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In the previous post, we discussed the first three of the 7 specific areas you need to consider in your franchise prototype process.
These 7 areas will fine tune your plan for the ultimate level of success.
Think of building your business model as planting a tree. Initially, it’s small and fragile, and you might wonder if it will survive the night. However, by consistently watering, fertilizing, and nurturing it, your ideas will strengthen the trunk, and each of these strategies will grow into the branches of your now robust tree. Discovering the right support staff, employees, vendors/suppliers, and other relationships will enable your tree to flourish with leaves and flowers.
The way you structure your management team is crucial not only to your growth but also to the happiness of your employees and, ultimately, your customers or clients. This strategy is results-oriented and relies on the system in place rather than solely on individuals.
In short, a management strategy consists of standards that encompass goals, rules, a mission statement, and other tangible elements that instruct your employees on how to act, guide your management in growing your business, and inform your customers or clients about what to expect.
All of these elements should be in perfect alignment with your business goals.
You should create a people strategy that conveys your appreciation for your employees’ job performance and dedication to your business. It’s also important for them to understand the ‘why’ behind their specific tasks. This helps them establish a personal connection to their work, resulting in improved productivity and a more content workplace.
These are just a few ideas you can implement. One of the most effective ways to show appreciation to your employees is by holding a meeting and asking them how they would like to be rewarded. Take some time to consider their input and implement the best strategy. To keep things fresh, periodically change the approach you use, so your employees are pleasantly surprised. Once they become accustomed to one incentive, it’s time for an entirely new approach.
You should foster a sense of community within your company, characterized by support, appreciation, and respect. The more an employee feels “at home”, the better they will perform and the higher their level of loyalty.
Marketing is, of course, essential for the success of any business, but it must also work cohesively with the other strategies you’re employing. There are two major pillars of a successful marketing strategy: the demographic and psychographic profiles of your customers.
The psychographic information reveals what your customers are most likely to buy, while the demographic information tells you who they are. This can help you understand why they purchase specific items. Without this information, the quality of your business prototype becomes irrelevant.
Hard systems refer to inanimate systems or systems that lack ‘life.’ Soft systems, on the other hand, can involve living elements. Information systems encompass everything else, including customer data, product information, finances, and anything involving data and numbers.
Among all three systems, the most crucial is the soft system, as it encompasses the sales systems your business employs. Within your sales system, the two keys to success are structure and substance. Structure refers to what you sell, while substance pertains to how you sell it.
All three systems are vital to the success of your business, and though they have distinct roles, they must all collaborate to accomplish the task. This principle also applies to your entire business development program.
I’d like to take a moment to recap the ideas we covered in the business development lessons.
7 specific areas you need to consider in your franchise prototype process.