Be successful in franchising

Successful knowledge management in franchising

In today’s business world, the key areas are information and knowledge are very valuable assets. For many companies, therefore, eventually the question how effective is management of information.

Effective knowledge, the process of identification can be divided, roughly speaking, in four steps. Here are basic principles, which a company should be observed, to run a successful knowledge management:

In order that new knowledge can emerge, have relevant information to be interpreted and evaluated by the respective user. The correct interpretation of the information collected for each company can be valuable inferences lead to both short-term business decisions and for strategic planning, and it can be used.

Knowledge must be in its overall process throughout the company systematically captured and embedded in the strategic business planning are.

The proper use of the accumulated knowledge can eventually to a highly productive cycle lead, which may represent an important component in the development of an enterprise.

In aspect of knowledge transfer, the cooperation between franchisor and franchisee is crucial. Therefore, especially in franchising if one is well organized in regards to knowledge management, it is essential for the success of the whole system.

Here is a short list of the main reasons:

  • Franchising as a concept is based on the multiplication of successful operations. Because of this, particularly in the construction and implementation of a successful franchise system is a well-crafted knowledge management one of the critical success factors. All transactions that will largely determine the operations of a franchise concept successfully and they must be thoroughly documented.
  • Information transfer in two directions
  • One of the main duties of the franchisor is it, he to ensure that the information, provided to them from active franchisees is available.

In addition, he have to prepare accordingly and evaluate (e.g., changes in demand and sales of individual products, recurring demand for a particular product, complaints about quality issues, etc.). That information could be used for conclusions for future product planning and the cooperation with suppliers. In this way, a good knowledge management can help very in this area.

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