A franchise business will need to put in place the right processes so that they can communicate efficiently with all the key stakeholders. In this instance a stakeholder would be anyone that has an interest within the franchise so it can include employees, customers, suppliers, partners and investors.
By developing a stakeholder communication plan the franchise can quickly recognise what information needs to be shared, what the most effective communication channels are and how often information should be released. It is important that information is informative and engaging but there also needs to be an open line of communication, you should also encourage feedback from the stakeholders.
A stakeholder communication plan should include some key elements:
Define the stakeholders
A full list of everyone that needs to be communicated with. Clearly different stakeholders will need to receive different forms of communication. This is where it is important to segregate the different types of stakeholders and identify the types of communications they will need.
Be clear on the strategy
What needs to be achieved through the communications, identify the importance of them and how it will help the franchise business to achieve its overall goals. Setting objectives makes everybody accountable and provides full visibility of everything that is happening within the business.
Identify the best communication tools
Using the right methods for communication will depend on the key stakeholders. Some might just need a quick monthly update via e-mail whereas others could need weekly online meeting updates. A mix of reports, face to face discussions and newsletters are often utilised. The key for all is that everyone needs to be informed and fully engaged.
Create a plan
Having defined the audience, clarified the strategy and identified the best communication tools the next step is to pull everything together in one consolidated plan. This will typically take the form of a calendar layout where you identify what information is being distributed, when it needs to be sent and who needs to be contacted. Finally, a method for collecting feedback and evaluating responses should also be included in the plan.
Review and adapt
The communication plan needs to be continually reviewed to make sure it remains effective and beneficial to all stakeholders. Relationships will change along with the demands of individuals so being proactive and adapting the plan will prove beneficial.
Finally, the stakeholder communication plan can be a stand-alone document or can be a key component to a full business plan. Here at NGI Franchise Funding, we have a specialist business planning team who can assist with helping in the creation of both a franchise business plan and a franchise stakeholder communication plan.
If you have any questions or would like some help, please call us on 01993 706403 or e-mail hello@ngifranchisefunding.co.uk.