search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
FRANCHISESERVICES


Make your plans!


Hitachi Capital Franchise Finance on how to go about achieving your business goals now and into 2022


turn again to their long-term ambitions and goals. But how could you turn those dreams into reality? We’d suggest your process be methodical and thoroughly planned, with an honest review of the financial viability.


A


Failing to plan is planning to fail Some people set up their businesses without a proper business plan. However, many of these fail within the first few years. Don’t allow your failure to plan get in the way of your business ambitions. So, what should you do?


Set your SMART objectives First of all, you need to set your SMART business objectives: Ÿ Specific: Ensure your objectives are focused on what you intend on achieving


Ÿ Measurable: See how well you are doing and make management decisions that will get you back on course if necessary


Ÿ Achievable and Realistic: By all means, show ambition. However, explore all angles and make sure it will actually be achievable.


Ÿ Time-based: Set a focused time limit to work towards.


Understand the market and competition Next, you need to understand your market (both local and national) and your competition within that marketplace. Depending on your product or service,


you may have identified a few key customers already – but you should know who your competitors are: Ÿ Who else is offering the same or similar solutions to your prospective customers?


Ÿ How are they doing that, and what are your competitive advantages over those businesses?


utumn, with its back-to-school feeling, is a time when many prospective business owners


While it’s tempting to believe you


have a unique solution to a problem, it’s unlikely. A competitor matrix, highlighting your USPs and how your proposition differentiates itself from other businesses could be a great way to review your business model.


Operating strategy and marketing plan Your operating strategy is how your business works – the logistics behind your product or service, ultimately determining where you position yourself in the market. This is to be considered alongside


the marketing plan. The best possible marketing strategies are those that test and learn as a target market responds and the proposition evolves. You should have a clear idea of your market and your pricing strategies, but you need to constantly monitor and adapt these as you gain market feedback.


Assessing your resources Make an assessment of the physical and human resources required, such as any property, equipment, machinery and the team you will need. Are your current team qualified to do the job, or will


they need extra training? Or will you need to hire additional team members?


Financial projections, cashflow forecasts All of the above needs to be costed into the financial part of your plan. A monthly profit and loss projection will provide you with the means to track your progress, while a monthly cashflow forecast will allow you to assess the likely cash in the bank at a given time, closely reviewing this data can significantly reduce the risk of running out of cash. Finally, the projected end-of-year balance sheet will show the strength of your business and it’s degree of solvency at that moment in time. All three in conjunction provide a full ‘projected picture’ of the financial viability of the given business. Good luck with all your goals this year and beyond! l


HITACHI CAPITAL FRANCHISE FINANCE Financial services 01844 355 575 hitachicapital.co.uk/franchise-finance fundingteam@franchisefinance.co.uk


BUSINESSFRANCHISE.COM 27


Please note that this article is provided for information purposes only and not as advice or recommendations. Before deciding to undertake any course of action you may wish to seek independent professional advice.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100