Fast moving franchises hit big time on BRW list
“You need to ask yourself, how can I do this successfully where the benefit is not outweighed by the burden? Businesses today are too traditional in their thinking. For example if they are busy, they think, ‘I need a secretary.’ If they are expanding they think ‘I need a new office.’ This thinking is unnecessary and also places unwanted financial burden on the company.
“I would advise that these businesses go back to the basics. Know what you are good at and focus your attention on that, outsource what you are not good at and most importantly, have a good structural system in place.”
Simpkin takes a similar approach believing that the fundamental of any business is to ensure the business model is sustainable.
“For any small business the challenge is being able to invest in the right people ahead of your need for them. Many small businesses spend too much time backfilling in an attempt to catch up. It is important to anticipate need and to act accordingly to put yourself ahead of the growth curve. I would suggest employing good people before you need them and balancing that with the bottom line.”
In the current climate, businesses are looking for advice on how they can better manage their cash flow and increase their profit margins. Simpkin says cash-flow is the biggest hurdle small businesses face.
He advises businesses to “conduct regular cash flow forecasts, keep your accounts readily available, understand where your costs are in the business and manage accordingly.
“If you can’t measure it, you can’t manage it.”
So what does the future hold for these two franchises? Café2U is currently working on cracking the big time in the hugely competitive US market, while ecowash mobile is focusing on building on their current foundations, anticipating business will triple in the next 12 months.
To find out more about Café2U, please visit www.cafe2u.com.au
For information on ecowash mobile services, please visit www.ecowash.com.au
People who read this, also liked:
Taking your franchise global
Australian first for franchising