a franchisee believes that they are being put off or ignored, it can be the beginning of problems in the area of franchisor-franchisee relations. I always told my staff that itís important to respond to franchisees ASAP. If they didnít have an answer or solution to the problem, at least they replied. Franchisees truly appreciate a timely response from franchisor staff.

B- Be focused on franchisee performance. Numerous studies of successful franchise systems have validated that profitable franchisees are the foundation of success. Be sure to gather franchisee financial data on a regular basis and measure the results. React to unprofitable franchisee operations. Donít accept unprofitable franchisees but rather diagnose the problem, determine the cause and fix it.

C- Compare your franchise comparable systems. Avoid being asleep at the switch. Be aware of what competitors are doing and know their strengths and weaknesses. Have a process so that your franchisees monitor competitors and provide feedback to a centralized place. Building and sustaining a successful franchise system requires a firm foundation. Always respond to franchisee concerns, Be focused on franchisee performance and Compare your franchise operation and performance to your competitors.

 

© 2015 FranchiseKnowHow, LLC

Ed Teixeira is the President of FranchiseKnowHow.com and Chief Operating Officer, FranchiseGrade.com. He is a former franchise executive and franchisee. He can be contacted at 631-246-5782 or at  franchiseknowhow@gmail.com

 

 

Follow Franchise Know-How on Twitter


 
 

2015 home care franchise industry report

 

Privacy | Disclaimer

FranchiseKnowHow
PO Box 714
Stony Brook, NY 11790
631-246-5782
franchiseknowhow@gmail.com