Invest To Be The Best
I was watching a video a friend of mine posted and it struck home that it was absolutely the mindset a new franchise owner needs to take. The video was posted by Brad Sugars, Founder of Action Coach and author of the new book Pulling Profits. The words that rolled off his tongue were “Invest to be the best” as part of his conversation focused on the idea that consumers and businesses want to do business with the best option within their reach.
It makes total sense that when any of us think about going out to dinner, we choose the best restaurant not the mediocre one. We buy the best car we can afford, not one that we know will let us down. We go to the gym that gets the best results, if that is what we want out of a gym.
What you have to determine is: do you want to be that business people line up for? If you do, then it is time to focus on what it takes to be the best, and where you can invest to go above and beyond the minimum expectation to do so.
Let’s start with your core support system, the franchise you have, or will, invest in. This is a key area where you can focus on making sure that you have the best team behind you, the best brand to market, the best training, the best support, the best technology and the very best fit between you and the business you are growing.
The franchise investigation process will be a key element to finding out which the best fit for you is. All too often people start by picking one of their favorite products or services and deciding it is perfect because they like the end result from a consumer point of view. Key to your success will be making sure that you are a fit for the role of the owner, and that the franchisor has delivered on their role with currently successful franchise owners in the system.
As you work on growing your franchise be careful not to make the mistake many do of trying to be a hero and grow your business without asking for help from the franchise system you bought into. You paid for the benefits, the access and the resources. I challenge you to call someone at the franchise corporate office at least once per week. Initially you will have specific questions you need answers to. As you get settled in you may have weeks that you don’t have specific questions, call anyway. On those weeks just call the office, ask for someone you have not met or spent much time with yet and learn about what they do for the company. You may discover opportunities to grow that you never thought to ask about!
It happens to often that people buy a franchise, go to training then become hard to connect with. In franchising, the more you seek assistance, the more likely you are to be doing the right things!
Let’s say you are doing the right things inside your franchise system, what can you be doing in addition to that in your pursuit of being the best?
It depends on your skills, what your business needs and where you can improve.
Does your business find more success when it is updated, clean and welcoming? Simple thing like fresh paint, power washing and cleaning windows can make a big difference.
Do you sell more when your technology is the latest available, easy to use and all of your staff can operate it efficiently? Always make sure your technology is not a stumbling point. Bring in trainers to give your staff advanced training. Explore functions in your technology that enables better tracking of KPI’s and service. Sometimes outside software can tie into your on-site systems to provide better numbers that you can use to find opportunities for growth and improvement in the business.
Do you need to learn advanced skills used by franchise owners in yours and similar systems to grow their businesses? Join the International Franchise Association, attend the Multi-Unit Owner Conference, attend your brand’s conferences and meetings. Spending time with other operators makes a wealth of knowledge available to you and builds relationships that will support your success.
Does your Franchise need a bigger footprint in your market to grow the brand’s reputation? Consider opening another unit or territory. Don’t overextend yourself, but growth is a great way to grow your role as the best in the market is to be more visible.
The key here is to run your business well, but always be looking for ways to get better, provide better and serve your clients better.
Invest to be the best… A great mantra!
What is your success story? Let’s go find it!
George Knauf is a highly sought after, trusted advisor to many companies; Public, Independent and Franchised, of all sizes and in many markets. His 20 plus years of experience in both start-up and mature business operations makes him uniquely qualified to advise individuals that have dreamed of going into business for themselves in order to gain more control, independence, time flexibility and to be able to earn in proportion to their real contribution. Contact the Franchising USA Expert George’s Hotline 703-424-2980.