What makes the longest-running franchises so successful?
What makes a franchise successful, and how can you grow...
Whether you are an experienced franchisee who needs a kickstart to refresh your business aims and plans or you're looking to take the leap and join a franchise, start thinking about what you can do to make your business a success.
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Make A Plan
Ensure that you know what new products and services your franchisor is planning to launch this year and promote them early. Let your customers know what to expect so they can begin to budget, or if you want to keep them on the hook and take your time in letting the excitement grow, drop hints and let them try to guess. Not only could they be right, in which case they will be delighted when you make the big reveal, but if they aren't, they could still generate some interesting ideas for your franchisor to consider.
Make sure you know when you will update your social media accounts and website and why. Having a defined social media engagement plan will allow you to enhance your online presence, achieving maximum benefits from each post.
Double check your finances and make sure you have correctly accounted for your planned income and expenditure. This should include maintaining appropriate stock levels as well as rent and rates on business premises and wages where appropriate.
It is always helpful to make a list of things you want to achieve and set deadlines for when you plan to achieve them. This gives you something to focus on and work toward. If necessary, break them down into smaller steps to make the tasks more achievable.
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Hold Yourself Accountable
As you go through the year, regularly check your progress against your plan to make sure you are still on track. If you notice that you are falling behind where you want to be, take some time to understand why. It may be that unforeseen events have affected your cash flow and prevented you from taking the necessary action, or it could be entirely unintentional. Either way, recognizing the root cause will allow you to address it.
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Be Customer-Focused
Always remember that you cannot succeed without a loyal customer base, so take the time to engage with your customers. Keep them informed and communicate regularly in whatever form is most appropriate for your business. Let them know early about promotions and price rises so they can plan for them.
Maintain your online presence and promote your brand. Always remember to accept feedback graciously, whether it's good or bad. If a customer identifies an issue with your products or services, take rapid action to address it and keep them updated.
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Take Advice
Finally, never be afraid to ask for advice from those who are more experienced. Embrace guidance from your franchisor and network with other franchisees in the brand.
