Cathryn Hayes from HSBC gives some excellent advice on guiding your new franchisees through applying for finance:
“Franchisors know the importance of building strong relationships with the banks to help their potential franchisees raise the funding they need to start their new venture.
There are a number of areas where franchisors can help their network of franchises in their dealings with the bank:
Franchisees need to understand and own their business plan
We see many examples of franchisees simply presenting figures given to them by their franchisor, without really understanding what they mean. As franchisors, it is essential that you encourage your prospective franchisees to take ownership of their figures, particularly the cashflow forecast. If they are unable to explain these to the bank in a convincing fashion, they could be turned down for the finance they need to get their business off the ground.”
Tags: business planning, cathryn hayes, finance, franchise, franchise business, franchise development, Franchise Finance, franchise growth, franchise information, franchise investment, franchise recruitment, franchise research, franchise success, franchise suppliers, franchise tips, franchisees, franchises, franchising, franchising in the uk, franchisors, hsbc, Self employment
Jason Paton of IGP Technology provides some handy advice for keeping your franchise secure:
“Many franchise businesses are built on providing services that require them to hold sensitive and confidential information about their clients. This could be financial information about their tax arrangements, contact information within a children’s nursery or health information on the elderly. Whichever way you look at it this information needs to be secured, not just for the good of your customers but also for the ongoing success of your business.
We’re not just talking about preventing unwanted intruders coming in to your business and taking your data though, often confidential information is taken from within by disgruntled staff who choose to use it for their own financial gains or purely to discredit their employer. When this happens not only is the franchisee affected but the reputation and brand integrity of the Franchisor can also be severely damaged.”
Tags: business planning, finance, franchise business, franchise development, Franchise Finance, franchise information, Franchise Legal, franchise news, franchise research, franchise success, franchise suppliers, franchise tips, franchisees, franchising, franchising in the uk, franchisors, Jason Paton
Simon Pullum of the Azura Group provides some ideas for keeping your franchisees’ sales up:
“Many franchisees, unfortunately, do not put as much effort into the lead generation and sales process as we would like, but without the right tools it is difficult to track exactly what activity they are doing.
The main way to gain true visibility is to provide online sales tools for them. These should be tailored to support your sales process, helping make it easier for franchise owners to perform their sales activities and improve their business, but they will also allow you to monitor their activity and importantly bench mark it against the rest of the network. This will highlight areas where people are doing well (and so can be replicated across the network) and also the areas which need work.”
Read the rest of the article here.
Tags: business planning, finance, franchise a business, franchise business, franchise development, Franchise Finance, franchise growth, franchise information, franchise success, franchise suppliers, franchise tips, franchisees, franchising, franchising in the uk, franchisors, simon pullum