Cathryn Hayes of HSBC provides some tips to help your new franchisees get finance as the franchise exhibition season gets closer.
“As the franchise exhibition season starts again, it is a good time to reflect on a remarkable 2012 as franchising has grown steadily in the UK.
You can see it on nearly every town and city and in a wide range of business sectors. Franchised businesses range from multi-million pound operations employing hundreds of people, to sole traders working part-time from home – and everything in between.
2012 has been another outstanding year in terms of our lending to the franchise industry and we are looking to build on this performance even further in 2013.
HSBC supports strong, viable businesses across all sectors and of all sizes throughout the economic cycle.
When looking to purchase a franchise, one of the most critical areas for prospective franchisees is obtaining finance. You as franchisors can help by advising individuals what information they need to present to the bank in order to make the process of gaining finance as easy as possible…”
Tags: business planning, cathryn hayes, franchise business, franchise development, Franchise exhibitions, Franchise Finance, franchise growth, franchise information, franchise recruitment, franchise research, franchise tips, franchising in the uk, hsbc franchise unit
Bank finance has generated significant interest during the past two years in the wake of the financial crisis. ‘Supporting UK Businesses’, published on 14 October by the Business Finance Taskforce in association with the British Banking Association (BBA), aims to address the concern that banks are not adequately supporting viable businesses.
Noel Quinn, Head of HSBC UK CMB said that the report, “Is a significant milestone for UK businesses and we fully support the recommendations. Our lending position has not materially changed during the past two years and, compared to many competitors, our strong balance sheet has meant we have remained open for business throughout the financial crisis. That said, it’s also important to recognise that we must do all we can to responsibly support businesses. These recommendations are therefore a further positive step for all UK businesses and will help under-pin the UK’s recovery.”
The Business Finance Taskforce includes representatives from six UK banks, government and a number of trade bodies. In July, the Taskforce agreed to review the support banks provide to small and medium sized businesses and ensure UK businesses have access to secure and sustainable sources of finance.
The report makes 17 recommendations, listed fully in the BBA summary and report, which focus on three key areas:
- Maintaining better customer relationships
- Ensuring better access to finance
- Providing better information and understanding
This is obviously positive news for the UK franchising industry and HSBC fully supports the implementation of the recommendations during 2011.
Additional information about the Business Finance Taskforce can be found at: www.bba.org.uk/taskforce.
I had the pleasure of announcing the winners of this year’s bfa HSBC Franchisee of the Year Awards, co-sponsored by Express Newspapers, on 30 September during a black tie event held at the National Exhibition Centre, Birmingham.
Of the 16 Regional finalists 5 regional winners were announced, each receiving £500 courtesy of HSBC, who then went on to compete for the coveted title of ‘bfa HSBC Franchisee of the Year’.
Collecting the Gold Award, a cheque for £5,000 and the title of bfa HSBC Franchisee of the Year Award was Gerald Thompson who operates 2 McDonald’s outlets in Manchester and Oldham. We clearly saw that “Gerald’s key to success is the relationship with his local community, particularly among young people. Despite being part of a global corporation, he has successfully created local restaurants for local communities”.
The Silver Award and a cheque for £3,000 went to Frank Sutherland who owns an Autosmart franchise, covering Aberdeenshire. Frank dramatically reorganised his business by delegating all non-sales duties and converting travelling time into selling time. He has twice as many customers as the average Autosmart franchisee and runs the highest earning Autosmart territory in Scotland.
Collecting the Bronze Award and a cheque for £2,000 was Peter Morrison a Granite Transformations franchisee running an outlet in Cambridge. This tightly-run family business revitalises kitchen and bathroom surfaces. Peter has developed this into a multi-million pound franchise and his unique marketing strategy has been adopted by the UK wide network following his success.
The other Regional winners were:
- Guy Whittaker, Dairy Crest, Guildford
- Nick Bourne, Cash Generator, Weymouth.
Many congratulations to all of the winners and finalists!
For more information about all 16 regional finalists and photos of the event please take a look at the photo album on the HSBC Business Network site.