Franchise Reviews
Whether you’re a new or established franchise, there may be areas where you recognise weakness in your business, or perhaps you’re running into obstacles to growth and expansion and you’re not sure why.
What Is A Franchise Review?
The franchise review process is different for every company - one franchise might be struggling with underperforming franchisees while another is having difficulty recruiting new franchisees, so no franchise review is the same. At The Franchise Company, we will tailor your franchise review process to give you the support that is right for your company.
The franchise review process can help you to:
Business Evaluation
Evaluate your business and growth strategy, to ensure your timelines are realistic and accurate, as well as to ensure financial stability throughout each stage of the franchising process.
Franchise Documentation
Improve on your franchise documentation. This includes thorough examination of your franchise operations manual, franchise recruitment prospectus, marketing materials, franchise agreement, financial models, training guides for franchisees and staff and any other form of documentation that informs how your business is run.
Operational Issues
Address internal and external issues or complexities that are, or in the future might be, stopping your business from reaching its full potential.
Franchise Infrastructure
Examine the infrastructure your franchises is working within, for both franchisors and franchisees. Issues with infrastructure can bring franchise units and networks to a standstill, so ensuring you have the best possible infrastructure to rely on for your daily operations is vital.
Recruitment Strategy
Develop a franchisee recruitment strategy that is highly successful within the parameters of your growth strategy. By going over your recruitment documents, franchise agreements and other recruitment materials, we can help to create a strategy that will attract high-quality, dedicated franchisees who are passionate about your brand and company mission. With a dedicated franchise network, you can feel confident that your individual franchise units are passionate about your business, and will work to make their unit or units a success.
Why Do I Need A Franchise Review?
Franchise reviews are great for reasonably new franchises, as they can identify any potential issues before they really start to have a negative impact.
Whether you’re developing your franchise model and documentation yourself or with the help of another franchise consultant, taking a look at your documentation and understanding where the weaknesses lie is a great step towards creating a stronger and more successful franchise. If you’re part-way through developing a franchise model and feel that you aren’t getting the right kind of support to launch your franchise currently, our consultants can tailor a franchise review to help you get to grips with the franchising process and your strengths and weaknesses as an organisation.
Franchise recruitment is one of the most important things to get right at the early stages when you’re developing a franchise. If franchise recruitment is going slowly or you aren’t getting quality franchisees, then your whole operation may be at risk. If you’re struggling in any way with franchise recruitment, a franchise review can really help to put you back on track. We’ll look over all of your documentation and marketing materials, to make sure it is comprehensive enough to give potential franchisees all the information they need to decide whether your franchise is right for them.
Recruitment issues can also easily arise for existing franchises. As the network passes its initial trial period and begins to grow, a lack of good quality franchisee recruits can slow your progress, unbalance your finances and stilt your timelines for expansion and growth. In these cases, franchise reviews can help you get back on track and ensure your network is moving forward and progressing as it should be.
How Can A Franchise Review Improve My Franchise?
A franchise review can help improve many different aspects of your franchise, including:
Franchisee Enquiries
The amount of franchisee enquiries you receive, and improving the quality of these enquiries.
Franchisee Conversion Rates
Increasing conversion rates for franchisee enquiries, and helping you to get high-quality franchisees alongside more sales of franchises.
Network Training
Improvement in the quality and consistency of training for franchisees and staff across the entire franchise network, raising the quality of your product/service and increasing consistency between franchise units.
Network Communication
Improvement in communication and management of expectations for both franchisors and franchisees, as well as between franchisees across the franchise network.
Network Performance
Improvement in the performance of individual franchise units across the network, resulting in higher yields for both franchisors and franchisees.
Franchise Fees
Getting higher fee income from franchisees as they see higher turnover. This increases profits for the franchisor as profits for franchisees also grow.
Reviewing your franchise operations is vital to ensure your network is operating as well as it possibly can and that any issues are dealt with before the happen.
How Does A Franchise Review Work?
When carrying out a franchise review, the main objective is to create a high-quality model to establish a good base for growth, no matter where your business is in the stages of network growth.
We’ll start by carrying out a consultation with you to understand where you are in the franchise process and the kind of support you need. We’ll talk about the problems you’re facing and why you feel a franchise review is right for you.
Once we have an understanding of why you need a franchise review, we’ll establish a course of action going forward. The franchise review is a process that is tailored for every single business, and we create reviews and plans that are completely bespoke to you and the concerns of your franchise network.
We’ll then start to gather information about your organisation and operations to flag up any issues and create a good basis on which to make necessary changes. This will usually consist of a fundamental and in-depth review of all the relevant franchise documents, including the franchise prospectus, marketing materials to franchisees and customers, franchise agreements for the franchisor and franchisee, franchise operations manuals, financial documents, industry evaluations and any other documents that are relevant to you and your business.
We’ll then review all the information and provide you with a selection of recommendations to help improve your franchise. Our recommendations will be tailored completely to you and your business but may contain recommendations to:
Improve Franchise Documents
Rewrite or edit any of your franchise documents if they aren’t fit for purpose.
This can help to improve communication of expectations between franchisors and franchisees, raise standards of service and operations across the franchise network, change how marketing and operations are carried out by the franchise network, and otherwise improve the performance of franchises both individually and as part of the wider franchise network.
Refresh Franchise Marketing
Change how you carry out your franchise marketing and recruitment, including editing your franchise prospectus and franchisee marketing materials, as well as the franchise agreement.
This may involve changing the terms of the franchise agreement or targeting different markets to find high-quality potential franchisees.
Improve Franchise Structure
Make changes to the structure of your organisation and the relationship between the franchisee and franchisor.
This may involve giving franchisees more or less independence, changing how you review and evaluate franchises or changing how you communicate with franchisees.
After the franchise review is complete, we can help you implement the recommended changes, including documentation edits, structural changes and other changes to the basic business model, plus training and network management support as required.
Why Choose The Franchise Company?
The Franchise Company is one of the country’s longest-running franchise consultancy businesses, and we have over 25 years of experience in helping our clients move into successful franchise models.
All of our consultants have worked on both sides of the franchising process, both as franchise consultants and also on the boards of businesses both moving into franchising and established franchises. We understand exactly what it takes to put together a successful franchise, and use our specialist knowledge and extensive experience to help businesses establish their suitability for franchising.
We started offering our franchise review service after seeing how many companies, both well-established and new franchises, were struggling with a variety of issues stemming from poor planning of the franchise model or documentation that wasn’t fit for purpose. At The Franchise Company, our experienced consultants can help you get back on track with your goals as a franchised organisation.
When you work with us, you’ll have the same consultant from the initial conversation, all the way through to the end of the review process, and they’ll help to implement any changes alongside you too. This means that throughout the review process, you’ll have a point of contact that completely understands your business and the difficulties and issues you face. Our consultants take the time to understand all the ins and outs of your business and really know what makes it tick. This allows us to offer completely bespoke packages to our clients, with advice that is tailored to you and the work you do, as well as the specific challenges you face.
To find out more about the franchise review process or any of the other services we offer at The Franchise Company, contact us today, and see how we can help turn your franchised business around.
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