Expected Outcomes
- Improved Franchisee Compliance: A structured communication plan and clear consequences will encourage franchisees to prioritize compliance.
- Reduced Risk Exposure: By ensuring all policies are verified and compliant, you significantly reduce the risk of uninsured events and legal issues.
- Strengthened Franchisee-Franchisor Relationship: Clear communication and support help franchisees feel guided, not punished, fostering trust and mutual success.
1. Monitor Progress
- Dashboard Reviews: Have your compliance team regularly review Analytics in the RMS to track which franchisees are moving towards full compliance and which ones are falling behind.
- Brand-Level Compliance Score: Monitor the Avg Compliance Score on Analytics and set goals for continuous improvement, aiming for incremental progress over time (e.g., improving compliance scores by 10% each quarter).
2. Report to Leadership
- Quarterly Updates: Share the brand’s overall compliance score with leadership quarterly, along with insights on trends, common compliance issues, and proposed solutions.
3. Set New Goals
- Goal Setting: Include insurance in your monthly, quarterly, and annual planning as it's crucial to the success of your franchise brand. By setting clear insurance goals, you’ll drive better risk management and protect your brand as it scales. Additionally, effective use of insurance to finance risk—rather than relying on self-insurance—will enhance the overall valuation of your brand and safeguard your franchisees' success.
How this protects your brand
Monitoring shows you where a franchisee's insurance falls short. The way to close those gaps for good is to have franchisees insured right from the start. Franchisees insured through Rikor get coverage built to your brand's requirements by a dedicated Rikor consultant, and with monitoring on they're 93.3% compliant, against 48% for franchisees insured elsewhere. Make sure your brand's Rikor link is in your franchisee onboarding: Add Rikor to your franchisee onboarding.