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Franchising At McDonald’s Corporation
McDonald's Corporation’ a largest hamburger fast food restaurant chain in the world that serves in more than 68 million customers in about 119 countries across 35,000 outlets. McDonald's restaurants are being operated by a corporation, franchisee or franchise that tries to recruit, train and motivate its workforce to learn human resource skills. The commitment of McDonald’s with its franchisees not only recruits or trains but also recognizes the profitability and its success. McDonald's gets its revenues from the fee paid by its franchisees and company-operated restaurants which are owned by the corporation itself but mostly, the franchisee does not own the location of its restaurants.
Being a business student, give your opinion on how franchising enables the growth of a corporation like McDonald’s and provide an ongoing support to its franchisees?
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Importance of your plan
The management of any business is a highly creative activity. The management of a franchise company, because of the differing relationship realities in a franchise system, is even more so. Starting, developing and managing for growth requires a wide variety of skills and qualities. It requires more than just the expertise involved in the operations of business, even with a good measure of hard work, dedication, and commitment.
If the business is of any size, you will be proportionately dependent on the skills and knowledge of others, both internally and externally. The role of the entrepreneur, or chief executive, may be seen as controlling a variety of factors, ensuring that they function effectively and cohesively. A good business plan is essential to achieving those aims.
Possessing a good business plan is no guarantee of success, nor of avoiding failure. Often the cause of failure is that owners and managers did not anticipate quite simple factors that could have been foreseen. These may include misunderstanding the market, not having enough money or lacking clear objectives.
Another cause of failure may be that the development of the business plan was viewed simply as an exercise in itself, and also that the business planning process and the ultimate plan were not used as tools for managing the business.
By itself, a business plan won't overcome any of these common faults. But often the process of formulating one, and of having to expose issues and assumptions to detailed formal scrutiny, can ensure that weak points are identified early enough to make positive changes.
Business plans are also an essential tool in working with bankers and investors in maintaining existing relationships and in beginning new ones. But, all business plans, whether developed primarily for internal use in managing the business or prepared for third party review, should follow the same guidelines. And those guidelines are accuracy, reasonableness, and completeness.
This summary combines various attributes which typically are included in different types of business presentations: offering memorandums prepared for investors, internal business plans prepared as a summary of the business and its future activities, and strategic plans which are considerably more in depth than other types of business presentations. Even where the intended final written document is limited in scope, franchisors should progress through the process as if the intended document is a strategic plan. This will enable them to fully review every aspect of the business, measure its effect and benefits, and plan
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Franchisees plays important role in growth of big multinational food chain like McDonald's. McDonald's corporation sold rights to different franchisees to open restaurant in different cities. Those franchisees gave certain percentage of sales most as franchisees fee which adds in revenue of McDonald's cooperation. Franchisees are also bound to purchase restaurant building material , equipment and raw food from certain McDonald's approved suppliers. This also helps McDonald's cooperation to revenue income as those suppliers gave certain sales percentage to cooperation.
McDonald's cooperation provides ongoing support to its franchises in different areas like training of managers, raw and finish food supplier , advertisement, equipment suppliers. McDonald's cooperation business heads of various department like operations, supply chain, construction, marketing visit regularly franchises market and give them support and training to growth business as per McDonald's standards.