What It Takes To Run A Successful Franchise BusinessApril 2, 2013
A smooth running franchise business takes all the same preparation as to win gold in the 100m men’s final. You need to plan ahead, train everyday and become mentally tough enough to handle any situation that presents itself.
It’s never too early to prepare for the future. You should always have a current business plan and exit plan. As the old saying goes ‘if you fail to plan, you plan to fail’ and in effect you will go nowhere.
Excellent franchisees know the game and are aware of the full support offerings available from the Franchisor. They also know that by using the systems and processes that are available to them, they control their own destiny and direction of the franchise business.
The search for excellence does not stop there!!! You need to be continually challenging yourself by asking these types of questions:
- Do I ask for advice? – never be too scared to ask for advice.
- Is my Business Plan and Exit Plan (Strategy) current?
- How effective is my LAMP (Local Area Marketing Plan)?
- Do I follow the systems and procedures that were outlined during my initial training?
- Do I reinvest in training my people?
- Do I need more training in sales or operations?
- Do I understand what effects my daily cash flow position?
- Do I need my KPI’s compare to the group?
- What stats do I need to keep and how can they assist me monitoring my business?
- Do I know the financial position on a weekly basis?
In addition to running a successful business, successful franchisees also exhibit the following traits:
- Like being on committees and FAC’s (Franchise Advisory Councils)
- Attend FCA functions
- Are positive contributors to the network
- Team players and not individuals
- Regularly attend franchise meetings and training sessions
- Not afraid to ‘test’ new equipment or procedures
- Make themselves available to new and existing franchisees
- Continually reinvest in people, equipment and systems
- Generally embrace change and not resist it.
For further information on ‘What it takes to run a successful Franchise Business’ please contact Mark Fernandez on 0412 345 611This entry was posted in Uncategorized. Bookmark the permalink. ← BDA your Six Sigma and Lean Practitioners Family Business Australia – State Conference April 19th →