Over 200 franchises and a $10 billion portfolio to manage – how did Smartline Mortgage Advisers achieve this? It has something to do with how they fulfilled their role as a franchisor.
Tagged as the top franchise in Australia in 2013 by Business Review Australia, the company is known as being a supportive franchisor, providing training, coaching and business support to its legion of franchisees. On top of this they also strive to imbibe a culture of teamwork in the entire company.
In starting a franchise, the key to making it work and catapulting it to unfathomable success is by having a franchisor that effectively leads the whole company to the right direction. This is the franchisor’s role and it is vital in ensuring that the entire group of franchisees are moving together towards their common goal.
This has been proven in Smartline’s track record. With a responsible and capable leader guiding the entire group, there are no limits to what the franchise can achieve.
This essential role entails various duties that are connected and vital to the success of the company.
Here are the basic franchisor responsibilities that needs to be carried out:
As franchisees take care of their individual franchises, it is the responsibility of the franchisor to ensure the entire company maintains its products’ quality and its services’ performance standards. This can be achieved by ongoing trainings and coaching.
Continuous improvement of the products offered and services provided is also essential in ensuring the success of the franchise, and this is the responsibility of the franchisor. This is needed to keep up with the competitive business market and the ever-changing times.
As one company, you need to have one brand and one marketing strategy. As such it is the franchisor’s duty to craft and implement a national marketing and advertising plan for the entire franchise. The company can do this in-house or ask assistance from a franchise consultant.
Aside from these three responsibilities, it’s also important to maintain a good level of solidarity among the group of franchisees and uphold the value of cooperation. This will ensure amicable franchisor-franchisee relationships and smoother and easier operations. All this can easily be achieved through the effective leadership of the franchisor.
Every business has the potential to become a great franchise, but not all are fortunate to make the most out of every franchise opportunity. With each business owner effectively fulfilling his role as a franchisor though, great success – with hundreds of franchises and a net worth of billions – is not far behind.
Thanks for reading,
The Franchise Institute Team
1300 855 435