There is a lot of competition going on in the franchise business. Therefore, you will need a proper franchise management plan to ensure that you are staying on top of the competition.
Franchise business is gaining a lot of competition these days, as many business people become more interested in this form of business. There are a lot of things to be considered and maintained as a franchisor. They have to train new franchisees, keep track of every franchisees’ performance, as well as create business strategies to ensure that they are on top of the competition.
While managing franchise can be a lot to handle, especially if you are new to this business, it is not impossible to do. All you need to do is create an effective and efficient franchise management plan to ensure your business operations run smoothly.
Here are franchise management strategies that you can do to help your franchise business thrive and stay on top of the competition.
The first thing you need to do before starting your franchise business is creating a clear plan. This plan has to include detailed information, such as timelines, costs for training schemes, marketing schemes, procedures, and many more.
It is important to create a plan along with franchisees. This way, they can provide you with possible concerns and questions that you might haven’t thought of before. It is also a good idea to present your plan in the form of diagrams, graphs, and any other visuals. Visual presentation is easier to understand; therefore, your team will be able to grasp the idea quickly and easier to see the possible benefits.
After executing the plan, you can revisit it to see how well the plan went and whether it shows success or not. You can always evaluate, change, or add the plan if you see that the plan doesn’t work well.
You can do this by gathering performance indicators of each business franchise location. Assign auditors to conduct a performance checkup to each franchisee. However, you will also need to prepare a mobile data visualization tool since the data collected can easily turn into a mess when it is not organized properly.
A proper tool or system like those provided by Nimbly will help you gather, organize, and visualize the collected data efficiently and effectively. With this well-organized data, you can easily monitor which franchisee performs well and if some adjustments are needed for other franchisees.
In franchises management, it is important to keep in contact with franchisees all the time. Don’t make them feel abandoned and fighting on their own because it will hinder their ability to grow and improve their franchise.
You need to constantly communicate and share information with them. Such regular discussions will help you find out possible concerns and issues that the franchisees face. Once you know their concerns, you need to immediately get in touch with them and create a solution by discussing with them.
Discussions and communications from the previous point are not only important to address any concerns which may turn into unhealthy rumors. Communication is also essential to ensure that the franchisees understand the standard and expectation of your franchise business.
Make sure you have rock-solid brand standards and that every franchisee knows and understands these standards by heart. With regular inspection and training, the franchisee will not have any opportunity to devalue your brand identity. You can also avoid this brand devaluation by providing good marketing collaterals to the franchisees.
You probably feel confident enough with the systems that you set up as your franchise management. However, are you sure that the ordering systems for the marketing collateral that you have are actually working properly and not a waste of time and money? With this consideration, you will know how important it is to bring everything into one ordering system only instead of providing multiple ways of marketing collateral ordering systems.
Franchise business is a little bit different from other types of business since it is emphasizing on the partnership aspect. Due to this aspect, it is important to keep a good, loyal, and understanding personal relationship with your business partners, which are the franchisees.
Listen carefully to their concerns and struggles, then try to provide solutions for the issues delivered. You will also need to appreciate their work as well as give credit and rewards for their achievements. This will help you maintain a good relationship with your business partners.
This franchise management plan is made possible and easy when you are using Nimbly. Nimbly provides you with helpful features, such as a digital checklist, issue tracker, and inventory management for an effective and efficient business operation and management.
Preparing a franchise management plan can be difficult, especially since you have a lot of things to handle in your hand. However, when you know how to do it, it will add value to your business and ensure the steady and smooth growth of your business.
Nimbly is a mobile solution that digitizes operations, improves efficiency, and generates cost savings by providing companies' management with data-driven insights from field operations remotely and in real-time.