In the previous post, we discussed the first three of the 7 specific areas you need to consider in your franchise prototype process.

Here are all seven again:
  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

These 7 areas will fine tune your plan for the ultimate level of success.

Today we are going to cover the last four.

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.

Management Strategy

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.

Employee Appreciation

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.

There are a number of strategies you can use to keep it interested at “the office”:
  • Performance Incentive Programs
  • Contests that reward high performance
  • Employee of the Month
  • Performance/Holiday Bonuses

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 Strategy

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.

Systems Strategy

There are three types of systems in every business:
  • Hard Systems
  • Soft Systems
  • Information Systems

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.

An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
  • Desire
  • Some capital
  • Projected a targeted profit
There are essentially three key roles that need to be filled to set your business up for success:
  • The Technician
  • The Manager
  • The Entrepreneur
The four different stages of a business life cycle are:
  • Infancy
  • Adolescence
  • Growing Pains
  • Maturity
There are a few things we are going to talk about:
  • Business Format Franchise
  • The Franchise Prototype
  • Franchise Prototype Standards
There are three main areas of business development:
  • Innovation
  • Quantification
  • Orchestration

7 specific areas you need to consider in your franchise prototype process.

Here are all seven again:
  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

We can assist you in addressing all of these areas and provide your business with a jumpstart that places you ahead of your competition right from the beginning. Utilize our FREE test drive, collaborate with one of our coaches, and gain access to a wealth of tools and resources.