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It is always a good time to invest in enhancing your skills as well as those of your franchisees and employees so you are all refreshed, invigorated and ready to take on new challenges as summer rolls into fall and we race toward the festive season. Which areas of upskilling deserve your focus?
You understand your business better than anybody else and know your own strengths and weaknesses, but hopefully this list will guide you toward areas of business that are worth improving and that pique your interest.
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Top 4 areas for enhancing your skills
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1. Finance
The way in which you balance the books directly affects business outcomes. Even if you use an accountant or a bookkeeper, it is always worth spending a bit of time improving your financial awareness, learning about new tools and techniques, assessing your business's credit history and financial plans, and identifying new areas in which to target investment.
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2. Processes and systems
Every franchise business has a defined set of processes and follows a specific system to ensure repeatable and consistent business success, but strengthening your operations requires analyzing the totality of the franchise network, identifying deficiencies, and implementing targeted amendments and additions to increase profitability.
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3. Marketing
Most customers are first exposed to a business through its marketing. This includes its online presence, television ads, radio ads, podcasts and print advertising but can extend to location signage and in-window ads. Businesses should review the details of their marketing campaigns to ensure that they remain appealing to their target demographic. It can be useful to spend time analyzing customer needs and desires, comparing performance against other businesses in the same industry sector, and implementing diversity and inclusion tactics to increase market share.
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4. Legal
Franchising is bound by a specific set of laws, and each business arrangement is supported by numerous legal documents, such as franchise agreements, franchise disclosure documents and other documentation that specifies the obligations, rights and responsibilities of all parties. Understanding the evolution of franchise law is essential for remaining aligned with it, so take some time to find out about legal updates and challenges in your business area, speak to your business's legal advisor, and consider whether any existing documentation needs to be updated to remain compliant.
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If your business is currently accommodating a summer rush, don't panic. Upskilling can happen at a time that is more convenient for you, so if this post has piqued your interest, make a note in your calendar to revisit it soon.
