How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
It's the most wonderful time of the year. to make plans to increase the resilience of your business for the year to come! It is very common for people to make New Year's resolutions but then fail to realize them because even though they know what they want to achieve, they do not put a plan in place to help them to succeed.
As a businessperson, it is crucial that you assess your business's performance over the preceding 12-month period, identify areas for improvement and create a tailored plan for addressing these areas in the coming year.
By taking the time to make resolutions you can keep, you will start 2024 in a great position, with a plan to follow that should help you boost your brand, expand your reach and realize success.
Here is a look at some areas you may wish to consider investigating.
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Business advertising
Have you really done enough to promote your business and let potential customers know you exist? Have you explained to them who is behind the franchise and why you have decided to run this business? Have you explained your unique selling points and highlighted the trust and transparency associated with buying from a franchise business?
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Cash flow forecasting
How well did your financial forecast stack up against the economic uncertainties brought by the cost of living crisis? Did you need to take out any loans or seek investor support to stay afloat? Did you require dedicated financial advice from professionals or from your franchiser to help you weather the storm? Identify areas for improvement, analyze the risks that your business is facing, and make sure your forecasts for next year are as watertight as possible to prevent falling into financial hardship.
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Recruitment and retention
Do you have a full workforce? If not, what are your plans for addressing the gaps? You cannot rely on the goodwill of existing resources for a prolonged period, so make plans now for recruiting new staff and rewarding and retaining the employees you already have. You may choose to work with a recruitment specialist to access a talent pool of personnel with experience or interest in your business sector.
There are many other areas of business operations that deserve your time and attention, but by promoting your business to the right customers, making sound financial forecasts and strengthening your workforce, you will be in a great position to focus on long-term and riskier strategies for business success.
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