Does My Business Need A Franchise Review?Posted on: Wednesday, 20 May 2020 4:27 pm
Like any form of expansion, franchising can come with its growing pains. Even experienced business owners can run into problems when running (or planning) a franchise, especially without the experience and knowledge of professional consultants like The Franchise Company. For all its many unique benefits and high success rates, franchising isn’t always a smooth journey.
This is where The Franchise Company’s Franchise Review comes in.
What is a Franchise Review?
A Franchise review is a thorough examination of your business, done with the aim of creating a high-quality franchise model to establish a strong foundation for success.
It involves identifying issues within your business -- either problems you’re currently dealing with or ones that could crop up in the future -- and making a plan to rectify them. Understanding your weaknesses is a critical step towards creating a stronger and more successful franchise network.
Once we’ve figured out where your franchise is falling short and how it can improve, we can then help you to implement these recommendations, whether that’s changing your recruitment strategy, amending your documentation or simply making a few tweaks to your franchise model.
A franchise review is suitable for all kinds of franchises, new and existing, small and large, across a wide variety of sectors. It’s carried out by our team of chartered franchise consultants, who between them have decades of experience across many different international sectors, so you can rest assured you’re in good hands.
What Does a Franchise Review Involve?
Our franchise review is broken down into a step-by-step process to ensure it’s accurate, thorough and suitable for your business.
Step 1 -- Consultation. We’ll discuss the problems you’re facing, the support you’re looking for, which stage of the franchise process you’re at and why you feel a franchise review is right for you.
Step 2 -- Establish a course of action. Once we have an understanding of your individual needs, concerns and circumstances, we’ll make a plan for the future. Our reviews and plans are completely tailored to your specific business.
Step 3 -- Gather information. We’ll examine and analyse all of your franchise documents, including franchise prospectus, marketing materials, franchise agreements, franchise operations manuals, financial documents, industry evaluations etc. This allows us to gain a comprehensive understanding of your business and franchise network so we can identify weaknesses and plan for improvement.
Step 4 -- Provide recommendations. We’ll review all the information above and provide you with a selection of recommendations to improve your franchise. These recommendations might include:
- Changing your recruitment and marketing strategies, ensuring you are targeting the right people in the right way.
- Amending your franchise documents, making sure everything is fit for purpose and is geared towards raising standards and supporting sustained growth.
- Improving the structure of your franchise model, such as the level of independence your franchisees are granted or how you communicate with your franchisees.
- Changing your business growth strategy, making sure your timelines are realistic and accurate while protecting the financial stability of your business throughout each stage of the franchising process.
Our recommendations are tailored to your business, taking into account your individual problems, needs, concerns and industry, so every franchise review is different.
Why Might Your Business Need a Franchise Review?
A franchise review can help your franchise in many different ways, whether you need to resolve problems you’re currently dealing with or you want to safeguard your franchise from future issues.
- If you’re a new franchise. A franchise review can help you to avoid common mistakes that many franchises make before they crop up and hurt your business. Or perhaps you’re doing just fine and simply want the second opinion of the professionals to check that everything’s kosher.
- If you’ve yet to launch your franchise. If you feel like your franchise model isn’t quite up to scratch, our consultants can tailor a franchise review to help you get to grips with the franchising process, as well as understand your strengths and weaknesses as a soon-to-be-launched franchise. This initial stage is very delicate, so it’s critical that everything is as strong as it can be.
- If you’re struggling to recruit good quality franchises. If you’re not getting enough enquiries, or not getting any enquiries at all, we’ll make sure your recruitment strategy is fit for purpose. We’ll not only improve the quantity of enquiries, but the quality of them, ensuring you’re attracting people who are passionate, dedicated, possess the right qualities and truly believe in your business. We can then help to convert these enquiries into conversions so you can sell more franchises in line with your growth targets.
- If your franchise network is stagnating or underperforming. Whether it’s through improving your franchisee and staff training, changing the structure of your franchise model or amending your franchise documentation, we can help to raise the quality of your product/service while improving consistency across your entire franchise network and creating a model for sustained success. This can result in higher profits for your franchisees, which means higher profits for you, the franchisor.
Whichever stage of the franchise process you’re at, a franchise review can help your business to get back on track and ensure your franchise network is moving forward as it should be.
If you’re interested in getting a franchise review to improve your business, get in touch with our friendly team of franchise consultants here.