What is the importance of training in franchising?
There is no franchise business model that will make the franchisor more profitable without providing training and support to the franchisee. ‘Training and development’ is an important process in the success of any franchise business. The training program allows you to observe the smooth functioning of different locations. In order for a franchisee to run a successful business and avoid potential losses, the franchisor must provide the franchisees with the best quality training and assistance. 87% of CEOs around the world believe that lack of skills is a major impediment to business growth.
At present, about $ 1 billion (INR 7,000 crore) are spent on various training and development activities in India. 90% of the jobs are skill-oriented. But India currently has only 6% skilled manpower. However, training programs are a form of investment in the franchise business, which develops the skills needed to improve the company’s performance and make a lot of profit. Getting initial and ongoing training in all aspects of the business process is one of the major benefits of becoming a franchisee, as is not the case in an independent business. Most franchisors train their franchisees in all technical and functional aspects of the business. This is because most of the new franchisees do not have enough knowledge and skills about it. That’s why they need to be trained to run the franchise smoothly. Let’s see, what is the importance of training and support systems in franchise?
1) To adapt to the changes in the industry: This is the age of technology and there are frequent changes happening. Technology is updating day by day. So every business industry must adapt these changes. In such a situation, negligence or loss of business is inevitable. At the same time, government policies are also changing. That’s why it’s important to verify that your company is following industry regulations with each change. Therefore, it is very important to carry out continuous training activities to ensure that the skills and knowledge of all the employees in the franchise business are up-to-date.
2) To be aware of the changes in technology: Due to the frequently changing and up-to-date technology, franchise companies have to be constantly updated. Training programs need to be conducted to ensure that modern technology is being used in your industry and that your employees are able to handle this technology efficiently to its full potential.
3) To stay ahead in the competition: Take any business sector, there is competition in it. The franchise world is so vast, the competition in it is also very challenging. One small mistake can shut down your business or cause a big loss. In such a situation, continuous training is required to survive in the competition and to go ahead of other competitors.
4) To be able to know your weaknesses and weak skills: Through regular training, you can identify the weaknesses in your business. Also the weak skills of the employees can be improved. If the weaknesses of the business can be identified in time, it can be improved in time through training and potential risks can be avoided.
5) To retain knowledge and skills: Training programs are important for retaining the knowledge and skills of professionals and employees involved in the business process. It takes constant practice to master the skills and constantly refresh them so that they are not forgotten.
6) To update the skills of the employees: After the business is established and it is running smoothly, by constantly updating the skills of oneself and the employees, more profit and success can be achieved.
7) To increase the level of satisfaction in work: If investment is made through continuous training, job satisfaction is created in the employees and their interest in work will increase. This increases productivity and increases direct profits. It also prevents competitors from removing your best employees from your company.
8) To attract new ‘Talent’: It is important to identify and encourage talented employees among the newly appointed employees. The training program promotes great talent in the employees and the franchise business gets a good reputation due to the talented employees.
Summary: Regular and continuous training is not only important for developing the knowledge and skills of the employees but it is also an effective process for business success.
As franchise consultants in Mumbai, we at Franchise Birbal always provide individual attention to our clients and help them to establish franchise businesses both in India and internationally. Franchise Birbal helps franchisees start, grow, and protect their franchises. By developing a franchise business with us you get the assurance that you will be able to establish your franchise business successfully. Our franchise consulting and legal documentation services start from Rs. 15000/-* onwards.
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