The 5 Ks to Become a Winning Franchisor !
- By Didier Delmer
- Published 24/03/2008
- Franchise
- Unrated
Didier Delmer
"Who are we ?"
Company Profile :
Entrepreneurs and CO Ltd
145-157 St John Street - London EC1V 4PY
Chartered Accountants & Business Advisers, at Entrepreneurs & Co (ENC), we appreciate the value of working together as a team.
Because the flow of ideas is encouraged at ENC and everyone feels free to express their opinion with regard to work related matters it has by the very nature of being, created a dynamic work environment. As a team we all recognise our responsibility in making Entrepreneurs and Co what it is.
The reputation of the whole firm is in the hands of each individual and we are proud of being part of such a strong team. Together we encourage and motivate each other in a dynamic environment so that as a team we can provide innovative and profitable solutions for individuals and businesses.
Services
Every client is unique and deserves a unique service. Our philosophy is to put our clients first - to understand their situation and provide a first class service tailored to their specific needs.
Because we establish a one-to-one relationship with each client we are able to offer timely, individual advice on how to improve your business or personal finances.
As leading edge accountants we have developed the traditional bookkeeping, auditing, and accounting services into innovative client-focused services that provide not only all the reliable background support you would expect from a professional firm but also forward-thinking advice on how to improve your situation.
We have also developed a new range of accounting services to meet the needs of modern businesses, including a comprehensive business advisory service. Whether you need help with growing your business or advice on optimising your personal or family finances, we are here to help you get the best results.
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.
1/ 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 products. Regular questionnaires and surveys will keep you abreast of the latest trends and behaviours of your consumers.
2/ Keep supporting the franchisees especially the ones that are struggling. The franchise network is as strong as the weakest link! By providing constant support to the whole network the team will strengthen.
Many franchisors make the mistake of only supporting the best performing franchisees and leave the rest to get on with it! This is bad practice in my view as the support should be equal for all franchisees with a slight bias towards the franchisees that are having a difficult time making the business concept work for them.
3/ Keep innovating to ensure that your franchise opportunity remains viable and profitable. Look at all facets of your business from recruitment, training, operators manual and products.
By constantly seeking innovations it is possible to keep one step ahead of the competitors. The image and brand will also be considerably enhanced further if the public and your franchisees are aware that innovations are constantly being introduced.
Remember to utilise the new mediums like online networks and video marketing to recruit the best franchisees and market your products.
4/ Keep investing in the franchise network, brochures, advertising and training programmes. Never ever forget that new franchises are entering the market place. They are usually fronted by younger and more aggressive marketers who are eager to take a slice of your market share. 
The advertising should reflect the latest trends and take into account the fact that consumers are constantly evolving. The public are now demanding safer products and are becoming more health conscious.
5/ Keep positive and let everybody see and feel the enthusiasm from headquarters. This enthusiasm is catching and will filter down to most of your territories if managed correctly. In fact, some studies show that positive companies with strong goals and mission statements are much more likely to succeed than other businesses.
By constantly evaluating your franchise opportunity using the 5Ks it is highly likely to enhance your offering. The whole team will be more confident and the brand image will improve.