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 […]
COVID-19 Cash Flow Forecasting Read More »
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
Paycheck Protection Program Application Process Read More »
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
The CARES Act for Franchisors Read More »
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
COVID-19 and Franchisors Read More »
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
Financial Coaching for Your Franchisees Read More »
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
The Power of Customer Data – Three Considerations for Finding Your System Read More »
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.
Young and New Franchisors Should Crunch the Numbers on Online Ordering Read More »
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
3 Ways to Build a Financial Support System For Franchisees Read More »
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,
Five Ways a CFO can Help you Stick Out in a Competitive Franchising Landscape Read More »
GAAP is the four-letter acronym for Generally Accepted Accounting Principles….most non-accountants have other four-letter words they might use to describe it. Most entrepreneurs and business owners I talk to rightfully comment they don’t care about GAAP because it doesn’t apply to their business. Unfortunately, franchisors are not in that category. Most franchisors think of themselves
Who cares about GAAP? Unfortunately, Franchisors must Read More »
