In The News

Tue 9 Jan 2018

NY Resolution – Review & Refresh: It’s a New Year for Franchising!

Business Planning & Strategies
colleagues cheering

Given that the last few years have seen many changes to the franchising industry, with greater regulations and higher penalties now in play, it is arguably more important than ever to make it your new year’s resolution to take some time out of your standard day to day operations, to review and refresh for 2018.

If you have not already done so, now may be the time to touch base with both your internal team and external advisors (who specialise in franchising) to ensure that you are on track or undertake what is needed to get back on track.

Some questions you should consider asking to assist you with your review and refresh include:

  1. Are you and the key members of your team aware of the key legal obligations impacting your business and any legal changes that may have taken place in the last 12 months?
  2. How do you ensure that any further legal changes are effectively updated to you and your team?

Arguably, most employees are busy enough just managing their day to day operations that they may not pay sufficient attention to understanding the legal matters impacting the environment they work within.

Furthermore, longevity in one role does not now seem to be as common and while some employees may be up-to-date, that does not mean that the relevant information flows on to others who need to know. In this regard, I have seen within a number of Franchisors and Franchisees organisations where knowledge has not been shared or its importance understood. And separate departments or functions operate almost as completely separate units, making assumptions that others are already aware or have been separately updated.

  1. Do the documents, systems and processes designed to meet and achieve your current obligations and goals, actually work as intended?
  1. How do you review that they are working?
  1. How often do you do this review and what happens with the results?

Often I have seen documents created but not used, or what could have been a great system or process does not work without adaptions to take into account a particular group’s circumstances and/or the resources available.

It is not sufficient just to create the paperwork, it needs to be relevant for the particular circumstances, there needs to be resources made available and a culture that supports the underlying process, system, and goals.

Finally, as mentioned earlier there has been substantial legal changes over the last few years, where businesses, their employees and associates can each face certain liabilities and penalties, and as such being both aware and taking proactive steps has become even more important. So, as we now find ourselves in the first month of 2018, now is a good time to take time out to review and refresh!

Please note this brief update, does not purport to be comprehensive advice relevant to your circumstances. Consequently specific legal advice for each of your circumstances should be obtained first before taking or not taking any action in respect to this area.

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