ADVERTORIAL
Challenge your
profit or simply the number of customers – all are valid metrics. As the franchisor, you know how your franchise model works and what the Key Performance Indicators (KPIs) are that make successful franchisees. Franchisees perform when they understand their progress towards a specified standard – a benchmark.
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How do you specify the standard for your network? We all know that market conditions are fluid and businesses must change with the market; how businesses react to these changes can make the difference between being successful or not. Ensuring that your network provides you with regular reports and accounts that you can measure against the KPIs can deliver the accurate information you need to see how successful each franchisee is. It is widely recognised that having real-time network information at your fingertips helps you make accurate decisions faster than having monthly or quarterly historical
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he success of your franchise is almost entirely dependent on the success of your network of franchisees. Financial success is measured in many ways. It could be turnover, cashflow,
franchisees to perform
reports. We recommend, as a minimum, that you receive reports on a monthly basis; finding out after three months, that a business hasn’t been performing could mean it is in need of intensive financial care, something that real-time or monthly reports could have identified earlier. The information you receive from your network is key to success and, by utilising tools such as benchmarking, you can pass on the success of your top-performing franchisees to the rest of the network. Using your KPIs, you can see trends in the data that show how franchisees can adapt to market conditions, change the way they work or prepare for the periods of time where business may be quiet.
Are you happy with mediocrity? Is it good enough for your franchisees to be seen as average? Is that classed as success? They may have reached all the targets that you set, but if there are franchisees that are outperforming them within the network, isn’t it better if they all aspired to achieve more?
Challenge your network – expect them to achieve better than the average franchise, because anything less than this isn’t success. Support your franchise by utilising the benchmarking tools at your disposal to inspire with best-practice advice. Provide them with the
tools, will and competition to positively change their performance.
How do I achieve this? Having real-time information available to you and your network will have the best impact on your franchisee performance. There are many cost-effective solutions on the market that don’t require significant capital investment. At EKW Group, we have over 25 years’ experience serving national franchise networks, helping to ensure they are a success. Using all that experience, we work with franchisors to help select the best software for what they are trying to achieve. Our clients benefit from dashboards geared to the stakeholder role that highlight individual performance against KPIs or tolerances, quickly focusing attention where it is most needed. Providing your network with this kind of
reporting power can only enhance the service and support that franchisees receive and offers you real-time information that can be used to challenge your network to be a success. n
To see how EKW Group can help you, please contact Neil Foster on 01942 816 512 or for more information
www.ukfranchiseaccountants.co.uk
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