Assisting Franchisees with their
This one day workshop is aimed at Franchisor staff whose role is to assist, monitor and encourage franchisees to build and improve their business performance. Their title varies between different brands but can generally be described as ‘Business Development Managers’. Often, when visiting franchisees, they are covering technical aspects and sales and marketing but often they are not covering key financial aspects such as profitability and working capital needs and this is usually due to a lack of knowledge. This workshop is similar but shorter than the two day QFP courses that we run for the bfa for Franchisors who are taking this qualification. However, it will give participants a good understanding of the basics and the confidence to help their franchisees to record, monitor and analyse their own financial performances.
The workshop begins by answering questions like ‘Why monitor performance?’ ’What motivates a Franchisee to do well?’ and we examine the relationship between Franchisor and Franchisee and the common causes of poor performance and how this can impact on both the brand and the business.
Then moving on to the ‘financials’, we answer questions like ‘What is a balance sheet?’, ’Why does it balance?’ and ‘Why is it useful?’ We examine the makeup of a profit and loss account and get to grips with the difference between ‘profit’ and ‘cash’ and breakeven calculations. We learn how to analyse accounts using key ratios and undertake trend and comparison analysis. We consider the common ‘Principles of Accounting Practice’ that should be implemented by all franchisees and how people sometimes try to ‘cook the books’.
We learn how to complete and analyse a comprehensive set of financial projections and understand why, in order to do this, you need to fully understand the concept of ‘Double Entry Book-keeping’.
During the day participants are encouraged to build a ‘Monitoring Dashboard’, using excel, to monitor both the financial and non-financial key performance indicators they have identified as useful within their own franchise network.