Few business owners and corporate executives know how to mitigate risk as franchise executives do. Franchisors understand very well that a great part of the value of their business is beyond a property or merchandise itself. The greatest asset a franchise has is their brand, and although this is the same for many other businesses, franchisors simply have it clearer than anyone else. Thanks to this, franchises have been expanding and are becoming one of the strongest business models worldwide.
For several years at Wymoo®, we have been assisting franchises with their risk mitigation strategies, especially with international due diligence and background checks. Our professional services have helped many franchises develop safe and healthy business relationships, and stay away from those that represent a risk to their brands. Professional investigations have become an important part of the core of this business model and this best practice is spreading throughout other types of businesses and organizations. The fact is, proper due diligence and vetting of franchisee applicants can make or break a brand, and when expanding into international markets, the risk must be mitigated.
How do franchises stay safe from international fraud? The following are some of the clues to safe business that franchisors understand well, and that other business people can learn from.
Recognizing the value of safety
The first step into having a safe business is to recognize how important it is to have a risk mitigation plan. Any business should be able to point out all the risks that they might be facing throughout every process, not only operations. They should have a good understanding of the impact and severity of ignoring the risks and they should have a prevention plan. Safety in new business deals is crucial for franchises, so no franchisor will even doubt about getting a background check investigation on a potential franchisee to protect their brand. The risk is simply too high.
Investing in safety strategies
Franchises have worked harder than anyone else on their brands, but brands are important to any company. Companies need to be prepared for anything, including cyber threats to their brands. No one wants to do business with a company that is not reputable. But it is not only important to recognize the value of keeping it safe, it is also important to invest in having the right private investigation or due diligence firm handle the vetting process. International investigations are complicated and require a skill set and access to information that very few companies can offer.
A background check investigation or due diligence on a potential franchisee or new business partner takes the time and effort of a real and professional international investigator. Something so important cannot be taken lightly. It cannot be considered a simple requirement that can be taken off the to-do list by simply checking on a database online. And it definitely should not be done by amateurs. Investing in the first stages of a new business deal is the wisest way to ensure that no harm will be done to your company or brand later on. Doing it right the first time is key to success.
Having professionals in the field backing you up
Franchises usually do business in many countries, and implementing a risk mitigation plan can get complicated when international business is involved. Having a reputable private investigation firm with investigators on the ground where you need them ensures not only that experienced people will be taking care of the task, but also that they will know how to handle the case properly in that country. When trying to take care of everything in-house, there may be obstacles that get in the way. Regulations change from one place to another, there are language barriers and you may have no way to access the information you need. Hiring a good international investigation firm ensures the quality of the information you get is reliable and accurate, and it helps your company maintain consistency in the information regardless of the country where you may need them.
Franchises know a lot about international business, and they do know a lot about protecting a brand and handling international risk. Having good business safety practices is good for their business, and it will be good for yours too! Contact our private investigators for a confidential quote.
© 2015 Wymoo International
© Copyright 2015 Wymoo International. All Rights Reserved. This content is the property of Wymoo International, LLC and is protected by United States of America and international copyright laws. Wymoo® is a registered trademark.