The sure fire way to a successful Franchise business
With so many experts and gurus around it is at times difficult to know whom to follow and whom not to. Franchising is not rocket science, there are some basic but very important and often ignored golden rules that one needs to follow in order to succeed in this business. Forget everything else; we give you the basic yet sure fire way to be successful in the franchising business.
Here are the golden rules……….and read them carefully because golden words aren’t repeated
• Strategy When one acquires a business he should have a purpose behind it. He should have both a short term as well as a long term strategy in place for the business. This strategy should be reviewed on a daily basis and its implementation should be ensured. To ensure this, constant reviewing and monitoring of business is very essential. Your business strategy will determine the fate of your business.
• Contingency plan It is very important to have a contingency plan or in other words plan-B in case things don’t go as planned. Often like in life, in business things don’t go as planned and hence it is very important to be ready with plan-b in case things go wrong. This plan has to be ready to deal with various emergencies such as inventory, financial crisis, credibility crisis etc.
• Streamlined procedures It is very important to streamline all the business processes to be thoroughly organized in day-today running of the business. Not lose focus and execute your plans properly which will ultimately help in maintaining and improving efficiency.
• Recruit only the best One should hire the best possible staff and then deal with them in the best possible way. Your staff will interact with the customer on a daily basis and hence it is very important to train them well. Also you will need customer feedback from them in order to improve your business. Hence your staff will play a very critical role in determining the fate of your business.
• Share Tasks As a franchisee it is very important not to lose realization of the fact that you are not alone but you have to work as a team with your staff, dealers and the franchisor. Hence it is very important to divide the work well within the group. Imbalances in this can lead to friction within the team.
• Motivate by doing It is very important to lead by example. You should practice what you preach to your staff. Also motivate them to work hard towards the objective of building the business. Also set the benchmark of excellence through your own work.
• Effective Communication To maintain an effective communication system with all the parties concerned.
These are a few ways to sure fire franchising success.