Have you ever wondered how to be a successful franchise owner? This is probably the most common question which a franchisor/business owner will ask themselves. Everyone wants franchises to run smoothly. But the reality is far from beyond. So many activities need to be done in a short span of time. Managing franchisees is not a rosy as it looks. The fight between productivity and the functioning of franchises differs for various reasons.
So, what makes a successful franchise? What are the franchise owner responsibilities? With two decades of experience and over 500+ clients, we give you the simplest answers that have been formulated through a fair share of learning.
Yet, we do have some control over our productivity and progress. But with so much to do, is working more hours better? In fact, it is not—productivity decreases as the workday and workweek grow longer. But do not despair. Here are few ways to work smarter in your franchise.
One must understand the difference between control and mismanagement of resources. Remember, when you take care of your franchisee, you take care of yourself. At times in the name of attaining perfection, franchise owners lose anchor towards the core of the idea/product/service of the business.
Let us now look at how you can be a successful franchise owner:
Technology here to stay
Brick and motor companies are shutting down at a rapid rate. Many companies have taken the technology and integrated it into their traditional businesses. Most of the management software’s helps you to get direct access to the franchise without even being physically present. This has also substantially reduced the cost of hiring an additional manager. More time you will have with fewer distractions. Many small businesses use free tools and increase their bottom line without spending a bomb.
Clarity in Communication
This is the biggest reason many organizations don’t survive. These Communication challenges exist in every organization, but if you increase your skills, you will reduce misunderstandings. Plus, the more collaborative you are, the less time you’ll need to dedicate to overcoming avoidable mistakes. The better the communication, the more efficient team projects will be.
Categorize
Prioritize what is the most important task. With time, franchises tend to deviate from their core services and start modifying the systems. Any good brand, if you notice creates strong fundamentals before franchising. Without the solid base, the whole system can be brought down before you know it. Even the smallest change must add value to the franchise. Use scales or a list of the functions in a separate manner to ensure the tasks are not affected and the compulsory actions are not postponed.
The Art of Delegating
No one is perfect and this makes it all the more reasons to make franchising interesting. Succuss of the franchisees leads to the overall success of the franchisor. It has to be a win-win situation for both. Different roles require different specializations. If at all you can delegate a task to someone who can do it better, do not hesitate and delay. Use them to free your time to focus on your areas of expertise.
Trend Analysis& Research
See how each of your franchises is functioning in different markets. It is impossible for all of them to be giving the expected return that is desired. Keeping track gives you a way to check where improvements and audits need to be done. This is a continuous process, but if done right, creates wonders in the long run for all the parties involved in the franchise.
Stop Micromanagement
You may not see it coming, or for the fact understand how huge an impact it has on others. This may sound very foolish, but putting an end to taking small decisions frees your mind up for bigger and important ones. This also gets you to do high priority tasks that need to be taken care of at the top level. Create consistency in your daily activities. Making few solid decisions automatic, you will find the work much smarter and less fatigued when you need to make an important decision.
Don’t Stop Learning
Business is always dynamic and keeps changing. new technologies, acquire new skills, and add new business needs to be addressed in an open-minded approach. Most of the successful franchises seek continuing education, attend events and workshops, and frequently get in touch with the franchise headquarters to be updated always.
Not all franchises have the knack that will make their lives and businesses better. When you work smarter, you will feel accomplished, less stressed, and freer to grow an even more successful franchise than you could’ve ever imagined. this is how simple and effective steps make you a successful franchise owner.
