It’s all about the numbers for franchisees, so make sure you get to know them
By Centre Contributor
Owning a successful franchise is a numbers game and it is essential that your key financial figures stack up for a sustainable business future.
Many franchisees enter the franchise sector for lifestyle reasons and to be in control of their own business destiny. But ultimately, it is a clear understanding of financial management fundamentals that will have the biggest influence on reaching these goals.
For franchisees, the ability to identify, understand and analyse the key financial figures underpinning their business is crucial for achieving ongoing profitability and growth.
Franchisee Financial Essentials is a hands-on, practical workshop that will demystify the complexity of working with numbers and steer franchisees on a clear path where they are in full control of their finances and future business success.
These franchisee-focussed learning opportunity is jointly presented by FranchiseED and David Campbell of Avatar Consulting.
It is facilitated by David, renowned as the ‘metrics master’ for his more than 30 years of experience in working with franchisees to improve bottom-line performance through informed financial management.
The two-day workshop is specifically designed to help franchisees conquer the challenges of financial management, and understand what the key numbers really mean for their business.
While comfortable and proficient in the provision of their particular product or service, far too many franchisees are consumed with confusion around issues of financial management.
Questions such as: “What’s my break even?”, “Where did all my profit go?” and “How come my sales are increasing but there’s no money left at the end of the week?” are all too common.
The Franchisee Financial Essentials workshop addresses these questions and the many others at the core of establishing sound financial management principles to guide successful, sustainable franchise businesses.
Participants will benefit from practical explanations and applications of the key figures that will drive not just sales, but bottom-line profitability and make their business and lifestyle goals a reality.
Central to this is the ability to understand a Profit and Loss Statement, Balance Sheet and Cash Flow Analysis. David will take you through the step-by-step process to get to know these financial reports, supported by exclusive workshop templates and example applications to real-life scenarios to reinforce learnings.
Key topics covered include how to easily calculate, understand and set your breakeven; real business targets based on sought returns; and the true drivers of business improvement.
The workshops also focus on a number of other important financial management issues such as: getting the balance right between the key roles of Manager, Director and Shareholder; decoding key performance trends; benchmarking and best practice measures; and how the right financial reporting translates to effective decision making and planning.
Participants will walk away with a deeper understanding of the essentials of financial management for franchisees and the practical tools to immediately apply to their own business. The workshops are very hands-on and tailored to attendees, both single and multi-site franchisees.
Franchisee Financial Essentials workshops are scheduled regularly for the 2015/2016 financial year, with the first to be held on Thursday 15th and Friday 16th October 2015.
The hands-on personalised nature of these workshops means spaces are limited, so book now. Individual and tailored courses are also available for groups of 10 or more.