In the The Corporate Puzzle post we talked about the first three of the 7 specific areas you need to consider if you decide to franchise your business. In the franchise prototype process there are seven areas that you need to be clear and definite. Here are all seven again:
Now...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.
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.
The way you structure your management team is not only essential to your growth, but 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, your management how to grow your business and your customers/clients what to expect.
These should all be in perfect alignment with your business goals.
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 interested at “the office”:
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 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 psycho graphic profiles of your potential consumers.
The psycho graphic 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.
There are three types of systems in every business:
Hard systems refer to inanimate system or systems that have no “life”. Soft systems are those that could be living. Information systems which 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 things we went over through the business development series. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
There are essentially three key roles that need to be filled to set your business up for success:
The four different stages of a business life cycle are:
There are a few things we discussed in the business development series are:
There are three main areas of business development:
7 specific areas you need to consider in if you decide to franchise your business. The franchise prototype process are these seven steps. Here are all seven again:
I can help you work through all of these areas and give your business a jump-start that puts you ahead of your competition right from the start. Use my complimentary business breakthrough assessment and work with me, plus gain access to a wealth of tools and resources.
Thanks and I look forward to connecting with you.
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