Franchisors and their franchisees both share a common goal – operate a successful business. And both parties lean on each other to make it happen.
If you’re a franchisor, your franchisees especially depend on you to give their business a boost. They believe your franchise concept is their best opportunity to run a successful business and you can help them in a variety of ways. Here are six examples of how franchisors can help their franchisees achieve success.
1. Give financial guidance
No business can hope to be successful without smart financial management. Revenue needs to be tracked, bills need to be paid on time, and every transaction has to be recorded in the general ledger.
You can help your franchisees with their finances by providing specific guidance on the best way for them to keep their financial records. This allows you to request reports from each franchisee that follow a consistent format and have the metrics you need for each unit.
2. Take the lead on marketing
The key to marketing is to share a consistent message with the audience you hope to reach. You want every customer to have similar expectations when visiting each one of your franchise locations.
That means you as the franchisor should lead the company’s marketing efforts. You can ask your franchisees to participate but all campaigns should be determined by you. That way you promote your entire brand and don’t confuse potential customers with inconsistent messaging or offers.
3. Provide advice on the best technology to use
Cloud technology has become very common in recent years and is now widely used across many businesses. Different cloud-based systems are often able to connect and share data, automating many responsibilities business owners struggle to find the time for.
But cloud technology is so new that many business owners have a hard time deciding which tools are right for them. As the franchisor, you can do the research on behalf of your franchisees and let them know what systems you recommend they use. It may take some trial and error to find the right solutions but in the end each location will operate consistently.
4. Offer training
Your franchisees likely want to learn new skills that can help them grow into better business owners. And it’s in your best interest to help them do it.
If you hold in-person conferences or meetings with your franchisees, setting up training sessions on management, finances, or other topics is a good idea. You can also consider hosting online training if your franchisees are unable to attend live sessions. Either way, professional training is a nice incentive to offer because it’s beneficial to both you and your franchisees.
5. Encourage your franchisees to grow
You likely have some franchisees that have aspirations to expand, while others might be content with their current operation. It can be a good idea to talk with your franchisees so you can get an idea of what their plans are. If they’re eager to grow, you can let them know of future locations that could be a good fit for them (or find out if they have any ideas of their own).
For the franchisees that have no plans to grow, you should ask why. You might find out that they haven’t given it much thought, which means you have the opportunity to share the benefits of running a multi-unit business and can provide guidance on next steps they can take.
6. Share your goals with your franchisees
Your franchisees might have a tough time making strategic plans if they don’t know what you have in mind for the future. Any insight you can provide them into your long-term vision can help them align their goals with yours.
The key is to communicate with your franchisees on a regular basis. It can be a good idea to send regular email updates and also to invite everyone to an annual meeting where you dive deep into your long-term plans. Being transparent about your business goals can empower your franchisees to help you achieve them.
BookKeeping Express (BKE) is the leading provider of accounting and bookkeeping services for franchise concepts. Visit our franchisors page to learn how we can help each one of your franchisees keep accurate and standardized financial records.