Fiona Boswell of Freeth Cartwright LLP talks about upcoming changes to consumer law, and how it will affecct franchisors.
“This year (2013) heralds a major consolidation and update of laws in the UK that affect consumers. Businesses (which include public authorities and social services) that supply consumers should take heed as these proposed changes are generally not in your favour. The purpose of these changes is primarily to take a consistent approach to consumer protection across the many statutes (over 100) that implement consumer laws in the UK currently.
This means that where there were loopholes that meant certain types of businesses avoided liability or could implement systems that avoided the application of some of the harsher consumer law penalties, these have on the whole been reduced or removed altogether.”
Tags: business planning, fiona boswell, franchise business, franchise information, franchise law, Franchise Legal, franchise news, franchise suppliers, franchise tips, franchisees, franchising, franchising in the uk, franchisors
Simon Pullum of the Azura Group discusses strategies for monitoring that all-important customer satisfaction:
“As franchisors, we always want to know how end customers perceive the service that has been provided by our franchisees.
However, getting that information can be tricky. If the franchise owners are involved in the survey process, how can we be sure they are not altering the results or removing the negative ones?
The best way round this is for the survey requests to be sent out by Head Office, who then receive and collate the results. That way we can be sure that the franchise owners cannot affect the responses.”
Tags: business planning, customer service, franchise, franchise business, franchise development, franchise growth, franchise information, franchise research, franchise success, franchise suppliers, franchise tips, franchisees, franchises, franchising, franchising in the uk, franchisors, simon pullum
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