First time judge, Jason Miller, joins us from a financial perspective. Working as Client Services Manager for EKW Group who specialise in providing accountancy support to the franchise sector, Jason is a fantastic advocate for ethical franchising for franchisees and franchisors alike. Jason says “Being both a qualified accountant and franchise professional, I can usually give on-hand support, and anything else we have a team who specialise in their own fields who I can refer to.” We caught up with him to find out what being a judge for this year’s awards means to him…
What’s our best advice for managing budget planning in ever-changing environment?
Most franchisees will have had a business plan written up, with the help of the franchisor, when their agreement is signed. Very few will revisit or revise this.
My advise would be to consistently review actual performance vs the original plan. Firstly to measure initial expectations and secondly to have the opportunity to revise the forecast.
This can be both in terms of financial and internal measurables.
Budgets in my opinion should be both scalable and achievable, but also prudent. As the past 18 months have shown you never know what’s around the corner!
In light of recent events, how would you future proof your business?
Future proofing in business can take many forms.
Diversifying the businesses incase one part of it fails. Being ahead of the game in terms of trends within your particular sector etc.
But also having the ability to identify and manage risk.
From a financial point of view it’s being mindful that turnover and profit doesn’t necessarily mean the business is financially stable.
A ‘Health Score’ of your business looking at liquid assets vs liabilities shows how the business would look if it ‘closed today’ and can look at ways of building contingencies for it.
In your eyes, why are business awards so important to organisations and why should they apply?
The most exciting part of applying for a spot at the business awards is the glitz, glamour and anticipation that the event brings. For me it’s my most favourite date on my calendar.
From a business perspective however, and more importantly, it gives applicants the opportunity to put into words how passionate they feel about their own brand and be proud of the successes they’ve achieved.
It’s revitalising to remember why they’re doing this and look back before looking forwards again.
What does being a judge for the British Franchise Awards mean to you?
Honestly, it’s an unbelievable accolade to be invited to be a part of the awards.
Just like the applicants having made it even as far as the panel, to have the acknowledgment that your opinion or input is valued by your peers reminds me the work I put in is making a difference.
Why are you so passionate about franchising?
In no other walks of life do competitors share best practice. Not that I can think of. Why would they?
Franchising, in particular the BFA network, strips away that ‘us vs you’ mentality and as a community “we’re in this together”
I also love that franchising has given so many people the opportunity to run their own business who without it, it just wouldn’t have been possible
Join us at the ceremony on 30th November at the Vox, Birmingham to celebrate the best of the best in franchising.