Nurture Your Business so it Grows Big and Strong
In our last post I shared with you 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.
By the way, have your even considered what that is to you? You should have written that down weeks ago. Go back and review that daily.
Anyway, today we are going to cover the last four franchise prototypes. And remember, we are not necessarily planning on turning your business into a franchise. We simply want to ensure you own a business that will give you the freedoms you desire, as apposed to owning a low paying job you work in 12 hours a day.
Think of constructing your business model like planting a tree. At first, it’s so small and weak. You wonder if it will even make it through the night. But, you keep watering, fertilizing and nurturing it. As it grows a bit, you have to prop it up with cable and stakes.
Your ideas will grow the trunk and each of these strategies will extend out as the branches of your now strong tree. Finding the perfect support staff, employees, vendors/suppliers and other relationships will make your tree flourish with leaves and flowers.
Management Strategy
The way you structure your management team is not only essential to your growth, your happiness, the happiness of your employees and, ultimately, your customers/clients. This strategy is results-oriented and doesn’t depend on the people, but the actual system that’s in place.
A management strategy is, in short, a set of standards that include goals, rules, a mission statement and other concrete things that tell your employees how to act, how to grow your business and tells your customers/clients what to expect.
These should all be in perfect alignment with your business goals and Vision Story. And they should be in writing. Your employees must have a vested interest in these goals and rules.
Employee Appreciation
You need to put together a people strategy that shows your employees how you feel about their job performance and dedication to your business. They also need to understand “why” they are doing specific tasks. This helps them to personally connect to their job, which in turn leads to better production and a happier workplace.
There are a number of strategies you can use to keep it interesting at “the office”:
- Performance Incentive Programs
- Contests that reward high performance
- Employee of the Month
- Performance/Holiday Bonuses
These are just a few of the ideas you can use. One of the best ways to appreciate your employees is by calling a meeting and asking them how they would like to be rewarded.
Think about it for awhile and put the best strategy into play. Keep it fresh and change up the strategy you use from time to time to keep your employees guessing. Once they get used to the prize, it’s time for a whole new approach.
You need to build a community within your company. There needs to be support, appreciation and respect. The more “at home” an employee feels, the better they will perform and the higher their level of loyalty.
Marketing Strategy
Marketing is, of course, essential to the success of any business, but it also must work cohesively with the other strategies you’re using. There are two major pillars of a successful marketing strategy-the demographic and psychographic profiles of your customers.
The psychographic tells you what your customers are the most likely to buy and the demographic tells you who they are, which can help you learn why they buy specific items. Without this information it simply doesn’t matter how good your business prototype is.
Systems Strategy
There are three types of systems in every business:
- Hard Systems
- Soft Systems
- Information Systems
Hard systems refer to inanimate system or systems that have no “life”. Soft systems are those that could be living. Information systems are, of course, everything else, including customer data, product information, financial…anything with data and numbers.
The most important of all three systems is the soft systems because it includes the sales systems your business uses. In your sales system the two keys to success are: structure and substance. Structure being what you sell and substance being how you sell it.
All three systems are essential to the success of your business and while they all have their own very specific roles, they all must work together to get the job done. This also goes for your entire business development program.
I want to take a moment to recap on the ideas we went over through the business develop 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 help you work through all of these areas and give your business a jumpstart that puts you ahead of your competition right from the start. Use our FREE test drive and work with one of our coaches, plus gain access to a wealth of tools and resources.