A strong team
One of the most important factors when managing your franchise and growing your profits will involve your staff. The Asia Pacific Centre for Franchising Excellence notes that internal factors are often the difference between failing and surviving businesses, rather than the market conditions. So be proactive in selecting a team that works with you, rather than for you, to help realise the potential of your business. Include staff in planning and new initiatives and have small but meaningful awards, or workplace perks to reward and motivate your team. These help bonding and make your staff feel a part of your business.
It might also mean that you pay above award wages or offer other lifestyle perks to retain good quality candidates. Providing non-financial incentives can be just as effective in contributing to a positive and productive workplace culture. Being a franchise, often you will have access to specific training or government subsidies for workplace based qualifications.
Today’s global marketplace means multiple revenue streams are possible and traditional business hours can often be a thing of the past. Even if your business has set opening hours, be present online to assist your customers when you are not open. Being easily accessible and present online not only equates to future sales for you, but can present fabulous networking potential and opportunities for cross promotional initiatives, sponsorships and exposure.
Being proactive will also mean responding to, or leading the way, by engaging with current trends and consumer preferences. One affordable way to do this is to check in with your staff for suggestions in cultural areas that might have a good overlap for your business. But first, consider do they represent an age group or demographic of your current customers or the customers that you desire, or worse, do not desire? Base your research on what suits your business best.
Being relevant in the global sense is important, but don’t forget the physical location of your franchise. A strong manager should look for ways to engage with their local area, again for research and networking opportunities. Simple things like sponsoring a child’s sporting event draws a large audience and ability to passively reach new customers. Many local councils will also hold business events so you can meet the key players in your area and be up to date on the latest funding opportunities and legislative requirements that effect you. Again, check in with your staff if they live locally and how they think you can integrate your business more into the local landscape. Once brand loyalty is established and you consistently provide high quality customer service, a new or old business can receive a real boost in awareness and sales, simply by word of mouth whether face to face or online.
So invest the time in your staff, research online and boost your local presence to show your clients that you care about their needs in order for them to invest their dollars in your business.