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The Franchise Satisfaction Benchmark is provided by Smith & Henderson – a leading independent franchise consultancy that helps reputable franchisors to improve franchise network performance and growth.
The objective is to identify and understand how the franchise is performing through the eyes of its franchisees. This report covers the critical areas of training and support, product and services, marketing, franchisee-franchisor relations, stewardship and rewards.
Introducing the Franchise Satisfaction Benchmark
Satisfied franchise owners work harder, contribute fresh ideas and exceed customer expectations. All these behaviours directly impact business performance. And like most key performance indicators the first step in improving franchisee satisfaction is measuring it.
The Franchise Satisfaction Benchmark (FSB) not only provides a snapshot of franchise owners’ satisfaction today, but also tomorrow as it indicates their level of optimism about the future. It consists of six key dimensions, which research show make up and contribute to overall satisfaction:
Training & Support
Franchise owners come from diverse backgrounds and many do not have specific industry experience. Training, mentoring and support empowers them to establish, maintain and grow their businesses.
Franchise owners sacrifice entrepreneurial freedom for a proven system that when followed, will empower them to be successful. The competitiveness of the business, approach to innovation and flexibility to meet www.onlinepharmacytabs.com local customer needs are key considerations.
Culture & Relationships
The strength of the relationship with the franchisor and other franchise owners contributes not just to their success but also the day-to-day enjoyment of running a franchise. Franchise owners want to be treated with respect, understand the reasons behind key decisions and be encouraged to suggest constructive ideas.
Long term satisfaction boils down to the effectiveness of the franchisor’s leadership, the fairness of system policies and restrictions, and how effectively it maintains and upholds system standards to preserve the brand and competitive advantage.
Value & Rewards
The extent to which the franchise is value for money and allows an individual to realise their personal goals, whether these be financial or something more personal like a better work-life balance and sense of achievement.
The crux: would franchise owners recommend the franchise and if given the chance, would they do it all over again?
This report is published by Smith & Henderson. It is not intended to be an endorsement or recommendation by Smith & Henderson. It is strongly recommended that any prospective franchisee completes thorough due diligence and receives professional advice before investing in any franchise.