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
·
Organizational Strategy
·
Management Strategy
·
People Strategy
·
Marketing Strategy
·
Systems Strategy
These 7 areas will fine turn
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 develop 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
·
Organizational 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.
http://www.twfics.com
