Franchising Today - Fall 2016 - 19

GOAL-SETTING

ing and collating each franchisees'
annual financial forecast helps us
to refine plans for the upcoming
year. First, we're able to establish a
joint revenue goal, which gives the
network something to aim for and
enables us to track our development as we progress throughout
the year. We publish an annual operational plan which spells out, in
detail, the actions we are taking as
a franchisor to help reach our revenue target.
The plan provides details about
the remodeling industry and how
to stay ahead of an ever-changing
market. It also outlines our ongoing training, key events throughout the year, pilot programs and
initiatives we are testing for the
future, franchise development
plans and an overview of each
franchisees' financial forecasts.
Franchisees appreciate the fact
that we are committed to planning for growth and willing to
openly share those plans.
3. Monitoring actual performance
vs. budget - Establishing a joint
goal with your franchise network
is powerful, but you need to monitor it to make sure you are firmly on track. We do this by openly
sharing everyone's actual results
vs. their budget each month and
year-to-date. We also monitor
year-over-year growth and samestore sales. If a franchisee is
straying off-course, we're able to
get involved and offer additional
support swiftly.
It is in the best interest of the
network and that individual franchisee to stay on track. The reasons for not making target can
vary, and more often than not,
a deeper analysis is needed to
understand whether it's a mar-

Establishing a joint revenue goal gives
the network something to aim for and to
track development with.

keting, sales, business management, technical or financial issue,
or sometimes a combination of
these. Based on the analysis, we
will send a professional from our
support team to help with that
discipline. That is the role of our
franchise support and development team.
4. Financial benchmarking forums
- As an additional service, we
help facilitate financial benchmarking forums. These groups
typically consist of 10 franchisees, and we get together twice
a year to review their numbers
in depth. We compare key performance indicators and FPIs,
examining the high and low performers in each category.
Franchisees prepare case studies to share with their peers. Additionally, it gives us, the franchisor, the opportunity to develop
better practices, which are then
shared with the entire network.
It's like having another 10 business coaches working for you, in
the same industry, all helping you

become even more successful.
They are consistently voted as
the most popular and helpful sessions organized by the franchisor.
Since introducing this simple fourstep formula, we have achieved double-digit growth and continue to
lead our industry by transforming
more than 8,000 customer homes
per month. Our franchisees are energized and focused on the future,
which helps them to manage their
businesses and avoid the temptation
to get drawn into the daily hands-on
tasks. All too often, we become consumed by the here-and-now without
giving the future a thought. Thanks
to this simple formula and foresight,
the future is bright for our passionate franchisees.
As COO of TREND Transformations' North
American and United Kingdom operations, Danny Hanlon oversees business
development across both territories. He
is responsible for providing franchise owners with
effective marketing and technical support, controls
the overall operational budget and manages the head
office team. For more information, please visit www.
trendtransformationsfranchise.com.
FALL 2016

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Table of Contents for the Digital Edition of Franchising Today - Fall 2016

Contents
Franchising Today - Fall 2016 - Cover1
Franchising Today - Fall 2016 - Cover2
Franchising Today - Fall 2016 - 1
Franchising Today - Fall 2016 - Contents
Franchising Today - Fall 2016 - 3
Franchising Today - Fall 2016 - 4
Franchising Today - Fall 2016 - 5
Franchising Today - Fall 2016 - 6
Franchising Today - Fall 2016 - 7
Franchising Today - Fall 2016 - 8
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Franchising Today - Fall 2016 - 19
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Franchising Today - Fall 2016 - 38
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Franchising Today - Fall 2016 - 49
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Franchising Today - Fall 2016 - Cover3
Franchising Today - Fall 2016 - Cover4
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