Keys to Franchise Financial Success 2/2

Keys to Franchise Financial Success 2/2

So hopefully you’ve gotten over your initial ideas of changing some part of the franchise business model. Through a blossoming friendship with your mentor, you’re clear on your objective and what needs to be completed when to ensure your franchise is a success.

One of the beautiful things about a franchise is that most of it is all planned out for you. When you sign the papers and accept the keys, you are buying into a business model that’s been proven to be a success. Most often, franchisor corporate offices will even provide you with an expected sales target. All of this combines to mean that someone is literally handing you the keys to your financial future. All you have to do is plug in, right?

Well, not exactly. There are other factors to consider when you’re looking at the overall picture of being a successful franchise owner. Just as in the military, when you were presented with a task, you knew the steps you needed to take. But the one thing you could never control were the outside influence. Owning a franchise is much the same.

Employees matter

You’re only as strong as your weakest team member. It might sound trite after so many years of hearing it, but it’s still true. Just like in the military, readiness and resiliency are key. But training the wrong team members isn’t ever going to get you the results you want.

Choose your employees carefully but with careful attention to detail and measured decisions, you can absolutely create a stay that is consistent and loyal. One of the best ways to keep your team energized and focused is through rotations. Don’t give the same jobs to everyone every single day. When you cross train all of your team, you’re highlighting your ability to be fair and treating your team with respect.

It will become quickly apparent if you’ve misjudged a staff member as being a team player when s/he isn’t, so rectify that as fast as you can. Unlike a military unit where it might take a long time to remove a toxic person, in your franchise, you have the final say. Make your decisions swiftly but not in haste. Remove employees who don’t work well with the rest of the team and replace them with staff who are excited to be a part of the franchise.

Training should be constant. Not only does this hearken back ot the military model of resiliency and readiness, but it also helps ensure your staff are always informed about new marketing, promotions, and opportunities. Holding refresher and advanced training as often as possible reinforce to your staff that they are important and vital to the business. In most franchises, corporate led training is offered consistently. If there is none available to you, reach out to your franchise mentor, or consider seeking out training in trade associations or the local franchise owner association. Remember that the most prepared you are for all possibilities, the better set for success.

Overall, when selecting and retaining employees, consistency is key. As a transitioning service member, you know that respect is the foundation for all personal and professional growth. Embody that as a franchise owner and watch your profits soar.

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