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Franchise Financial Planning: Why So Important?

Find a successful franchise and you will find a realistically executed financial plan. The ability to anticipate the ongoing health of a business, including upcoming expenses and a realistic income forecast, is an ability that only works well when franchisees constantly consider and reconsider their plans for plotting the upcoming year.


Looking for the keystone aspects of financial planning?


  • Evaluate the flexibility of your financial plan and make room for ample feedback

Connecting with employees or other relevant parties about plans for the year ahead may reveal necessary software upgrades, changes to internal technology requirements, and other unforeseen shifts in spending best incorporated in advance. Be alert to changes and mindful of their effect on the coming year.


  • Delineate sales vs. non-sales based expenses, those certain vs. uncertain costs, and generate a financial plan that more accurately reflects months to come

Franchisees that incorporate expert estimates to tie together unknown future expenses, such as shifts in economic climate, fuel, energy consumption, and costs of employing staff, can put a plan together that is well crafted based on current and past trends. This is hugely important when creating a financial forecast because it narrows the gap between anticipated and unanticipated costs.


  • Examine how the franchise has profited during recent years to understand how it will profit into the future

This kind of analysis supports practical aims, assists with minimizing outgoing funds where possible based on experience, and keeps franchisees reflecting on how to improve each year going forward. Learning along the way and reflecting back is an absolutely essential aspect of financial planning. The goal is to remain realistic and manage expectations.


  • Self-assessment expanded…

Assess how your business is currently thriving while projecting that mirror out to other businesses offering similar products or services. By considering how other franchisees are faring and comparing these statistics with your franchise, it is possible that alternative profit expectations may emerge and necessitate revisions.


  • Focus on profits

Keep financial plans focused on minimizing expenses where reasonable and healthy for the business, while increasing the overall annual bottom-line profit. Any worthwhile financial plan includes room for the joys of business, which naturally lead to a reward with which to enjoy life. Franchises are at their best when the quality of life of all parties involved is improved as a result. This is at the heart of any business and financial planning facilitates this in powerful ways.

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