Every franchise begins with big dreams – happy customers, industry accolades and a profit statement that screams ‘success’.
So why do some franchises thrive, while others end up with a ‘closed’ sign on the door? What’s the secret to running a wildly successful franchise business, and what do the best ones do that others don’t?
In this series of 5 weekly blog posts, we’ll look at what the most successful franchise businesses have in common, and uncover 10 simple strategies for taking your franchise to the top.
Tip # 1 - Never stop learning
No matter how much you know about your industry, there’s always more to learn. The best and most successful franchises are those at the forefront of change. They attend conferences, they take courses, they keep up with the latest innovations, both locally and overseas. If you want to be a leader, not a follower, ongoing learning is key.
And don’t limit yourself to learning just about your industry. Get an all-round education by keeping up with marketing, social media, e-commerce, and customer experience trends. The business world moves fast, and you need to move with it.
Think you know everything? Teach. Whether it’s through a book, a blog or a series of seminars, educating others is one of the best ways to position yourself as an expert in your field. Plus, it builds trust in your brand, and helps you gain credibility with your customers.
Tip # 2 -Establish rock solid processes
Every successful franchise business has company policies, procedures and best practices ingrained in their culture. Think the folks at Subway leave the Meatball Marinara open to interpretation? No chance. You can bet there’s a comprehensive process that describes exactly how to make that sandwich – from how many meatballs to include, where to place them, how much sauce to apply, and how to wrap the finished masterpiece.
The same applies to every other sandwich on their menu. And how to greet a customer. And how to complete a time sheet. And how to lodge a complaint, or apply for annual leave. The best franchise businesses understand that clear processes are the backbone of their organisation – and none of them are winging it.
Even if you’ve got the best set of operating procedures ever written, think about how you’re sharing them. Are your teams on top of best practices? Are they following them? Do they even know where to find them? If you haven’t already, invest in an online operating system that stores policies and procedures in a user-friendly space, is simple to update, and accessible from a range of different devices. When everyone in your business can access company policies, there’s no excuse for non-compliance.
Check back for next week’s post to uncover tips 3 & 4!
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