4 New Year Resolutions for your franchise business
With your newly acquired New Year mentality the dawn of a new year provides franchise owners with an opportunity to reconnect with what works best with their particular franchise format. Here’s 4 immediate resolution topics for everyone to contemplate.
- Operational Manual
- Copy the best
- Plan with your franchisor
- Row the boat
The Operational Manual
This bible is an oil painting that’s never finished. Your franchisor has put this together not just for their own legal compliance but specifically as a literary guide to running the franchise. If your franchisor has done their job right then it would have been updated regularly and the many hints and tips communicated to you face to face or via newsletters, memos or other means. Regardless of that, ask yourself this question: When did you last actually sit down and consider how close you are operating to the Ops Manual? Find the areas where you are coming up short and implement the advice. If there’s a discussion point that pops up or you need more training then speak to your franchise manager or appointed person for help.
Copy the best
Or, in other words do what the best franchisees do. So much of franchising is replicating what works. So, why on earth do failing franchisees buddy up with each other? What they should be doing is getting friendly with those who are a success. Obviously. You aren’t going to learn anything from someone who isn’t replicating the system properly are you. Time to ditch your failed friends and get in with the right crowd! When you ask for help you’ll find that most people are more than happy to help you. Apply this format outside of your network too when speaking with other business owners. If you find people who are successful in any business pin your ears back and soak up what they are saying. You will learn something you can apply in your own business. Lime’s regional network are franchise owners too. But beyond that we’ve all got significant experience, so give us a call and we’ll be happy to discuss how we can help you and your franchisor.
Plan with your franchisor
Then there’s your franchisor who probably has a good idea of why you’re doing well, or not. You might not like what you are told but the truth can hurt. Try and listen to any unpalatable truths that an honest franchisor will say to you and don’t be a snowflake about it. This is your business and you need to take on board what the more successful people in the business are telling you – most franchisors are among that group! Hopefully if your franchisor is letting you down they’ll listen to you too with a similarly open mind. Together you’ve got to get that ball rolling faster, even if you are already doing great. Don’t sit back and enjoy the view because you can do that when you’ve retired. You and your franchisor by doing some business planning together can lift up your business in 2020 and it’s amazing what like minded people can achieve when they chase a common goal.
You’ll find that when you take this approach you get great tips, sound advice and probably some help too.
Row the boat, just like any other franchise business
Good Franchisors provide the boat and show you where the water is, but you’ve got to row it to get anywhere.
No business is easy and that’s a fact. I am always on the lookout for an easy business. In fact I already know what it looks like. It has no staff, no suppliers or customers and makes a fortune with little effort. When I find it I’ll share it with you. But until then we’ve all got to get work hard at it. Your activity levels must be sufficient to reach your desired outcomes. So, up your marketing outreach and sales efforts. Don’t shy away from anything that puts you in front of a potential customer. Go ahead – knock on that door, join that networking group, visit that expo, seek that referral, place that Google or Facebook Ad and make those phone calls. Are you an entrepreneur or what?
What would your dog do?
A misleading headline but I love this analogy for sales – it also applies to any franchise business. You take your dog out for a walk, let it off the lead and off it goes following every scent. It doesn’t pre judge what’s behind that tree it just goes and sees for itself. Neither does it care what’s up that slope, under that rock or what any other dogs are doing. It just dives in and finds out for itself. That’s what all good business owners do when looking for new business too. There’s million reasons not to ask someone if they need your product or service. But your dog would just dive in there and find out. A professional sniffer dog would do a better job perhaps but an ordinary dog still gets the basics right. So be that sniffer dog, look under every rock, chase every rabbit in every field and you’ll sell more – that’s a fact!
If it’s just not for you this year…
… or if you can’t, or won’t do any of the above then you still have options. Get someone in to boost sales, or employ a marketing agency to help you. Or … hey, life’s too short…. speak with your franchisor about where you want to go. Agree on how to stay compliant with your agreement while you set up a new shop elsewhere. Maybe you can appoint a Manager? Maybe a neighbouring franchisee can look after it for you whilst a buyer is found. Personally I would encourage you to put the franchise up for sale and then with that done, you’re free of any legal ties and responsibility. A decent franchisor will try and find a way for you to part amicably without hurting each other’s business or reputation. This is where privately owned franchise brands can often take a more compassionate approach free of the straight jackets of PLC agreements. Lime can help you to sell your franchise business to anew owner.