Franchise Snapshot – October 2017 Edition
Hope you and business are doing well. Here’s the October 2017 Edition of the Franchise Simply Newsletter.
First Things, First
You may like to consider providing a brief note to prospective franchisee about having a lawyer review their documents and I suggest you could use this as a guide. If you’re considering buying a franchise, you’ve probably been given an overload of information from the franchisor and might even feel that you can wade through this
When Things Go Wrong –”Things will always go wrong, especially during periods of change, and some people are going to be inconvenienced, disappointed or frustrated. In a franchise network it will often be franchisees who are on the receiving end of the change. Because these changes are usually complex and rely on many people, something is bound to not go according to plan. Here’s two suggestions for franchisors to keep in mind when rolling out changes that impact on franchisees…”
Read more of this quick tip from Greg Nathan here.
News You Might Enjoy
Two competing fast food franchise chains are joining forces in a brand new merger.
Ali Baba Lebanese Cuisine and Le Wrap have combined their businesses to form the Retail Systems Group (RSG).
Australian startup heavyweight 99designs has announced the relocation of its global headquarters from Oakland, California to its hometown of Melbourne as the company prepares for a potential initial public offering on the Australian Securities Exchange (ASX).
Domino’s has purchased Germany’s largest independent pizza chain, Hallo Pizza, for €32 million (AU$48 million) in a deal that will see its presence in the market grow from 209 to 300-340 stores.
The 170 Hallo Pizza outlets will continue to trade on a transitional basis until franchise contracts and stores are converted to Domino’s, which is expected to improve the profitability of the network.
The volume of global transactions processed by “invisible payment” technologies is set to soar to $US78 billion ($99 billion) by 2022, according to a new study from Juniper Research.
Some Tips and Insights You May Find of Value
So you’ve invested in a franchise, and all’s been going well. The sales are up and customers love your brand. But after a while, you check the figures and find the finances aren’t quite as rosy. You’re working hard and your staff are working hard but the profit margin is in decline.
Billionaire Ray Dalio explains how ‘radical truthfulness and transparency’ helped build his business
It’s the same comment from store managers, Regional managers and CEO’s – “we can’t find the right people.” It’s tough but the right people are out there waiting to be found. We have to be open to changing the way we look for these people if what we are getting is not right.
Debt agreements are the fastest growing form of personal insolvency in Australia. They were designed to offer debtors a low-cost way to make arrangements with their creditors, while avoiding bankruptcy and some of its more serious consequences.Something You Might Want To Read
Understanding the Key Performance Indicators or KPIs to measure when assessing your sales performance is important to success. That’s why we created this cheat sheet to help you identify and understand the KPIs you should be measuring.
Download and check out this KPI Cheat Sheet from Doug Davidoff from Imagine LLC.
For Your Business
Fed up with messy systems?
Dave Jenyns from SystemHUB and I presented a session on systems at the recent National Franchising Conference.
We were absolutely thrilled with the level of interest from everyone and in the feedback we have received and now I’m delighted to say we’ll be running a webinar for the FCA members and invite you to join us as well.
For Your Diary
If you’ve not attended one yet make sure you attend this one. IT’S A MUST!
See what members Kevin Scrimshaw, National Drones, Melbourne and Simon & Sandra Allars, Soothe Mobile Massage, Melbourne had to say.
These workshops are internationally accredited and include points towards the FCA’s CFE program.
To your success,