When you have strong credit, your franchise's financial...
There's nothing like being part of one group that is working together to reach some common goals, and this is one of the top benefits of being part of a franchise network: you have teammates who are already enjoying success or reaching for it. To take full advantage of this edge, here's what to keep in mind.
Just about every franchise has some type of annual conference. These events are meant to give members of the brand's team an opportunity to speak to and educate the entire system as one big group. It also offers the chance for the franchise to develop the franchisees' businesses so they make more money. From round-table sessions to educational panels and talks, you'll be able to learn more about your brand, your fellow franchisees and even your industry as a whole.
In many franchises, the franchisees start to naturally gravitate toward one another. It could be because they are like-minded, had shared training, are in the same region, or due to other factors. Make it a goal of your business operation to form and maintain relationships with franchisees who are in your sphere. By sharing successes, failures, and tips, you and your fellow franchises can help boost and improve your own locations.
A peer performance group program (PPG) will gather franchisees who are similar based on factors such as years in business and location for regular meetings to share key indicators about performance. This data will help each franchisee benchmark their performance against similar franchisees in the same area. Groups are usually limited in size--such as five or six members--and the related webinars and conference calls are focused on the sharing of performance indicators and practices that are meant to improve business.
A PPG is normally formed and handled via the franchisor's support team. If your brand currently does not have any PPGs, suggest that such a program be implemented. These types of programs can help a struggling franchisee discover weak or problem areas, and they allow successful franchisees to share their practices and ideas with others in the system.
Using the power, knowledge, success and failures of your fellow franchisees is a great way to help grow, protect and improve your own business.