#8: Is the back office used by members independent or proprietary?
This is often overlooked but nevertheless crucial for two reasons.
Firstly, an independent system means that if you leave the network you will not have to change back office systems, with the inevitable business disruption this brings. Secondly, the on-going development of the back office is not linked to the profitability and priorities of the network.
#9: Are there any marketing restrictions?
Other than those needed to comply with FCA guidelines, will the network place any restriction on how you market your business? It is important that you are able to follow your preferred marketing strategy and hugely frustrating if you cannot.
#10: What do other members say?
Finally, finish your due diligence by getting in touch with other members and ask for their opinion.
Use the FCA register to find new and long-standing members, call a sample to get their feedback. Was the joining process efficient? Has the long-term experience been a positive one? Are they thinking of leaving?
Having done deep due diligence on the other options available to you and carefully chosen your new partner, I cannot emphasise enough how important it is to meticulously plan the transition.
Make the right choice and your new network will help your business flourish; select the wrong option and you could be faced with another expensive and disruptive, move.
Phillip Bray is head of marketing of Sense Network
| Key points |
Moving network can be time consuming and disruptive. If you have used your network’s restricted proposition and you leave, it is important to assess if you still have access to the platform you have placed your clients on. It is important to meticulously plan the transition. |
