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Guide to Fractional CFO Services
CFO’s Small Business Financial Report Guide
Articles
Marketing Strategies During COVID-19
As rumblings continue about how the economy will emerge from the COVID-19 crisis, I reached out to Kim Shepheard, President of Shepheard Marketing. Kim and I have been working together for years now. Kim’s a trusted advisor for my franchise, Monkey Bizness. She has been working in the franchise industry for the past five years
Climbing Out – What will it look like after COVID-19?
There have been glimmers of hope this past week. While the country is still embroiled in the COVID-19 crisis, a discussion is starting about when and how we emerge. For a futuristic person like me, this has been a welcomed dialogue. Before diving into specific business strategies, I think it is essential to start putting
Thoughts, Frustrations, and Strategies for Week 3 of PPP
The rollout of the Paycheck Protection Program (PPP) could be described in different ways. I have heard from many, and their experiences have been vastly different. Even within franchise systems, owners have had vastly different experiences depending on if they have a banking relationship and who it is with. As we sit here today, there
COVID-19 Cash Flow Forecasting
Hopefully most of my readers have been able to successfully participate in the Payroll Protection Program and/or the Economic Injury Disaster Loan Program for the SBA. As those funds start to arrive in the next couple of weeks, it is important to have a plan to use those funds and identify any upcoming shortfalls so
Paycheck Protection Program Application Process
In my effort to keep franchisors and other small business owners informed about strategies to work through the COVID-19 crisis, I did another video on the Paycheck Protection Program application process. While the process is straight forward, the calculation of payroll costs and full-time employees is critical. This video walks through both of those calculations
The CARES Act for Franchisors
This past week was filled with news stories about Congress debating and eventually passing the Coronavirus Aid, Relief, and Economic Security Act (“CARES”). The details emerging through the news this past week changed daily, which left small business owners somewhat influx. The bill passed on Friday and the final details are now known (for the
COVID-19 and Franchisors
If you think you are alone in trying to figure out how to navigate your small business of Franchise brand through the COVID-19 crisis, think again. With estimates that unemployment may reach 30% by the end of April, evidence abounds that the crisis is real for all small businesses. Below is a 18-minute video that
Financial Coaching for Your Franchisees
In November 2019, Dan had finally had it. He had franchised a fitness concept that had never taken root. He was franchisee #3 within the system. It was a small system, which is what Dan wanted. What it lacked in size, he was convinced it would make up in individual support. As I sat having
The Power of Customer Data – Three Considerations for Finding Your System
When I took over Monkey Bizness Franchising, an indoor kids’ play concept, in 2015, I asked our franchisees a question, “How many times do you think our average customer comes each year?”. We had four franchisees at the time and I got for different answers ranging from 6 to “I have no idea”. We had
Young and New Franchisors Should Crunch the Numbers on Online Ordering
While ordering food online through apps such as Grubhub or Uber Eats has only been around for a few years, it has made a huge impact. That impact will only continue to grow, especially for franchisors. According to a survey from orderTalk, 79% of Millennials ordered food last year via an app or a website.
3 Ways to Build a Financial Support System For Franchisees
Success for any franchisor can be measured by their number of healthy franchisees. The statistics bear out that franchises fail about as often as a regular business. This should be somewhat surprising because many franchise concepts are modeled after an existing business that has experienced a certain level of success. Many franchise systems have failure
Five Ways a CFO can Help you Stick Out in a Competitive Franchising Landscape
While it is hard to get an exact count on how many franchise brands are in the United States, the number is somewhere between 3,500 and 4,000. While many of the periodicals dedicated to covering franchising devote most of their efforts to brands that are in the uber-growth phase or have well over 150 units,