Franchisee performance
Franchisee performance
The most fundamental principle of franchising is that franchisees are granted the right to operate copies of a franchisor's proven business system. By doing this they dramatically improve the chances of successfully establishing a new business. However, as with most things in life, with rights come responsibilities. The franchisee is under contract, through the Franchise Agreement, to operate their franchised business in precisely the way stipulated by the franchisor. It is important, therefore that the franchisor monitors the performance of their franchisees to ensure that they are fully meeting their responsibilities.
However monitoring performance is not just about ensuring compliance. Having comprehensive information about the franchisee's financial performance will allow the diligent franchisor to anticipate any problems that might threaten the franchisee's and, therefore, the franchisor's business. Most franchisees are naïve in terms of financial management when they first commence their trading life. They might not understand the importance of a strong cashflow or the problems that a lack of it may produce. Do not assume that they will receive this advice or training from their financial advisers / accountant. All too often the first time an accountant learns about the progress of his client's business is when he prepares the first set of accounts a year after trading commences. If there is a problem it could well be irrecoverable at this stage.
Franchisee performance - To learn more about this author, visit Nick Strong's Website.
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Having spent money, time and effort recruiting your franchisees you will wish to ensure that you and they are reaping the benefits of following your system. A formalised structure for monitoring their performance will help you do this.
The most fundamental principle of franchising is that franchisees are granted the right to operate copies of a franchisor's proven business system. By doing this they dramatically improve the chances of successfully establishing a new business. However, as with most things in life, with rights come responsibilities. The franchisee is under contract, through the Franchise Agreement, to operate their franchised business in precisely the way stipulated by the franchisor. It is important, therefore that the franchisor monitors the performance of their franchisees to ensure that they are fully meeting their responsibilities.
However monitoring performance is not just about ensuring compliance. Having comprehensive information about the franchisee's financial performance will allow the diligent franchisor to anticipate any problems that might threaten the franchisee's and, therefore, the franchisor's business. Most franchisees are naïve in terms of financial management when they first commence their trading life. They might not understand the importance of a strong cashflow or the problems that a lack of it may produce. Do not assume that they will receive this advice or training from their financial advisers / accountant. All too often the first time an accountant learns about the progress of his client's business is when he prepares the first set of accounts a year after trading commences. If there is a problem it could well be irrecoverable at this stage.
Franchisee performance - To learn more about this author, visit Nick Strong's Website.
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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