Many Hats of Franchisees

In spring of 2017, I found myself doing the obvious “spring cleaning” at home with my wife. Our team at MKS Group also used a “Spring Clean” theme for the spring quarter to get our office in order – clear the back log of work, clean up our office, clean up our act, lose the excuses and set some hefty goals. At the end of the quarter – it was a big tick for the team with a great celebratory team Lunch to head into Christmas.

Back to the spring cleaning at home. It came to the point of cleaning one of my wardrobe cupboards and without a doubt, there was in excess of 20 hats or caps. Who needs that many hats anyway? Who even wears all of them? I know when I need a hat to head out, there’s the trusty one I wear and feel comfortable in. When I’m outside in the garden, there’s another trusty hat that I can feel comfortable in abusing while pruning the hedges. For anyone that has met me you will realise that my head faces the very serious challenge of being able to retain hair!

So what has a story about the 20 or so hats a balding man has in his wardrobe got to do with franchisees? Franchisees have invested a significant amount of money into a business and are business owners – it is not a job. With that, franchisees have a vested interest in succeeding financially and changing their lives in the future. In most cases, franchisees help to change the lives of other families also by employing people and paying them a wage.

The responsibility of a franchisee / business owner comes with wearing …. wait for it… many hats! From Chief Customer Service Manager, HR Manager, Stock Controller, Operations Manager, IT Support to the Super Hero In Training (amusingly SH$T for short!). Then often, after hours or on weekends, franchisees put on the hat of Chief Financial Controller, Accounts Payable / Receivable Officer, Payroll Master and are Busy At Stuff (we call it BAS for short!).

So how many hats can a franchisee wear effectively? Go back to me Spring Cleaning my wardrobe and my hat wearing habits. How many did I wear out of my collection? Usually 2, possibly 3. So why do franchisees try to wear so many hats? Do they need to, or should they do a spring clean? Why are you wasting precious family time and YOUR time after hours or on the weekend doing your BAS, all while trying to learn how to actually complete a BAS, on top of the many new procedures and policies you are learning as a new franchisee? There are plenty more critical things in the day to day operations that a franchisee needs to concentrate on. I recently met with a franchisor who commented that if franchisees look after service delivery, product and staff, you will have a successful business.

As a franchisee, what is it that you are going to concentrate on to have a successful, thriving business? Which hats are you going to wear and which hats are you going to take off?

At MKS Group, we have an “award winning” team that can take the after hours burden away from you. You too can have consistent, reliable and on time reporting, whilst staying compliant with BAS preparation and end of year tax returns. The franchise you bought is most likely NOT a bookkeeping and tax franchise (or maybe it is – there are some out there). So invest in yourself, your family and your friends and get in touch with MKS Group who have Proven Business Performance.

To hear about our service offering, tailored for Franchising or how MKS Group can wear the hats in accounting, bookkeeping, payroll and tax for your franchise, click on the link below.

By Michael Risoli