Can franchising teach small business anything?
There are certain elements of franchising which can provide good foundations for any business. It’s useful to consider which apply for you.
A consistent and replicable experience each time. This is key. Expectations are set in the mind of the customer.
Systems are developed to facilitate this. Unless systems are in place there’s no chance it will happen every time.
Protection of Intellectual Property. Take active steps to have your brand and ‘know how’ protected.
Remove Key Person dependency. A major weakness of many small business, is the reliance on Key Persons, usually the founder / owner.
Training. So everyone knows how to do their job. The same way. Every time.
HR function. Clearly defined roles and responsibilities. Formal processes in place.
Communication and regular catch ups with team, key customers and suppliers.
Supplier arrangements. Good deals are in place.
Consistent approach to customers. This is critical! Based on systems, with regular reviews of the process.
Defined accounting approach and back-end, including IT. Back of house is considered essential . The data and reports which are generated provide tremendous insights into the business and the marketplace.
Let me know if you need a hand.
Peter
