4 strategies for a Franchise

Posted by gillbailey on December 13, 2017

Planning a strategy

In the last post we talked about the first three of the 7 specific areas you need to consider in your franchise prototype process. Here are all seven again:
• Primary Aim
• Strategic Objectives
• Organisational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy

These 7 areas will fine tune your plan for the ultimate level of success. Today we are going to cover the last four.
Think of constructing your business model like planting a tree. At first, it’s so small and weak you wonder if it will even make it through the night. But, you keep watering, fertilizing and nurturing it. Your ideas will grow the trunk and each of these strategies will extend out as the branches of your now strong tree. Finding the perfect support staff, employees, vendors/suppliers and other relationships will make your tree flourish with leaves and flowers.
Management Strategy
The way you structure your management team is not only essential to your growth, but the happiness of your employees and, ultimately, your customers/clients. This strategy is results-oriented and doesn’t depend on the people, but the actual system that’s in place.
A management strategy is, in short, a set of standards that include goals, rules, a mission statement and other concrete things that tell your employees how to act, your management how to grow your business and your customers/clients what to expect.
These should all be in perfect alignment with your business goals.
Employee Appreciation
You need to put together a people strategy that shows your employees how you feel about their job performance and dedication to your business. They also need to understand “why” they are doing specific tasks. This helps them to personally connect to their job which in turn leads to better production and a happier workplace.
There are a number of strategies you can use to keep it interested at “the office”:
• Performance Incentive Programs
• Contests that reward high performance
• Employee of the Month
• Performance/Holiday Bonuses

These are just a few of the ideas you can use. One of the best ways to appreciate your employees is by calling a meeting and asking them how they would like to be rewarded. Think about it for awhile and put the best strategy into play. Keep it fresh and change up the strategy you use from time to time to keep your employees guessing. Once they get used to the prize, it’s time for a whole new approach.
You need to build a community within your company. There needs to be support, appreciation and respect. The more “at home” an employee feels, the better they will perform and the higher their level of loyalty.
Marketing Strategy
Marketing is, of course, essential to the success of any business, but it also must work cohesively with the other strategies you’re using. There are two major pillars of a successful marketing strategy-the demographic and psychographic profiles of your customers.
The psychographic tells you what your customers are the most likely to buy and the demographic tells you who they are, which can help you learn why they buy specific items. Without this information it simply doesn’t matter how good your business prototype is.
Systems Strategy
There are three types of systems in every business:
• Hard Systems
• Soft Systems
• Information Systems

Hard systems refer to inanimate system or systems that have no “life”. Soft systems are those that could be living. Information systems which are, of course, everything else, including customer data, product information, financial…anything with data and numbers.

The most important of all three systems is the soft systems because it includes the sales systems your business uses. In your sales system the two keys to success are: structure and substance. Structure being what you sell and substance being how you sell it.

All three systems are essential to the success of your business and while they all have their own very specific roles, they all must work together to get the job done. This also goes for your entire business development program.
I want to take a moment to recap on the ideas we went over through the business development lessons.

An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
• Desire
• Some capital
• Projected a targeted profit

There are essentially three key roles that need to be filled to set your business up for success:
• The Technician
• The Manager
• The Entrepreneur

The four different stages of a business life cycle are:
• Infancy
• Adolescence
• Growing Pains
• Maturity

There are a few things we are going to talk about:
• Business Format Franchise
• The Franchise Prototype
• Franchise Prototype Standards

There are three main areas of business development:
• Innovation
• Quantification
• Orchestration

7 specific areas you need to consider in your franchise prototype process. Here are all seven again:
• Primary Aim
• Strategic Objectives
• Organisational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy

We can help you work through all of these areas and give your business a jumpstart that puts you ahead of your competition right from the start. Use our FREE test drive and work with one of our coaches, plus gain access to a wealth of tools and resources.

To learn more just book a free discovery call.

7 Key steps to franchising your business

Posted by gillbailey on December 5, 2017
Franchise your business for future growth

Franchise your business for future growth

Continuing our information on franchising, let’s look at the 7 specific areas you need to consider in your franchise prototype process:

• Primary Aim
• Strategic Objectives
• Organisational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy

These 7 areas will fine tune your plan for the ultimate level of success. In this blog we are going to cover the first three.

Primary Aim

It’s essential in business development to set goals and see a vision for the future. This needs to go beyond the business and you need to think about what you want out of life. What do you dream about? How do you see your success unfolding? Knowing and understanding these things will give you the momentum to get started and the stamina to see it through. Even take a minute to write them down and tape to your desk for a constant reminder of what you’re aiming for.

Strategic Objectives

These are essential in taking your business from surviving to thriving. All of these objectives should offer solutions for how to get to your primary aim. There are many things you can use to set strategic objectives, but here are a couple of the most popular:

1. Money: Setting monetary goals is a great, simple way to see how you are doing at any point in the game. It’s easy to measure and easy to find adjustments to help meet this goal.
2. Worthy Opportunities: When considering partnerships and other business opportunities you need to think about whether or not they will help you reach your primary aim. Those that will are the best opportunities to seriously consider.
The key in setting standards and goals is not to limit you or stress yourself out. You need to find some quantifiable things you can use to measure your progress toward your primary aim. These are just two suggestions, but make sure no matter what you standards you set you are paying attention to the details, as these are one of the biggest keys to your success.

Organisational Strategy

The strength of your organisational structure can make or break your business, so it’s important to take the time to put together a solid structure for your business to grow from. Generally a company is organised around the roles and responsibilities that need to be taken care of on a daily basis and the personalities that need to fulfill those roles.

No matter what roles and responsibilities you’ve defined for your employees, you must always keep your personal primary aim separate from your company’s primary aim or mission statement. Once you’ve identified the primary aim for your company it will be easy to set up a position structure that will work.

Don’t forget to put together position contracts. Your employees should sign a statement of their roles and responsibilities. This helps keep them clear for you, the employee and other employees/vendors or other individuals.

You can see how these areas all work together to build a solid structure on which to build your business. We work with both the Franchisor and the Franchisees helping them to grow faster and profitably.  If you need help defining any of the areas discussed here, you can check out the resources, tools and speak with one of our fantastic coaches during your FREE 30 minute discovery call.