In the franchising industry, it's important to be aware of the financial year. Made up of four quarters, the financial year is a period of 12 months that enables both franchisors and franchisees to calculate their budgets, profits and losses and compare their results to previous years to ascertain whether or not the business is performing as well as expected.
The financial year also allows franchisees to evaluate their success in greater detail by enabling them to compare their results quarterly, instead of across a whole year. This means that, if necessary, they can tweak their business offering to help increase profits and/or hit targets before the end of a particular quarter.
With this financial year's third quarter (Q3) starting on July 1st, what should you do if your franchise could do with a shot in the arm heading into it? Here are our top tips.
Keep things new and exciting
One of the benefits of becoming a franchisee is being able to use the franchisor's already-established name to attract customers. However, those customers are likely to become bored if your product offering stays exactly the same every day, so it's important to add new items to your menu to complement your perennial best-sellers every so often to keep regular customers interested and attract new business.
Keep an eye out for opportunities like the August Bank Holiday, Halloween and Bonfire Night and offer products themed around them when the time comes.
At Cafe2U, we celebrated the Platinum Jubilee by adding some new items to our menus that were fit for a Queen, including the Eton Mess Milkshake, Cucumber & Mint Iced Tea and the English Toffee Iced Latte. Thankfully, our customers loved them!
Make sure you're environmentally-friendly
For many customers in 2022, eco-friendliness has become a necessity, with a significant number refusing to do business with companies that aren't overtly sustainable.
If your franchise needs to drive extra footfall between now and the end of the year, review your marketing material and online presence to ensure you're making customers aware of just how sustainable your business is.
At Cafe2U, some of the green initiatives our franchisees can shout about include:
our reusable or compostable cups
our paper cup and coffee grounds recycling schemes
our fully digitised, paper-free head office
our sustainable and ethical partners and suppliers, and
our fleet of emission-free, fully electric vehicles
Hit the road
If you need to increase the profitability of your franchise, it's a good idea to get off the beaten track every once in a while.
Every Cafe2U franchisee has an exclusive territory in which to operate but, no matter how well they know the area, untapped opportunities can often be found within it. If there's a good-sized park or sports field in your vicinity, find out if any upcoming events are taking place there - funfairs, charity events and performances by local bands or amateur dramatics groups will all provide you with an excellent opportunity to make new customers.
And don't forget to let people know where you'll be and when. Social media sites like Facebook and Instagram are great for getting a message out; you could also have pamphlets and flyers made up for some more traditional advertising.
Treat your customers kindly
Not for no reason is the phrase 'the customer is always right' still prevalent in the business world!
If you need to sell more of your product, one of the first things to review is your approach to customer service. Every person who visits you should be made to feel appreciated - after all, there are plenty of other places they could spend their money. Make sure you greet every customer, make eye contact, engage in small talk, go the extra mile to make sure they're happy with their order and generally treat them like royalty. Where possible, offer them a loyalty card to increase your chances of repeat business from them too.
Remember, people are much more likely to tell their friends and family about a bad experience than they are about a good one, so keeping your regular customers happy and making your new ones feel important is paramount. Doing this will give your franchise the boost it needs.
Take advantage of your franchisor's experience
If you need a helping hand, your franchisor is always there to help and offer advice and support, so don't be afraid to ask for help if your numbers aren't where you'd like them to be.
Franchising opportunities with Cafe2U
There's never a bad time to join the franchising industry and at Cafe2U, all our franchisees receive all the training and support they need to make their business a success. If you're interested in investing in a Cafe2U franchise, click here for more information.