Is Your Franchise Flying Blind?

EOS Issues

How to Recognize and Address Your Core Business Issues.

Over the past several months we have highlighted the various components within the Entrepreneurial Operating System (EOS).

  1. Vision
  2. People
  3. Issues
  4. Data
  5. Process
  6. Traction

While each of the 6 components of the EOS Model is a separate entity, they inherently interact with each other in some capacity.  Each individual component needs to be solidly identified if the EOS is going to help the company’s health and growth.

For example, while most companies think that the Issues they are having are unique, in actuality there are only about 25 different Issues that companies have faced since the beginning of time.

Issues: IDS

Let’s examine one company in the news lately that lost close to $1 billion in the market because they failed to handle an Issue properly.  The company in question is, of course, United Airlines.  My purpose is not to get into a debate of the legalities (or illegalities) of what happened, but to merely show you how important it is to go through your own IDS (Identify – Discuss – Solve) for any Issues you might have. Let’s start with what happened within United’s chain of command that broke down so horrifically into a continuing PR nightmare.

From United’s website:  “We are committed to providing a level of service to our customers that makes us a leader in the airline industry. We understand that to do this we need to have a product we are proud of and employees who like coming to work every day.

Our goal is to make every flight a positive experience for our customers. Our United Customer Commitment explains our specific service commitments so that we can continue a high level of performance and improve wherever possible. The commitment explains our policies in a clear, consistent and understandable fashion. We have detailed training programs and system enhancements to support our employees in meeting these commitments, and we measure how well we meet them.”

 

Very interesting…so what happened, what’s the Issue?  From what I’ve read in the various media posts, someone realized that they needed to get 4 crew members to Louisville for the next day.  They had a Process for this, eventually randomly selecting passengers to “volunteer” their seats. It’s still inconclusive as to if that Process called for having police “enforce” that policy.

Part of the process of identifying the key Issue here is to ask a few questions:

  1. Why a PR nightmare?
  2. What happened & What could have been done better to resole this Issue?
  3. Solution:  Analytical tools, Process modification, People

From our February e-newsletter on issues, “Only when the real root Issue is identified should you and your team begin the discussion phase.” What is the real Issue that United is facing?  I’ll suggest a few, but this list is by no means conclusive.

  1. Too much concern for the bottom line that Wall Street requires (Data component)
  2. Too little concern for their paying customers (a direct conflict with their Vision)
  3. Faulty Process
  4. Process driving People, rather than People driving Process

Hopefully, Oscar Munoz, the CEO of United is going to give more than lip service when he states his apology for ‘re-accommodating’ passengers. What happens over the next few weeks will be telling as to how seriously United takes this Issue.

What types of Issues are you facing within your company?  If you would like to have  an Issue Review Session with coach Thom Torode, click here to schedule.

Thom Torode is a NJ based Professional Executive & Business Coach and EOS Implementer. Having owned and operated over 5 different businesses he is currently the Managing Director for Sunrise Business Advisors.   Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. 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.

 

Slingshot Sales Components

Components:

In my first post about the Slingshot Sales Process I talked about why a Sling Shot and gave you a little understanding about how it applies to developing a sales process.
Let’s review some of the individual Slingshot Sales components of the Slingshot System

The Band:

The elastic band is the part of the slingshot where the action takes place. It takes energy to pull back the band and propel the projectile forward. With just the right amount of energy, the band can be released and send the projectile flying accurately to hit its target.

Components: Frame & the Band

The Frame:

A slingshot only works well when its frame is strong. For the effective salesperson, this means the right attitude, beliefs, and character. Remember that a strong frame provides the structure to allow the salesperson to use the slingshot process to aim, pull back, hold, and release to the target. Without a strong frame, the salesperson is weak and ungrounded.

Successful salespeople, have some or all of the following traits (Components):

  • Ability to EMPATHIZE, including the ability to read subtle clues by the prospect.
  • Desire to WIN and ACHIEVE. Top salespeople love the game and they WELCOME REJECTION.
  • They are OPTIMISTS. When a setback happens, they assume it will be temporary, that it is externally caused, and that it only applies to a specific part of their lives.
  • AUTHENTIC. They are authentic with prospects because they don’t mind telling the truth. If you have a concern, you voice it. You can be authentic and diplomatic.
  • They effectively balance RELATIONSHIPS, RESULTS, and EGO. Three forces are always at work with salespeople: building relationships, getting results (by closing sales and hitting sales goals), and managing their egos.

Next,  I’ll guide you through understanding your target, as well as,  helping you know why people buy.

Thom Torode is a NJ based Professional Executive & Business Coach. He has owned over 5 different businesses and is currently the Managing Director for Sunrise Business Advisors. Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. 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.

The Why Behind Your Goals

Your Why Behind Your Goals

Setting Goals is important understanding the why behind your goals is critical. Learn 3 steps that will almost guarantee you the results you desire.

It is something of a cultural phenomenon for everyone to focus on future goals and new resolutions around the end of each year. Whether or not you participated in this process as 2015 started, it is worth stopping here at the end of the first quarter and complete a quick assessment. Are you, in fact, pursuing the goals you consider most important? Do your daily priorities and accomplishment move you along the path to achieving those goals in a timely manner?

As you pause to reflect on these important questions, it is worth evaluating every task you undertake each day and week by some simple, yet vital, criteria. As you already know, it is very easy to be quite busy every moment of the day and end that day feeling like you accomplished very little of importance. In fact, some of the most important tasks you set for yourself are easily put off if you don’t tackle them based on properly assigned priorities.

Themed photo 'Reaching your goal via a bullseye'Below we provide three basic questions that almost every time management experts concur are part of properly organizing your time and achieving your desired success targets. While these are not the important principles related to effective time management, they serve as an excellent starting point.

1) When is this specific due? The word specific is very important to this question. Most people understand the idea of eating an elephant a bite at a time, (that’s the only way to do it!) and grasp the idea that all major projects must be broken down into digestible elements. If you don’t have that significant and looming To-Do broken down, it is easy to tell yourself you’ll tackle it later – and suddenly the due date is upon you. When you find yourself constantly against deadlines and rushing to get priority products done, that is a good indication you aren’t taking the time to plan your work correctly. And, another popular trope says it all, Failing to Plan is Planning to Fail.

2) What’ll happen if I don’t do it? It is vital to understand the second component of getting things done, and that is not doing the unimportant until the important is accomplished. Often called the Tyranny of the Urgent, many people who fail to get where they want to be lack the ability to say no, or on the other hand say yes to the wrong things.Priorities List

Each morning, you will undoubtedly start off with a longer list of things to do than you can possibly accomplish. You’re on the right track when you do the thing that must be done (to meet your goals) first. Of course, this assumes you’ve done a good job of aligning your priorities with those of your employer and supervisor. If you are your own boss, that makes this discipline all the more important.

3) To whom do I owe the responsibility of completing this task? The answer to this question usually has at least two, and maybe more, dimensions. Certainly, we must accomplish the tasks we assume that are directly related to helping our business grow and thereby earning money. That is the first dimension. Secondly, we should be designing our work flow where the accomplishment of each task is meeting our personal needs and expectations.

Beyond these, there are your stakeholders: Your team of employees, customers, family and other players. Here is where the answers to the first two questions come into play. Others will always task us with expectations, tasks, and responsibilities. However, eventual success again comes down to first meeting your own carefully determined priorities and expectations, freeing you and/or positioning you to help others.  In other words, understanding the why behind your goals.

golden-circleHere’s a bonus tip. Successful and effective time management is never an accident. It should be your first goal and your first priority – this will make all other goals more feasible and attainable.do something awesome right nowThom Torode is a NJ based Professional Executive & Business Coach. He has owned over 5 different businesses and is currently the Managing Director for Sunrise Business Advisors. Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. 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.
In addition to being a Certified Business & Executive Coach, Thom is also a Certified Franchise Business & Leadership 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.

How FEAR Impacts Your Results

In his first inaugural address, Franklin Roosevelt famously stated, “The only thing we have to fear is fear itself.”

At the time of this proclamation, the U.S. was nearing the depths of the Great Depression. Millions were discouraged and convinced things would never get better. In reality, these people had some real reasons to be afraid, but the false evidence they were seeing made their fear paralyzing for many.

The idea of self-generated fear is now a concept that professional consultants and coaches now express in the acronym : F.E.A.R. or False Evidence Appearing Real. This is a way of expressing a fear of the unknown and the future, based on current perceptions of events and other “circumstantial evidence.” There are two other common ways to express FEAR:

fear concept choiceAlthough the sense of fear this false information creates is real, it can be effectively managed by realizing it is actually subconscious, manifested worry. This type of FEAR creates apprehension, can progress to forms of paranoia, and even paralyze your ability to be proactive in accomplishing your goals.

Oftentimes, the only way to resolve this debilitating problem is to consult with an experienced and qualified third-party who understands the problem. As with many subjective issues, your FEAR can overwhelm the objective truth, and it can blind you to viable options.

Understanding the Mind of the Franchisee

As with many things in life, the communications between a franchisor and prospective franchisee can result in misunderstandings, confusion and misperceptions. There is a natural source of potential tension between these two parties that can result in difficult situations, regardless of the best intentions and efforts of both parties. It’s helpful to examine for a moment why these difficulties are to be expected.

First, the franchisor is working hard to grow their business by adding quality franchisees. These business people invest a great deal of time and effort in developing a workable business model with training and support systems. When a new franchisee is signed up, there is an expectation to provide training and to help that new team member through the setup up and implementation phase. However, the franchisor also expects to wean a new franchise operation after a certain period of time, and is looking for franchisees to operate as independently owned businesses.

On the other hand, the prospective franchisee works hard to overcome the fears and insecurities associated with starting a new business, especially with a large monetary commitment. When they hear terms like “we will work with you” and “we’re here to help you” it is easy to misread this as providing an ongoing womb-effect that covers all anticipated problems and challenges. In other words, the mental emphasis is often more on maintaining that umbilical cord, rather than separating it.

When an experienced, professional franchise coach enters the picture, there is an instantaneous benefit to both the franchisor and the franchisee. These coaches understand the F.E.A.R. syndrome often affects both sides of the equation in the franchise world. The franchisor is accountable to a growth plan that investors, employees and existing franchisees are depending upon. At the same time, the franchisees are focused on their specific commitments, market and operations. They both may see false indicators of problems or potential problems and be discouraged or worse.

Having that professional business coach is often invaluable in pulling back the curtain on these unsubstantiated fears and concerns. With the insights and skills of the right coach, both franchisees and franchisors can recognize their own capabilities, and work toward overcoming those discouraging concerns.

The problems of running and growing a business are real enough and challenging enough on their own. Adding to them because of F.E.A.R. is a futile exercise that the right franchise coach will help you avoid.FALSE EVIDENCE APPEARING REAL

Thom Torode is a NJ based Professional Executive & Business Coach. He has owned over 5 different businesses and is currently the Managing Director for Sunrise Business Advisors. Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. 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.
In addition to being a Certified Business & Executive Coach, Thom is also a Certified Franchise Business & Leadership 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.

Customer Retention Improvement for your Business

Improving Customer Retention

If you’re a business owner, then of course you want to do everything you can to not only gain new customers, but to keep your existing customers loyal to you. Unfortunately, customer retention isn’t always easy; customers may leave as a result of a bad experience with one of your employees, a bad product, or even a lower price offered by a competitor. While there are all kinds of customer retention strategies out there, there’s one that’s been proven to be the most successful.

Customer Retention Dartboard Perfect Dart Hit

Develop and Enforce KPIs Among Employees

Because the majority of customers who leave a business do so as a result of poor customer service, the single best thing that business owners can do to retain customers is to implement Key Performance Indicators (also known as KPIs) within the workplace. KPIs should be tied to a company’s goals and should be easily measurable. They should also be included in each employee’s contract.

Some examples of KPI’s that can directly improve your customer retention rate are benchmarks such as:

  • Response time to customer inquiries.
  • Time between receiving and order an fulfilling it.
  • Ratings on customer surveys.
  • Quality control levels on finished products.
  • The actual measurement of your customer retention

At the end of each quarter, all employees should receive a KPI review; during this review, managers and supervisors can determine whether or not each employee is meeting those key performance indicators as outlined. If not, then corrective actions may need to take place, additional training may be required, or the employee may not receive a special bonus or incentive.

On the other hand, if KPIs are met, then the employee should be rewarded in some way, whether it be financially or even just giving him or her some form of recognition within the workplace.

How KPIs Improve Customer Retention

There are many ways in which implementing and tracking KPI requirements among employees can help boost customer retention in any business. For starters, employees will have a greater incentive to deliver service to customers that reflects the values and goals of the company. As a result, customers are more likely to be satisfied with their service. After all, an employee will know that he or she could be reprimanded for not delivering the level of service expected and will strive for excellence as a result.

When it comes to customer retention in your place of business, you need to do everything you can to keep your customers around so your company can be as successful as possible – this is good for you, your customers, and your employees. Therefore, if you don’t have a KPI strategy in place among your employees, now is the time to start thinking about developing and implementing one.

For additional information contact: Sunrise Business Advisors

Thom Torode is a NJ based Executive & Business Coach. He has owned over 5 different businesses and is currently the Managing Director for Sunrise Business Advisors. Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. 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.

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.

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.