Small Business Entrepreneurs Learn From Franchise Model

As an small business entrepreneur, accelerate your success by modeling certain aspects of your business after the franchise business model. US Business Finance Corp has helped many small businesses succeed and in our experience whether a business is a franchise or an independent small business enterprise is not the determinant for success. More important to success are the business owner’s experience, vision and goals for the company and approach to doing business. By adapting several aspects of a franchise model to the independent approach to business, owner’s may fast-track their success and avoid several small business challenges.

1. A measure of franchises is “Transferability of knowledge”. Any company with employees has to establish a training program to transfer corporate knowledge quickly and accurately. Training gives your employees the basic tools to meet most of the situations they will encounter in their jobs. Training documentation creates a readily available FAQ that allows employees to double check items without always “calling on the boss”.

   Companies can adapt training programs already available into their own companies. Visa and MasterCard merchant card service providers like US Business Finance Corp provide employee training programs to quickly acclimate your workers to knowing how to handle credit card sales, credit card declines, protect your company from fraud and safeguard your merchant profile. US Business Finance Corp recognizes the importance of problem-free credit card transactions and our team helps train our clients’ employees as well as provides training material.

2. Franchises also system their standard operating procedures (SOPs). Time and trial-and-error expenses are saved when employees are trained in the correct way to do things. With a system in place, owner’s time is freed up from having to deal with every situation because employees can quickly apply knowledge of the system to most challenges. Of course, part of the system is when all else fails call the boss!
3. Create the prototype. Each franchise started out as an independent enterprise that proved the concept of  the business model. Even if you are not going to franchise, by seeing your business as a prototype, you constantly utilize customer and employee feedback to improve the training, offering and systems for maximum profit and customer service.
4. Committed to relationships. Franchisors must build long-term beneficial relationships with owners and managers of their franchises to ensure a consistent level of customer service, brand reinforcement and products. In a similar manner, by focusing on strong relationships with your employees, customer service, morale, and product knowledge stay consistent as well as minimizing employee turnover.

Small business entrepreneurs adapting these four areas to their independent business ventures will find it easier to concentrate on the areas of their business that demands their talents. A well-trained work force is better able to accept delegated duties and responsibilities when they know how to do it, how they will be measured on their performance and how their actions contribute to the overall success of the business. Contact US Business Finance and improve your merchant credit card processing service and training program – quit paying for mistakes.

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Filed under: Alternative Capital, Management and HR, MasterCard/VISA, Money Matters - Business