Like a lot of franchise owners, in September 2016, Matt set up his futsal coaching business with a view of creating a business he grew himself. However, as those who coached with him began to get more involved, he was looking to grow the business. He decided to explore the franchise option. Fast forward to August 2016 and Matt had five new franchisees on board.
I met Matt in that August in the Entrepreneurial Spark Accelerator Program which helps businesses boost growth. Matt owns The Futsal Partnership and the business has developed to focus on participation in sport across all ages. His grand goal is to see one million children per week being coached through his franchise network. Pretty inspirational stuff!
I sat with Matt over a brew and discussed his issues and also his future goals. He realised that although the accountant they’d chose was supporting with submissions to HMRC, they were not providing the level of service Matt required. He was spending a significant amount of time helping new franchisees to set up and learn their accounting software, how to manage their finances well and how to tick all the boxes with HMRC.
A few weeks later, Matt, his new franchisees and I were sat discussing problems they faced across the whole franchise. We put together a solution and a plan to switch all their accountancy to Stryde and provide the level of support required to take each business to the next level.
Through a series of face to face discovery, review and implementation meetings we looked at every aspect of the franchise. The outcome was to help Matt to create consistency and transparency. Questions we helped answer included:
Every Futsal Partnership franchisee now has all the complicated accounting bits taken off their hands. Stryde provide all the normal services you’d expect from an accountant, plus bank reconciliations, bookkeeping and credit control. Acting as financial mentors on every business decision franchisees need help with.
Fast forward again to January 2017 and the following unprompted comments were made by franchisee Kirsty:
The financial aspects of the franchise were now in a better position and Matt had more time to focus on marketing. He was able to spend more time promoting the business opportunity. In April 2017 Matt received agreement from five new franchisees, doubling the size of his business. This took his total number of franchisees to ten. Although we spoke many times throughout the process, at this point I spoke to Matt about the progress being made. Again, without any prompt, he made the following comment to me:
The reason behind this comment stemmed from the confidence he could give prospective franchisees on the ‘scary’ parts of the business (i.e. the finances). When these new franchisees came on board we were able to deliver personalised training bespoke to The Futsal Partnership. We helped each new franchisee understand how to use Quickbooks (the franchises cloud accounting software of choice), what it means to run a business in terms of responsibilities and the practical importance of cash flow management.
Here’s a snapshot of the feedback received from these sessions:
Due to the impact on Matt’s business, he is now proactively recommending us to others. I asked Matt if I could share the following Facebook posts where he compares the difference Stryde has made and the impact of his own dedicated Stryde accountant.
As I write this, with over 30 opportunities currently on the cards for new franchisees, Matt is expecting to take on board another large group to double the franchise size again in the last quarter of 2017.
To find out more about how you can benefit from your own tailored finance solution, call us today on 0330 043 4589.
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