BDC offers franchise advice to franchisors preparing a business plan

The Business Development Company  have ten tips for franchisors when preparing a business plan.

1. A franchise must establish core values for the business and communicate them to stakeholders
2. Commit to a Vision Statement and a Mission Statement
3. A franchisor business plan needs to have a strategic growth plan with details on where, why and how business goals will be attained
4. A risk analysis is necessary to assess what could go wrong and any necessary prevention measures that could be put in place
5. Continually and regularly conduct financial reviews comparing performance to budgets
6. Continually analyse how to get franchisee engagement for new and longer-term franchisees
7. A franchise system can always improve and it is important to invest in research and development
8. Tasks need to be linked to an accountable party
9. Look for diversification opportunities
10. Prepare the business for sale or succession by planning for exit