What are the top five ways to get the most out of your franchise?
Answered by Anthony Windress from Commonwealth Bank of Australia
- Learn the system inside out. Your franchisor has invested time, money and industry expertise into developing robust systems for you to use. So it pays to do all the training you can, then follow those systems religiously in your franchise.
- Add systems of your own. Inevitably, there will be business activities that aren’t covered by your franchisor’s processes. That’s when it pays to create thoroughly tested and documented systems of your own.
- Focus on the bigger picture. Once you have the day-today running of the business under control, with documented processes and a strong team, you can develop a business and marketing plan to help it grow. Eventually, you may even be able to start looking at new opportunities – like expanding your franchise by buying another territory.
- Be a specialist. Being a franchisee gives you an edge, because you have head office support in areas like HR and marketing. The key is to make the most of it, by specialising in those areas where you can have the biggest influence, and relying on your head office for the rest.
- Don’t under-capitalise. One of the most common mistakes new franchisees make is to try and reduce costs by borrowing the absolute minimum when they buy. The result can be that they undercapitalise their businesses, starving them of the vital cash flow they need to keep it running.
About Anthony Windress
The financial needs of your Franchise business are unique. That’s why the Commonwealth Bank offers you the specialised services of our Franchise Banking team. Our team members are industry experts who can tailor financial solutions to help you – whether you're buying a franchise or running a multi-site corporate.
You should always check independently that an ask an expert answer published on Franchise Business applies to your particular circumstances.
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