THE FRANCHISE HEALTH CHECK
25 Steps to Achieve Franchise Success. What’s Your Score?
– Missing or Failing.
– But Needs Work.
– Looking Good!
Your accounting records are up to date
You have cloud-based online accounting software
You prepare and review financial statements regularly
You reconcile cash
You monitor receivables and payables
You maintain and review strategic plans for the business
You are setting and monitoring budgets
You have sufficient capital for operations and expansion
You are effectively hiring team members
You have team training programs
You have team incentive programs
You have good processes to reduce risk of theft/dishonesty
Your business can run without you
You get motivation/sense of satisfaction from your business
You spend more time working on the business rather than in the business
You are ready for expansion
You have an exit strategy in place
You use industry key performance indicators
You track profitability
You track cost of sales
You project and manage cash flow
You track labor rates
You calculate business return on investment (ROI)
You track and monitor marketing ROI
You have ongoing communication with franchisor and franchises