The franchise business world is constantly changing as new opportunities are released every month to an already stretched market place. By utilising the 5Ks of being a successful franchisor it is possible to keep ahead of the competition.
The 5Ks for being a successful franchisor are:
Keep Communicating
Keep Supporting
Keep Innovating
Keep Investing
Keep Positive
Always refer to the 5Ks to ensure that the franchise offering is strong and remains competitive. They will also serve to ensure that the franchisees remain profitable in a more ruthless and overcrowded market place.
Keep communicating with the franchise network as a whole. Each one of the franchisees is bubbling over with ideas on how to improve the business model. They are invaluable when it comes to new ideas and ways to cut costs.
By having constant communication with the franchisees, many niggles in the franchise network can quickly be resolved before they turn into major problems. If problems are left to fester they can easily develop into major disputes!
Remember to also communicate with your customers who are the ultimate users of your...
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