Beat the pandemic with the Franchise Equation Strategy
The pandemic has confronted businesses with new challenges. Many companies are still dealing with difficulties. Here a strategy on how you can beat the pandemic to improve your business performance:
Break your business down in those 5 levels.
Franchise P/E (price-to-earnings) is the present value of new business opportunities available to a business.
What makes a franchise level successful?
Leadership is the answer.
Today I will share on how to get these 5 department on greatest level in your business during this pandemic.
Leadership
Develop strong leadership skills and execute your team.
During crisis get back to the basics. Set new goals to improve and renew your business. Goals and KPIs are critical for momentum.
Here are the steps that you can take today to improve your leadership:
- Start with an honest assessment of your leadership strengths and weaknesses. Ask trusted individuals to give you feedback so you know where to improve.
- Create a leadership development plan that factors in a plan for you as well as the other leaders and potential future leaders of your company.
- Create leadership departmental goals and KPIs using the framework from week one.
- Get your other company leaders involved with setting their own goals and KPIs so the have ownership of them.
- Meet with your leadership team regularly and track and tweak to improve the outcomes for all.
- Get a Franchise Executive Coach so you have someone in your corner at all times.
You will see a person’s true leadership qualities on the battle filed under fire. When the bullet starts and when the bullet starts flying you can see who a good leader is. Right now, we are on the battlefield. In good circumstance everyone could be a leader. Leadership is the most important factor in the success or failure of your organization.
Marketing
Think of your business. Who is in charge of each department? In a small business you might be in charge for everything.
Marketing has changes over the last decade. It is one of the most controllable factors in your business.
Now is a great time to focus on your marketing campaign and fine tune them for better ROI. Learn more about new online marketing options and digital marketing. It will be the future.
Participate in webinars and online coaching to learn about new opportunities. You can have access to the best business minds in the world and get your team involved in that. Think about how you can adapt.
Operations
Operational efficiencies can increase profits. It is not unusual to let policies and procedures get lax when you are busy. Now is a great time to evaluate your operations to confirm process efficiencies.
Look at the things that cost you a lot of money and bring you money. Evaluate and make clear decisions on:
Supply chain management, Safety management, Measurement of KPI within your operation department and other relevant operations within your business.
For example, you could use digital signatures instead of paper contract.
You have to be a decisive leader. Make a decision and execute on it. No employee will otherwise follow. Brik and mortar location can refresh, deep clean and get ready for the busy season that will come soon. Keep your employees busy.
Finance & Legal
Financial aptitude impacts all areas of your business. This is a great time for your team to get to those financial analysis efforts that you have been too busy to focus on for a long time due to the busy economy.
- It’s not just how much you make, but about how much you spend
- Boost financial education to increase the team skills
- Give practical Tips for the cares act and paycheck protection act
- FTX and State Update
If you are not that experienced or interested in the financial aspect, find someone who can do it for you. It is not unusal to let financial elements get lax when you are busy.
Many businesses fail due lack of cashflow and through financial planning over the years. Legal contracts should be reviewed regularly to ensure compliance. Get in touch with your attorney and check-up.
Technology
Technology can be an expensive black hole if not managed properly. A lot of money is wasted in tech. Focus on what you do best and what you really need.
Technology is critical for all business models in today’s marketplace. When this pandemic started, from 10 to 200 million people started to use zoom. It required adaptability. It’s a booming industry in the upcoming future allowing us many new benefits, but it’s also connected to more expenses.
This is a great time to try and test new technologies that you have not used in the past to connect with prospects, clients and staff:
- Evaluate your current technology platform and budget (does it fulfill certain requirements, is it really neccessary, what is my budget on it?)
- Implement new technologies, or upgrade or eliminate
- Efficiency ensurement; and not just spending money on any new technology.
- Technology should make the humans more efficient and profitable.
Smart Goals
Most successful business owners are constantly growing and developing their skills. But they are also very goal oriented.
Set new 90-day goals as a part of your leadership strategy.
Break your goals down into Key Performance Indicators (KPIs)for bite size trackable units of measurement. Your outcomes of your business needs to be measureable. What helps is to set goals in form of SMART Goals. Setting Smart Goals is an effcient way to achieve your goals.
For example, the Ambrosia Treatment Center uses the SMART system to continuously improve our business. Here are two examples of how they have used this technique to set and achieve workplace goals:
1. To help those who need it
One of their goals this upcoming year was to do more for the addiction community at large, especially those who are uninsured and unable to pay for drug and alcohol treatment. Late in 2016, they set the goal of giving away 1,500 free days in treatment. In 2017, they collaborated with several advocacy groups and industry professionals to give away 1,860 days of free treatment. Their goal for 2018 was to increase that number to 2,000.
2. To better our treatment outcomes
Another goal they set in 2016 was to partner with a University to research our treatment outcomes and evaluate their standard of care. Between 2016 and 2017, they signed on with two prestigious universities (Rutgers University and Nova Southeastern University) to study potential uses for anticonvulsants as medication-assisted treatment.
Proactive Inclusion of your Team
What many leaders not do is to ask for input from employees. Let your employees help you and ask people actively. It can give you many creative ideas and new ways to improve your business and environment. At the same time you make them feel more as part of your team and family.
For instance, Franchises become more profitable and happier. Just talking to them, make them feel that they are part of your team. It does not only improve your system, but also improves your KPI bottom line. Just call them and say hi (not just ask them for money). It’s a nice gesture to check up on how they are doing.
It makes tremendous difference to make these little acts. Always appreciate your employees, your partners, your clients and everyone else who is connected to your business.
Gratitude will come back more in abundance to you!
Conclusion
This key implementation of a Franchise Equation Strategy is something you can do today and it will show immediately results. If you go through all these things you can implement a successful franchise equation and boost your business during this pandemic.
Make sure to coverup all aspects of department. You need to make all 5 department work smoothly to drive more profit and sustain in the long-term run.
You haven’t missed the boat. It is never too late. Do it NOW, start working NOW and you will be great.
Last but not least, keep everyone focused on the positive!
References
Haffey, J. (2018). Notejoy. Real Business Examples of SMART GOALS. https://notejoy.com/resources/business-goals-examples
Grossman, R. (2017). Franchise Bible. How to buy a franchise or franchise your business. https://shop.aer.io/EntrepreneurBooks/p/Franchise_Bible_How_to_Buy_a_Franchise_or_Franchise_Your_Own_Business/9781599186009-2045
Check out my website www.ozzinjun.com for more blogs about Entrepreneurship, Innovation and Self-improvement.
During this pandemic many people deal with mental health issues. We created a community to support entrepreneurs and other individuals to keep each other going. Join my World Master Mind: https://ozzinjun.com/community/
Ozzin Jun 