Recently, I reconnected with a Naval Academy classmate and one of the most wildly successful motivational speakers in the world for business leadership and growth strategies, Mary Kelly. We had a wonderful time comparing stories about our respective ‘journeys’ in and out of the Navy and our experience working in, with and for various franchisors. What follows’ is an edited transcript (reach out to me directly if you’d like the full version of the article) of our discussion that will resonate both with veterans AND non-veterans considering the purchase of a franchise as the next step in their professional careers:
Steve:
Mary, so much seems to be changing in the business environment. How do you see these impacting franchised businesses?
Mary:
The landscape of franchising is evolving, and as we move into 2024, franchise owners face new challenges and opportunities. To thrive in this dynamic environment, its essential to adopt strategies.
Steve:
Mary, can you get more specific? What “deliverables” should franchise owners focus on to set themselves up for success?
Mary:
1. Develop a Current and Relevant Strategic Plan: The cornerstone of any successful franchise is a robust plan. This plan should not only reflect the current market trends but also anticipate future shifts. It’s vital to regularly update your . . .
2. Know Your Numbers: Financial literacy is crucial in the franchise business. Understanding your numbers goes beyond knowing your profits and losses. ..
3. Make Tough Decisions Sooner Rather Than Later: In the world of franchising, procrastination can be costly. . . The key is to assess situations quickly and act decisively.
4. Lead by Example in Time Management: Your team looks to you for guidance. Show them the importance of time management by being an example. . .
5. Be Clear on Your Core Values, Especially When Hiring: Your franchises core values are its heartbeat. They influence your brand’s identity, customer service, and internal culture. Clearly define and communicate these values to ensure that every team member understands and aligns with them. Hire people who share these values. . ..
6. Review Your Vision and Mission with Your Team: Regularly revisiting your vision and mission with your team keeps everyone aligned and motivated. It helps in reinforcing the franchises goals . . .
7. Prioritize Customer and Client Care: Does everyone on your team know what great customer service looks like? As the owner, you need to ensure that everyone in your organization understands the importance of customer and client care. . .
8. Communicate More Often Than You Think Necessary: The past few years have meant increased, stress, and uncertainty for most people. That means they are not as focused on work. Effective leaders know that communication is the lifeline of a successful franchise. Its better to over-communicate than under-communicate. . .
9. Set Top Five Monthly Goals: Each month, identify and communicate the top five goals for your franchise. If you cannot cross them off a list, they are not goals, they are ideas. . . . Every month review and adjust these goals to ensure continued relevance and challenge.
Steve:
Mary, that sounds like a lot. As a new business owner, I found my “time horizon” was much shorter than I would like. What is the secret for addressing these priorities and not get consumed by the daily minutia the consumes the typical business owner?
Mary:
That’s where franchising comes in, right? A great franchisor should be doing all these things . . .providing tools . . . coaching you. At a minimum, they should be modeling these behaviors and helping to identify resources.
Steve:
Very true. I haven’t found any “perfect” franchisors yet, but there are certainly those much further along the learning curve than others. Thank you very much . . . any final words?
Mary:
The success of a franchise in 2024 hinges on proactive strategies that adapt to changing circumstances. By developing a relevant strategic plan, understanding financials, making timely decisions, leading by example, adhering to core values, revisiting your vision and mission, emphasizing customer care, communicating effectively, and setting clear monthly goals, franchise owners can navigate the challenges and seize the opportunities that the new year brings. Remember, the key to a wildly successful franchise lies in the details of its management and the commitment to continuous improvement.
A bit more about Mary:
Recognized as one of the Top 50 Motivational Speakers in the world for business leadership and growth strategies, as one of the top 50 Global Sales Speakers, and again in the 2024, in the Top 30 Global Gurus for Organizational Culture, Commander Mary Kelly, US Navy (ret) is a Hall of Fame Speaker who delivers motivational messages, successful strategies, and actionable tactics.
About the Author
Steve Taylor - After graduating from the US Naval Academy and serving in the US Navy, Steve transitioned to the High-Tech industry where he pursued a successful career as a supply chain and sales professional, purchasing his first franchise 15 years ago and building it into one of the top units in a large system. Steve currently resides in Pleasanton, California with his wife, three children, a dog and two cats where he helps veterans and others leverage their personal goals & strengths to identify and acquire relevant and profitable businesses. Contact Steve at SteveTaylor@TheFranchiseConsultingCompany.com.
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