Are you employing tactics or strategy in your franchise?
After nearly 40 years in business and over 50 years sailing – I finally now get the difference between strategy and tactics thanks to a recent lecture at the Sorrento Sailing Couta Boat Club.
This is the big plan: how we should get around the course in the least amount of time with no other competitors to worry about. This entails considering how many people are on the boat, the weather, the start line bias, which sails to use, and all those elements that help us navigate the course as quickly as possible.
This is what happens on the course – and how I deal with the situations (avoiding a collision and a dunking).
Publish in Franchise Buyer magazine, Vol4. #1, Apr-July 2017
Many small businesses are forced to make very big commitments on rather thin information. When you are looking at signing that 10-year lease for your ﬁrst (or next store), you hope your view on who is your “Market” is correct.
Many times, you have observed who your clientele is, and you hope that those are the people living and working in the area you have chosen.
In many cases, you can improve the probability of success by linking who your actual customer is to the data that is available.
Published in Business Franchise AU and NZ May/June 2017
Territory Planning is an area extremely important to you as a franchisee, but does the franchise system and the franchisor of the system give it the importance you need it to have to ensure your future?
In my past life as a Network Development Manager with Caltex, it became obvious to me that if you did not clearly explain what you were looking for, you wasted a great deal of your time looking at rubbish. To try and filter the good location opportunities from the bad, I developed a two page Property Guideline, that I would happily send to all parties (agents, developers, land owners), who indicated they may have a potential site for us.
Published in Business Franchisor Magazine, November 2016
Many managers want to do everything. They think it is there job to oversee every part of the business, micromanage all the executives, undertake the sales of every product, and handle all the day to day operations. What they don’t do is what they are actually paid the big money for – Managing the Business!
Published in Franchise Buyer Magazine, June 2016
and Franchise Asia, Vol 32, November 2016
White Collar Franchises and territories: So you are ditching corporate life and going out into a consulting franchise ……..
Published in Franchise Buyer Magazine, Vol3. #3, August 2016
Many white collar business people give the corporate life the flick (either voluntary or involuntary), and decide to put their skills to work in a small business for themselves. I personally did that aged 44, with 2 kids in private school etc etc ,and went into our own small consulting firm – a fairly high risk period of my life!
Whilst this article is not about me, I did end up being a Director of the Institute of Management Consulting (IMC) for 6 years, so do have some idea of the challenges before you. Taking on a white collar franchise can be the solution between going alone, with all the risk as an individual consultant, and partnering with a known concept, and using the systems and processes already established to your benefit.
Published in Franchise Buyer Magazine, Vol4., August 2016
The content was part of Pre-entry Franchise Education Program - Module 3 organized by ACCC and Griffith University
Peter Buckingham was asked by Griffith University tackle to some frequently-asked questions about site selection and territory planning in franchise industry.
To view full article, please visit Griffith University website at following url:
Full article Link
Spectrum also has other videos that can assist you in franchising, including data analysis, strategic planning.
Published in Franchise Buyer Jan/Feb 2016
This should be the biggest question asked in selecting and opening a new business.
If the business is already operating, then the past sales are a fairly good indication for the future sales.
On the other hand, if the business is a new business, how do you estimate what your revenue is likely to be? Whether it is a large franchised brand, your own independent coffee and/or cake shop, an ice cream or yoghurt store or any other retail business, the same basic questions need to be addressed.
How do you realistically estimate the sales in dollar terms that your new business will do?
If you are joining an established franchise chain, the Franchisor may offer to provide some information, such as the demographics of the area, and maybe a listing of phone numbers of other Franchisees for you to talk to. The final word from the Franchisor is along the lines of “Do your own due diligence, as I cannot say what sales revenues you will generate” (and you will probably be asked to sign a document confirming this).
Peter Buckingham is the Managing Director of Spectrum Analysis Australia. He is a certified Management Consultant, and a Fellow of the FCA and IMC.