Connect with us

Entrepreneurship

Launch of the first ever Franchise Quality Mark (FQM) by the Singapore Franchise Training School (SFTS)

Published

on

LAUNCH OF THE FRANCHISE QUALITY MARK (FQM) BY SINGAPORE FRANCHISE TRAINING SCHOOL (SFTS) AND SUPPORTED BY ASTREEM CONSULTING

Singapore Franchise Training School (SFTS) has launched the Franchise Quality Mark (FQM), a seal of quality awarded to franchisors after being assessed and evaluated based on a set of Franchise Management Excellence Criteria. It is the first ever Franchise Quality Mark that is offered using the Business Excellence framework. It distinguishes franchisors who have taken their franchise organisation to a new standard of excellence.

According to a survey conducted by International Finance Corporation(IFC) investors are willing to pay a premium for better governed companies. When we see it from the franchising industry perspective, franchisees find it safer to invest in brands committed to franchise excellence. There is only way to be attain franchise excellence and that is by attaining the Franchise Quality Mark seal.

Supporting the study by IFC, in an independent franchisee survey conducted by us, we found that 71% of the respondents said that it would strongly help with their decision to invest if a reputable third party endorses that the franchisor has put sufficient effort into building a credible franchise.

The survey also revealed that their Franchise being accredited by a third party Franchise Quality Mark made it much easier for Franchise Managers, Franchise Representatives and Franchise Brokers to market the brands.

According to a survey conducted by International Finance Corporation(IFC) investors are willing to pay a premium for better governed companies. When we see it from the franchising industry perspective, franchisees find it safer to invest in brands committed to franchise excellence. There is only way to be attain franchise excellence and that is by attaining the Franchise Quality Mark seal.

Supporting the study by IFC, in an independent franchisee survey conducted by us, we found that 71% of the respondents said that it would strongly help with their decision to invest if a reputable third party endorses that the franchisor has put sufficient effort into building a credible franchise.

The survey also revealed that their Franchise being accredited by a third party Franchise Quality Mark made it much easier for Franchise Managers, Franchise Representatives and Franchise Brokers to market the brands.

According to a survey conducted by the International Finance Corporation (IFC), investors are willing to pay a premium for better governed companies. From the franchise industry perspective, franchisees find it safer to invest in brands committed to franchise excellence. In an independent franchisee survey conducted by STFS in support of the IFC study, it was found that 71% of the respondents said that it would strongly help with their decision to invest if a reputable third party endorses that the franchisor has put sufficient effort into building a credible franchise. The way to becoming franchise excellent is to attain the FQM seal.

The process of applying the FQM enables franchisors to first identify the gaps in franchise operation’s efficiency, profitability and sustainability, then provide a roadmap to improving its quality. It is awarded based on the fulfillment of a set of predetermined criteria. The assessment and evaluation are based on six key areas: Leadership, Planning, Information Systems, People, Process and Franchise Unit Excellence. The mandatory learning programme consists of the Franchise Unit Excellence course plus a minimum of one elective course offered by SFTS.

 

For business owners who have just started on the franchise journey or are considering franchise, the Franchise Ready Mark (FRM) is an assessment that helps ascertain where their businesses stand in terms of franchise capability. Understanding what it takes to deliver franchise unit excellence and implementing the systems into the franchise system as early on in the process as possible will make a big difference on the overall success sustainability of the franchise.

Correcting a course is often more difficult than starting it right. The structure of FRM is designed to provide franchisors with a focus on quality as well as an independent assessment on potential gaps that may exist in the franchise structure that may affect the franchise’s efficiency, profitability and sustainability.

The pioneer batch of recipients of FQM and FRM will receive their awards on the 30 September 2015 (6.30pm onwards) at the Marina Bay Sands Expo and Convention Centre Begonia Bayview Foyer. SFTS, together with Astreem Consulting, the premiere franchise consulting firm, will present the awards to the recipients.

The list of recipients include:

Franchise Quality Mark recipients:

Company Name Brand Name
Manhattan Fish Market Franchise Pte Ltd The Manhattan FISH MARKET
Big Fat Co. Pte Ltd Fatboy’s The Burger Bar
Global Franchise Master Pte Ltd Acumen
Brainfit Studio Brainfit
Joe & Dough Pte Ltd Joe & Dough
Food Tech Venture Pte Ltd Snackz It!
Seriously Addictive Learning Centre Pte Ltd Seriously Addictive Mathematics

 

Franchise Ready Mark Recipients

Company Name Brand Name
Littlez Pte Ltd The City
Neuromath Learning Pte Ltd Neuromath
Artemis Bio Pte Ltd Fresh+
Blossom Edugroup Pte Ltd Blossom Edugroup
The Food Explorer Group Grub
320 Below Franchise Pte Ltd 320 Below
Gastro Network Pte Ltd Milk & Honey – Artisan Yogurt & Dessert Bar
Hallmark Physiotherapy Pte Ltd Hallmark Physiotherapy

 

The FQM provide these long-term benefits to a franchise organization:

  1. International recognition that the brand is committed to franchise excellence
  2. Overall strengthening of the brand
  3. Increased franchisee confidence in the brand
  4. Clear training and franchise system improvement pathway
  5. Exposure in regional websites and franchise-specific publications
  6. Membership to Franchise-ABLE Network Series

This programme is ideal for key franchise decision-makers such as the founder, members of the management team, and senior managers. A minimum of two of these change leaders are required to participate in this programme.

The journey to becoming one of Asia’s promising franchise organisations begins with the franchisor’s desire to build a sustainable franchise organization; becoming FQM-certified will help them achieve this. Log on to www.sfts.com.sg or email [email protected] to find out more.

 


 

Singapore Franchise Training School (SFTS)

 

The Singapore Franchise Training School (SFTS) is the pioneer franchise institution in Singapore established to provide in-depth franchise related training services to various levels of the organisation. Our mission is to enable, enrich and empower entrepreneurs, business owners, franchisors and franchisees to develop strong and successful foundations for building their franchise systems. SFTS offers customised training programs for franchisors ranging from Leadership Mentoring, Franchise Development Training as well as Franchise Operations Manual Development. More importantly, SFTS also offers training courses to assist the franchisors in development and implementation of customised training programs including Franchise Operations Training, Front of House (FOH) Training, Back of House (BOH) Training as well as Brand Communications Training.

 

Whilst covering various topics within the franchise sector, the Singapore Franchise Training School (SFTS) will also focus on developing in-depth insights into diverse franchising sector verticals ranging from F&B to retail, education, services and more. The courses at SFTS also provide a great opportunity and platform for franchisors and franchisees to gain industry recognition, network with potential partners and improve professional standing in the business community.

 

The hallmark of the Singapore Franchise Training School (SFTS) is our franchise training faculty of practicing consultants, experienced franchisors and successful franchisees. You will be trained by industry practitioners who bring with them a wealth of knowledge in research, training and industry experience. Where relevant, our training faculty is also ACTA Certified.

 


 

Astreem Consulting

 

More than just a general business consultancy, Astreem is a franchise specialist which offers experienced industry insights and provides highly customised and innovative franchise concepts for your business.

 

Having established itself as one of the top franchise consultants in Singapore, Astreem has expanded to regional offices within Asia Pacific, thus gaining critical overseas business know-how. First hand local knowledge in various countries helps to facilitate market researches and business opportunities more efficiently and effectively. Outside Singapore, Astreem has business networks throughout Asia Pacific, Europe as well as the GCC.

 

Through many years of working closely with government agencies and associations across the region, clients can be assured of professional credibility. Even more significant is the fact that clients remain active with Astreem through time as they grow in the region. Over time, Astreem has walked the path of growth with over 200 clients internationally.

 

 

 

Callum Connects

Benjamin Kwan, Co-Founder of TravelClef

Published

on

Making music to create a life for his family, Benjamin Kwan, started an online tuition portal and his music business grew from there.

What’s your story?
I am Benjamin and I’m the Co-Founder of TravelClef Group Pte Ltd, a travelling music school that conducts music classes in companies as well as team building with music programmes. We also run an online educational platform which matches private students to freelance music teachers. We also manufacture our own instruments. I started this company in 2011 when I was still a freshman at NUS, majoring in Mechanical Engineering.

I was born to a lower income family, my father drove a taxi and was the sole breadwinner to a family of 7. I have always dreamed of becoming rich so that I could lessen the burden placed on my father and give my family a good life.

After working really hard in my first semester at NUS, my results didn’t reflect the hard work and effort I put in. At the same time, I was left with just $42 in my bank account and it suddenly dawned on me that if I were to graduate with mediocre results, I would probably end up with a mediocre salary as well. I knew I had to do something to gain control of my future.

During that summer break, I read a book “Internet Riches” by Scott Fox and I knew that the only way I could ever start my own business with my last $42 would be to start an online business. That was how our online tuition portal started and after taking 4 days to learn Photoshop and website building on my own, I started the business.

What excites you most about your industry?
Music itself is a constant form of excitement to me as I have always been an avid lover of music. As one of the world’s first travelling music schools, we are always very eager and excited to find innovative ways to a very traditional business model of a music teaching.

What’s your connection to Asia?
I was born and raised in Singapore and I love the fact that despite our diversity in culture, there’s always a common language that we share, music.

Favourite city in Asia for business and why?
Hands down, SINGAPORE! Although we are currently in talks to expand to other regions within Asia, Singapore is the best place for business. I have had friends asking me if they should consider venturing into entrepreneurship in Singapore, my answer is always a big fat YES! There’s a low barrier of entry, and most importantly, the government is very supportive of entrepreneurship.

What’s the best piece of advice you ever received?
I have been blessed by many people and mentors who constantly give me great advice but right now, I would say the best piece of advice that I received would be from Dr Patrick Liew who said, “Work on the business, not in it.” This advice is constantly ringing in my head as I work towards scaling the business.

Who inspires you?
My dad. My dad has always been my inspiration in life, for the amount of sacrifices that he has made for the family and the love he has for us. He was the umbrella for all the storms that my family faced and we were always safe in his shelter. Although my dad passed away after a brief fight with colorectal cancer, the lessons that he imparted to me were very valuable as I build my own family and business.

What have you just learnt recently that blew you away?
You can not buy time, but you can spend money to save time! With this realisation, I was willing to allow myself to spend some money, in order to save more time. Like taking Grab/Uber to shuttle around instead of spending time travelling on public transport. While I spend more money on travelling, I save a lot more time! This doesn’t mean that I spend lavishly and extravagantly, I am still generally prudent with my money.

If you had your time again, what would you do differently?
I would have taken more time to spend with my family and especially my father. While it is important to focus our time to build our businesses, we should always try our best to allocate family time. Because as an entrepreneur, there is no such thing as “after I finish my work,” because our work is never finished. If our work finishes, the business is also finished. But our time with our family is always limited and no matter how much money and how many successes we achieve, we can never use it to trade back the time we have with our family.

How do you unwind?
I am a very simple man. I enjoy TV time with my wife and a simple dinner with my family and friends.

Favourite Asian destination for relaxation? Why?
Batam, it’s close to Singapore and there’s really nothing much to do except for massages and a relaxing resort life. If I travel to other countries for shopping or sightseeing, I am constantly thinking of business and how I can possibly expand to the country I am visiting. But while relaxing at the beach or at a massage, I tend to allow myself to drift into emptiness and just clear my mind of any thoughts.

Everyone in business should read this book:
Work The System, by Sam Carpenter. This book teaches entrepreneurs the importance of creating systems and how to leverage on systems to improve productivity and create more time.

Shameless plug for your business:
If you are looking for a team building programme that your colleagues will enjoy and your bosses will be happy with, you have to consider our programmes at TravelClef! While our programmes are guaranteed fun and engaging, it is also equipped with many team building deliverables and organizational skills.

How can people connect with you?
My email is [email protected] and I am very active on Facebook as well!
https://www.facebook.com/benjamin.christian.kwan

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

Continue Reading

Entrepreneurship

Before you enter a Startup or before you choose your founding team or new hires read, “Entering Startupland” by Jeff Bussgang

Published

on

Before you enter a Startup or before you choose your founding team or new hires read “Entering Startupland” by Jeff Bussgang.

Jeff knows how to spot and groom good culture, as the book session was held in Zestfinance a company he invested in and now, “The Best Workplaces for Women” and for “The Best Workplaces for Tech”, by Fortune.

These are the questions during the Book Launch.

How to know if a hire including the founder is Startup material?
Jeff says to watch for these qualities.

First, do the hires think like an owner?
Second, do the hires test the limits, to see how things can it be done better?
Are they problem solvers and are biased toward action?
Do they like managing uncertainty and being comfortable with uncertainty? And comfortable with rapid decision-making?
Are they comfortable with flexible enough to take in a series of undefined roles and task?

How do we know if we are simply too corporate to be startup?

Corporate mindsets more interested in going deep into a particular functional area? These corporate beings are more comfortable with clear and distinct lines of responsibility, control, and communication? They are more hesitant or unable to put in the extra effort because “it’s not my job”.

If you do still want to enter a startup despite the very small gains at the onset, Jeff offers a few key considerations on how to pick a right one.

He suggests you pick a city as each city has a different ecosystems stakeholders and funding sources and market strengths. You have to invest in the ecosystem and this is your due diligence. Understand it so you can find the best match when it arises.
Next, to pick a domain, research and solidify your understanding with every informational interview and discussion you begin. Then, pick a stage you are willing to enter at. They are usually 1)in the Jungle, 2) the Dirt Road or 3) the Highway. The Jungle has 1-50 staff and no clear path with distractions everywhere and very tough conditions. The Dirt Road gets clearer but is definitely bumpy and windy. Well the Highway speaks for itself, doesn’t it?

Finally Please – Pick a winner!

Ask people on the inside – the Venture Capitalists, the lawyers, the recruiters and evaluate the team quality like any venture capitalists would. Would you want to work for the team again and again? And is the startup working in a massive market? Is there a clear recurring business model?

After you have picked a winning team and product, how would you get in through the door?

You need to know that warm introductions have to be done. That’s the way to get their attention. Startups value relationships and people as they need social capital to grow. If you have little experience or seemingly irrelevant experience, go bearing a gift. Jeff shared a story of a young ambitious and bright candidate with no tech experience who went and did a thorough customer survey of the users of the startup she intended to work with. She came with point-of-view and presented her findings, and they found in her, what they needed at that stage. She became their Director of Growth. Go in with the philosophy of adding value-add you can get any job you want.

And as any true advisor would do, Jeff did not mince his words, when he reminded the audience that, “If you can’t get introduced you may not be resourceful enough to be in startup.”

Startupland is not a Traditional Career or Learning Cycles

Remember to see your career stage as a runs of 5 years, 8 or 10 – it is not a life long career. In Startup land consider each startup as a single career for you.

Douglas Merrill, founder of Zestfinance added from his hard-earned experience that retention is a challenge. Startup Leaders to keep your people, do help them with the quick learning cycles. Essentially from Jungle to Dirt road, the transition can be rapid and so each communication model that starts and exists, gets changed quickly. Every twelve months, the communication model will have no choice but to break down and you have to reinvent the communication model. Be ready as a founder and be ready as a member of the startup.

Another suggestion was to have no titles for first two years. So that everyone was hands-on and also able to move as one entity.

Effective Startupland Leaders paint a Vision of the Future yet unseen.

What I really enjoyed and resonated with as a coach and psychologist was how Douglas at the 10th hire thought very carefully what he was promising each of his new team member. He was reminded that startups die at their 10th and their 100th hires. He took some mindful down time and reflected. He then wrote a story for each person in his own team and literally wrote out what the company would look like and their individual part in it. In He writing each of the team members’ stories into his vision and giving each person this story, it was a powerful communication piece. He definitely increased the touch points and communication here is the effective startup’s leverage.

Douglas and Jeff both suggested transparency from the onset.

If you think like an owner and if you think of your founding team as problem solvers. Then getting transparent about financials with your team is probably a good idea. As a member of a startup, you should insist on knowing these things
Such skills and domain knowledge will be valuable. There is now historical evidence of people leaving startups and being a successful founder themselves because they were in the financial trenches in their initial startup. Think Paypal and Facebook Mafia.

What drives people to enter a startup?

The whole nature of work is changing. Many are ready to pay to learn. Daniel Pink’s book Drive showed how people are motivated by certain qualities like Mastery, Autonomy and Where your work fits into big picture. Startups do that naturally. There is a huge amount of passion and the quality of team today and as it grows then the quality of company changes.

The Progress principle is in place, why people love their startup jobs is not money rather are my contributions being valued? Do I see a path of progress and do I have autonomy over work and am I treated well?

Find out more about StartupLand on Amazon

And learn from Zestfinance

Continue Reading

Trending