Steve Cox, managing director of Dymocks, is overseeing the implementation of a new strategy in the book retail chain. Here he offers some tips for franchisees, and franchisors, in retail.

TIPS FOR FRANCHISEES

1. Be mindful of business possibilities – cashflow, forecasting, expectations, managing control lines.
2. If you don’t keep a cashflow statement, you can ultimately come unstuck so do a 12 month cashflow forecast
3. Plan for refurbishment and what’s required – you have to stay ahead.
4. Openly communicate with the franchisor about your business.
ADVICE FOR FRANCHISORS

1. Everything in retail is about the customer. Spend time and energy to investigate who the customer is and what they are looking for, make your customer at the centre of the decision process.
2. Engage with the franchisee network so the best possible outcomes can be achieved – through business managers, regional meetings, annual conferencse.
3. Understand where your business is at and remember everybody wants a strong, vibrant and successful business.
4. Gain confidence from your franchisees: communicate and demonstrate results
5. Remember that individuals communicatioe, learn and embrace change differently, so be mindful of diverse people, different perspectives, and frames of reference.