Work On Your Franchise Versus in Your franchise With Decision Support
Think back to why you purchased your franchise business. What was your “why” for getting into it? Passion for the industry? Sparking your entrepreneurial spirit? Making a difference in people’s lives? Gaining personal wealth and a sense of security for your family? Today, are you working toward your “why” or have you become inundated with the daily tasks of keeping your business afloat that you have not set a clear, strategic path to reaching why you got into this business in the first place?
Honkamp Krueger & Co., P.C., a Top 100 CPA and business consulting firm that specializes in franchise consulting, accounting, tax planning and preparation, payroll/human capital management, and more, often sees this happen with our business owner clients. The gusto that got them into business in the first place gets lost in the daily grind of putting out fires, keeping up with tax and human resource law, keeping the books in order, etc. That is why we developed decision support services, which is a systematic approach to coaching our clients to reach their business and personal financial goals.
With decision support services, we are with you every step of the way to help you:
- Make real-time, data-informed decisions
- Identify and continuously monitor the key performance indicators (KPIs) most important to your franchise
- Create a roadmap of where you want your business to go
- Develop your team members and leadership group to a common, agreed-upon path to your franchise’s vision, mission and core values
- Establish effective processes that produce results
- Improve accountability at your franchise business
So how does HK accomplish this? Through data-informed decisions, HK uses data and metrics to overcome typical roadblocks and obstacles that often halt implementation of new business objectives. Franchisees and franchisors who undergo decision support services are provided with the tools needed to make smart decisions and move past the barriers that often hold you back. HK uses an efficient and impactful process, taking your vision into account, to help properly prioritize and allocate your time and resources to achieve your desired return on investment.
Through a series of six phases, decision support services helps you realize your franchise’s true potential.
Phase 1: $COPE Assessment Survey
The $COPE Assessment Survey ($-financial, C-customers, O-operations, P-people, E-end in mind) takes into account all of the aspects that make your franchise what it is today and how to get your business to where it needs to be in the future.
Phase 2: Discovery
The goal of the discovery phase is to break down silos that could potentially exist between locations and management styles, and drive cohesive alignment of all your locations and processes. Your $COPE session will have highlighted the common areas of agreement and disagreement amongst your team members, and through discovery, HK provides you with the tools to communicate and collaborate to work toward alignment between all team members and locations.
Phase 3: Planning
The planning phase is where you get to design your road map. Our decision support specialists work with you to define a clear vision and focus, understand the big picture, establish long-term targets, and develop a practical and measurable plan to move your franchise forward. Whether you desire to scale existing locations or add more locations, the planning phase will help identify the necessary steps to help you achieve your goals.
Phase 4: Follow up
Phase 4 is where we put your plan into action. This is the time to ensure your roadmap is practical, the deadlines are realistic, the communication to your employees across all locations is handled appropriately, and our role in assisting with implementation and accountability is clear. No plan can come to fruition without employee buy-in, so we help you determine the appropriate course of action to get everyone on board.
Phase 5: Accountability
As your accountability partner, HK’s team will meet with you at least quarterly to ensure tasks are being completed in order to achieve your goals. We’re here to help you stay focused on the tasks at hand to ensure your franchise continues to move forward.
Phase 6: Continuous planning
As you move along in the process, we will celebrate your successes and provide outside accountability, perspective and inspiration to keep you pressing onward and exploring new possibilities.
Those who have undergone decision support services find it has helped them to:
- Clearly articulate their vision, improving the chances for continued growth and profitability
- Develop their leadership team and groom the next generation
- Align their strategic vision with the day-to-day activities within the franchise
- Improve the focus of their leadership team and energize and engage employees
- Establish effective processes and gain valuable insights on how small changes can make a big difference
- Improve communication and create an environment of continuous improvement
HK believes you can’t expect anything to change unless something changes. Through decision support services, you can change the way you view and run your business and get back to your “why.” The added value this process brings to your business pays off dividends and can be translated to greater returns down the road for you and your legacy. Whether you’re an entrepreneur who is just starting their franchise journey, or an industry veteran who wants to maximize value in your final years before retirement, decision support services can help put you on the path to achieving your goals.