Do you make pizza? Do you fix cars? Do you own a retail store? No matter what the business, if you are franchising that business, chances are your focus is a little off of day-to-day operations. That’s okay. When franchising, it is important to remember that franchising takes your full attention in order to grow a business. It is a separate business from the day-to-day operations of your company units. Also important, is to remember to take time for a little inventory at the end of every year to build or keep positive momentum. With that in mind, here are three things franchisors can do to start a new year on the right foot.
1. Revise and update your operations manual, if you think it is necessary to do so. The start of a new year can bring new laws and regulations. Make sure you are up to date on any laws or regulations that may be taking effect in the new year and that your company is compliant with those changes. Plus, there may very well be some new and creative programs that you want your franchisees to follow.
2. Identify several potential franchisee target groups and rank them. If you are looking to expand in 2015, who are your ideal candidates? Even if you’ve already done this, look it over again. Identify the groups you would like to get in touch with, and then make a secondary tier of groups, and a third. Keeping focus on your targets could help you secure your perfect candidates to join your business. Try to incorporate a social media campaign for the recruitment of new franchisees. This can be quite productive and not very expensive.
3. Communicate franchise sales goals for the year. January may be the best time to sit down and come up with a realistic goal for franchise sales. Once done, communicate those goals to your team clearly to make sure everyone is on the same page and working on the same mission. This will set the tone for the year, and may even help determine what the problem was if the goal is not met at the end of the year.
For more tips and news related to franchising, visit http://www.franchiseatty.com. And here’s to a great 2015 in franchising!