Even investors who purchase turnkey enterprises usually benefit by also implementing written business plans. While a typical franchise includes ready-made operational guidelines supplied by the franchisor, the addition of a specific plan for every location assists managers and staff members. This brief article addresses three reasons to consider preparing a detailed plan for every business location in your portfolio.

One: Research The Local Marketplace

Taking the time to prepare a detailed business plan for every franchise location enables a business owners to gather valuable information about local marketplace conditions. Whether you invest in a fitness center, a fast food outlet, or a cell phone repair franchise, this type of data collection helps refine your marketing efforts. A national franchisor’s planning, while extremely valuable, may not take into account the impacts from a short term road closure within the immediate neighborhood, for example. By obtaining specific information about community, a franchisee adjusts more quickly to local events which might impact profitability.

Two: Supply Detailed Information to Lenders And Prospective Business Partners

Additionally, in some situations, franchise owners discover their business may benefit from obtaining additional short-term funding. If you need to meet with lenders or insurers in your community, it may prove helpful to expand your franchise business plan to encompass local information. For example, in some cases, special metropolitan, state, or regional funding programs assist new businesses (including some franchises). You’ll place your company in a much better position to benefit from these types of financing sources if you have already compiled a detailed business plan which includes a section addressing local marketplace conditions.

Three: Promote Business Continuity

Finally, by including a business plan which considers the role of your enterprise within the local community, you’ll assist your firm in maintaining business continuity if a change of ownership or a short-term disruption in operations ever occurs. Franchises in general hold advantages in this respect; some franchisors assist franchisees if the need ever arises to sell or relocate the franchise. Yet a national franchise may not know specific details about local business conditions. Including this type of information in your firm’s planning might help fill a gap in business intelligence.

Business Planning Resources

Numerous resources assist businesses in compiling comprehensive plans today. For example, the Small Business Administration website offers valuable assistance. Consider using its recommendations!