Running a business is complex. There isn’t a franchise operator under the sun who’s made no mistakes and nobody said running a business, even part-time from a home office, would be without stress or anxiety of any kind. With this in mind, it’s a wise franchisee who takes the time to research ways to boost business performance by enlisting qualified outside support.
Anytime the idea of enlisting additional support is considered, concerns about costs may naturally follow. It’s no wonder considering the very real value offered by many franchise business consultants and business planning experts. Businesses and their operators are nonetheless benefitted when education is taken seriously and investing in help is worthwhile for a long term healthy business.
For franchisees conducting business near universities that feature MBA programs, support through lower cost educational channels may be accessible. Some MBA program students are able to offer franchisees access to helpful tips and strategies through temporary partnerships. An example of this is programs that allow students to work closely with organizations (including franchise business operators) to build experience and offer detailed guidance based on their cumulative training.
One such program, Fuqua Client Consulting Practicum (FCCP), offered through the Fuqua School of Business at Duke University, features opportunities for students to analyze growth trends, suggest recommended improvements, strategize, and create reorganization plans for businesses in many different sectors. Certain aspects of the program go back over 30 years and students are able to support businesses in various locations around the globe, from the U.S. to China to Switzerland, to name a few.
For franchise business operators, especially those focused on a single or multi-unit batch of locations funded by one’s life savings, brainstorming ways to receive support such as this can lead to an ongoing successful business. One real benefit also lies in the potential savings. For advice suited to the particular business, franchisees may find that costs are low or non-existent when working with some MBA programs. Researching ways to strengthen a business can lead to opportunities such as this in a variety of locations.
Of course some franchisees seek advice from professionals dedicated to serving franchises. To read up on some franchise consultants who offer existing and potential franchisees professional guidance based on years of experience working with the franchise business model, visit here and here.