5 Tips to Elevate Your Franchise Business



A franchise is considered the safest form of a successful business. The percentages of franchises closing is lower than of regular business closings.  That stems from getting a well proven working formula. If you follow this formula, your franchise can show nice profit.

Yet, no one said it’s easy.

Franchisees I work with, tend to deal with so many aspects of the business: from operation, to marketing, sales, and even management firefighting. To feel in control of the company direction and reduce stress, it would be wise to follow the advice here:

 

1. Hire only capable individuals

Owning a business doesn’t mean you become the employment provider for family and friends. It could be, but it is critical to first screen out individuals who do not fit. When hiring people who are close to you, it’s painful to let them go, and without a clean way to critique their work for potential improvement, your business suffers. First, interview them like anyone else, and compare their skills and attitude with other candidates.  Start with a serious hiring practice.

2. Allocate time to think BIG

It’s important that you’ll allocate un-interrupted time on a weekly basis, to plan and review. Just to clarify, thinking BIG is not about nuts and bolts of daily problems. That that time frame is designed to review goals, look at systems provided by the franchisor, analyze numbers, identify activities that needs to be done, and evaluate their success. Spending one hour at the beginning of the week and one hour at the end, is a good place to start.

3.Schedule an “Open Door” time

Make sure to allocate an hour or maybe two half hours daily, to allow your employees to approach you with any topic they think is relevant. Whether it is ideas for something they work on, or a personal issue. Doing so will save you ton of distractions, anytime someone is trying to grab your attention in the middle of something important. Communicate to them that this is the only time they can stop by without scheduling a meeting on your calendar.

4.Stick to a calendar

Establish your on-line calendar and make sure that when you think BIG, any activity that you plan to be involved with, gets on the calendar. Whenever someone wants your time, check your calendar first. You’ll avoid time conflicts and be able to make clear decisions where to spend your time.

5.Don’t work alone

When you have too much on your plate, it is important to figure out who can help you. Trying to do it all by yourself is a recipe for high stress. If one of your employees is capable, delegate.When you get stuck on a problem reach out to a colleague franchise a business consultant or a business coach.

 

If you fail to implement, you’ll be trapped in a reverse situation. Your business will run you (down), instead of you will run your business.

To read more tips to elevate your business performance, read The Truth About Your Business.