Reeling in the year

Ho ho ho. 'Tis the season to be jolly. Supposedly. Unfortunately, at the moment the prospect of a happy Christmas - slap bang in the middle of an economic crisis fuelled by an obsessed media - seems as realistic as old Santa himself. (Is this a bad time to tell you that there's no such thing as the Easter Bunny either?)

Still, there's always the prospect of a New Year to savour. I despise the staggering anti-climax of New Year's Eve for a multitude of reasons - too many people, overpriced drinks, Roland Rat soundalike Jools Holland and his self-indulgent, crushing bore of a hootenanny... But this year, me and my wife - along with practically the whole of the population - will be particularly pleased to see the back of 2008, a year that will be regarded in the future, not so much as a vintage wine, more a cheap bottle of plonk.

There's always food for thought at the turn of a new year, a time to take stock of the situation and deal with any problems. In particular, franchisees can reflect on the year that they have had and prepare well for the future.

Given that the last year has seen major financial concerns, it's an idea to plan your finances in advance. If you're an established franchisee, chances are, you'll be making healthy profits. If that's the case, it's worth pegging a bit of that money away for a rainy day. If that's not the case (say that you're only in the early stages of franchising, or you haven't broken even yet) it's time for a bit of lateral thinking. Try to find cheaper alternatives in all aspects of your business: advertising, marketing, telephones, insurance... Gradual cuts in your chosen fields may make slight but effective differences, and who knows, you may get a better service in one or more of these fields.

One way in which you'll make more money is broadening your client base. Up your marketing game with heavier promotion of your business, whether it's more leaflets, adverts or greater web presence. If you already have a big client base in your area, then it may be worth thinking about becoming a multi-unit franchisee. Have a word with your franchisor for their advice, and see if it's a feasible idea - although take care not to spread yourself too thinly. Remember, it's all about quality, not quantity.

Reflect on any mistakes that you have made in the past year. It's possible that those starting out in their new franchise may have not had such a smooth ride as they would have liked - especially in such a forbidding economic climate. Discuss any problems that you have had with your franchisor, and they will find a solution to these. Work out how you can build on your performance from the last year. Even if you have had a brilliant 12 months, there may still be certain elements of your franchise that need ironing out. It's also worth speaking to other franchisees in your network to seek their advice on how they dealt with the early stages of their franchise.

Set yourself a plan for 2009. Write down a series of goals to achieve in a select timeframe. For example, aim for a number of clients that you are comfortable with by a certain month, or aim for a particular turnover by the end of the year. With a concrete set of ideals, you will find that if you work towards these, then it's highly likely that you will achieve them.

Overall, it's difficult to predict what 2009 holds. While 2008 has been an unqualified disaster in terms of the economy and an army of crazed newspapers and newsreaders relentlessly babbling on about "The Credit Crunch" (a name that actually sounds like one of those ropey old pantomime villains in Batman), and actually making the situation far worse than it should be, the franchising industry has been somewhat more fruitful. The National Franchise Exhibition, held in Birmingham recently, attracted a healthy amount of visitors, while, as reported in this magazine, various franchises have demonstrated considerable growth against the odds. With that in mind, it's a fairly safe bet that 2009 should hold considerable promise.

Happy Christmas, Happy New Year etc. Don't overdo the mince pies and mulled wine - and resolve to make 2009 a successful franchising year.