If your planning strategy mirrors many franchise organizations, you probably completed the majority of your annual planning before the year even began - hopefully with enough detail and accountability to ensure it’s implemented effectively. And while much of the planning I’m involved in through my Board work is at the franchisor level, it’s just as important for smaller franchisees to plan, too. In fact, the yearly planning process can provide a unique opportunity for franchisees and franchisors to collaborate and create a planning process together. When I was with Cost Cutters and City Looks, for example, we included a support team from the corporate office that would sit down with the owners and review their business information. Together, they’d review each unit to find out the following:
From disaster planning to maintaining accountability, there are a number of great reasons why every serious (franchise) company should have a board. But sometimes, despite the best intentions of a company, the board simply isn’t creating the value for the organization that it expects. Whether it’s a lack of time on behalf of the business owner, or irreconcilable differences among its members, there may be only one option that makes sense for everyone involved. It’s an option I like to call “unboarding.”
Last week I had the pleasure of speaking at the 5th Annual “Franchise Capital Exchange” in Chicago. In a presentation titled, “What Makes a Deal Attractive,” I spoke to the group about my own experiences as both an investor and a franchisor. My goal was to help them understand how to make themselves attractive to the other party – and invite deals that could potentially take their businesses to the next level.
For many franchisees, the definition of success isn’t simply to grow a thriving single unit business: it’s to grow and expand into additional units, as well. And while it may seem like a natural progression for many franchise owners, it does require a mindset shift in order to execute successfully. It’s a topic I’m excited to share with the Painting With a Twist team at their annual conference later this month. This will be my second time attending the event, and I’m once again looking forward to sharing in their enthusiasm and growth.
Improve Your Performance as a Franchisee? Pick Five!
When I was an area developer and franchisee in various brands, I developed a simple engagement strategy that allowed me to accelerate my learning curve, develop lasting relationships and achieve my full potential as an owner. And all it took was one phone call a week! Sounds easy - and it is!
Time can be spent or time can be invested – a lot like money in our economy. By investing time, I’m not necessarily talking about being busy. Rather, what I’m talking about is investing your time valuably in your behavior or a specific activity. Becoming less busy and more valuable - that’s the goal.