GOLD, GOLD, GOLD!!!!!!

Written on the 2 December 2011 by Mark Fernandez, BDA - Business Development Alliance

"What it takes to run a successful Franchise Business"

A smooth running franchise business takes all the same preparation to win gold in the 100m mens' final. You need to plan ahead, train everyday and become mentally tough enough to handle any situation that presents itself.

It's never too early to prepare for the future. You should always have a current business plan and exit plan. As the old saying goes 'if you fail to plan, you plan to fail' and in effect you will go nowhere.

Excellent franchisees know the game and are aware of the full support offerings available from the Franchisor. They also know that by using the systems and processes that are available to them, they control their own destiny and direction of the franchise business.

The search for excellence does not stop there!!! You need to be continually challenging yourself by asking these types of questions:

• Do I ask for advice?- never be too scared to ask for advice.
• Is my Business Plan and Exit Plan (Strategy) current?
• How effective is my LAMP (Local Area Marketing Plan)?
• Do I follow the systems and procedures that were outlined during my initial training?
• Do I reinvest in training my people?
• Do I need more training in sales or operations?
• Do I understand what effects my daily cashflow position?
• How does my KPI's compare to the group?
• What stats do I need to keep and how can they assist me monitoring my business?
• Do I know the financial position on a weekly basis?

In addition to running a successful business, successful franchisees also exhibit the following traits: 

• Like being on committees and FAC's (Franchise Advisory Councils)
• Attend FCA functions
• Are positive contributors to the network
• Team players and not individuals
• Regularly attend franchise meetings and training sessions
• Not afraid to 'test' new equipment or procedures
• Make themselves available to new and existing franchisees
• Continually reinvest in people, equipment and systems
• Generally embrace change and not resist it.
• Make benchmarking visits to other franchisee stores/ territories to see what's new
• Have a good grasp of the terms in their Franchise Agreement- renewal, sale, what constitutes a breach, etc
• Exceed any 'minimum performance criteria' that the Franchisor may set

Now that you have completed the training and have made it through the heats and into the final, everything comes down to how well you have prepared. With the starters pistol sounding it is imperative that you are first off the mark and that you have a sound game plan, which if you stick to, should bring Gold, Gold and more Gold!!!!

For more information on wining Gold through 'best practice' operations, please contact Mark Fernandez at BDA