Franchise Growth does not just happen!
Want to see growth in your franchise business? If you choose to go the franchise route to build a business, you join with millions of successful business owners who find this a proven route to success. The franchise concept is designed to help you become your own boss, while eliminating many of the risks of the standard entrepreneurial start-up. Once purchased your franchise system, you should own the rights to a proven business model that offers a product or service with a proven track record. However, you’ll quickly learn that most franchise programs are designed to eliminate risk, not maximize your own return on investment. The truth is franchises fail at about the same rate as small businesses and much of the reason for this is a lack of the owner’s business skills. To see real growth in your franchise business you are going to have to sharpen your business skills as well.
The Growth of your Franchise is important
There is an old saying in business that says if you are not growing you are dying. A franchise unit that is growing generally indicates the underlying business and operations are running well. Growth + Profitability = a sustainable business! If you see growth in your franchise during good times it also gives you the needed room when times are less favorable. Growth, second only to profitability is a key indicator for your business.
Standing Above the Crowd – Amp up your Franchise Growth!
Most companies who market franchises understand they are judged first by how many of their franchisees fail. While they want everyone to succeed at some minimal level, they work hard to ensure the number of failures is kept as low as possible. What this means to you is that even the best companies spend little time providing guidance to help you achieve more than the minimums called for in their formulas.
It is a fact, however, that many franchisors have the potential to generate far greater returns than they do. The reality of this fact is based on the stellar results achieved by many franchisors who turn to a franchise coach to help get the advice they need to exceed basic franchise formulas. To really see some accelerated franchise growth you need to surround yourself with a good team of advisers, and draw on resources beyond the franchisor’s system.
The reason this works is proven by the franchise approach itself. You basically buy a “business in a box” because you respect the knowledge and experience of the company offering you the opportunity. Likewise, there are franchise advisers who understand the insides and details of franchising as an industry, not just in the specific area of your own franchise. A franchise coach thus brings business knowledge and best practices to your franchise model or franchise business. The difference between running a mediocre franchise and running a successful one is much like the difference between buying an average job or owning an enterprise.
Measuring Franchise Growth the details, metrics and KPIs
Just as your own franchise is developed around a certain formula, there are additional formulas and factors that are involved in maximizing your success and total profits. Finding the right franchise mentor will expose you to a whole new world of invaluable insights, metrics, and Key Performance Indicators.
The franchise industry has thousands of examples of how vital this added layer of knowledge and experience is and how it adds value to your operation. If your franchise company has been around for more than four or five years, look closely: You’ll often see it within that organization.
Franchise Growth comes from specific activities
For example, you can find and compare two different franchises with similar demographics and market territories. One will be blowing off the doors with great sales and profits, with minimal internal hassles and employee turnover. The other will be struggling and barely able to keep those doors open financially and operationally. The gap between these two operations isn’t luck or some magic secret.
The reality is that the most successful franchisors often point to the decision to bring in a top franchise mentor as the point at which their businesses take off. Don’t rely on luck or your franchise company – take control of your destiny with the insights and solid advice you will find with a qualified franchise coach.
What to see real growth in your franchise contact Thom.
As the managing director of Sunrise Business Advisors, I have owned and operated a multitude of different businesses as well as holding senior management positions with a fortune 500 company. In addition to being a Certified Business & Executive Coach, I am also a Certified Franchise Coach, as well as Certified Guerrilla Marketing Coach and Trainer. Our philosophy is to provide coaching, mentoring, and advisory services to help business owners achieve the businesses, the teams and the lives that they’ve always dreamed of having. We accomplish this through a tried and proven process of learning and understanding your needs and we’ve always achieved high marks with our valued clients. Let us help you become a Franchise Success story.
Additionally Thom works with both franchisees and franchisors in helping them develop their leadership. Thom is also Director Consultant with BNI. When not helping business owners and their teams create the business and lives they want and need, he can be found following his kids activities.