C HAP TER 12
10 Steps To Successfully
Growing Your Franchise Business Tony M e re dith | D ire ctor a nd He ad C oach | Tony M e re dith C oaching,
M
ost franchisees want to grow their franchise business. Whether it be growing sales, employees, or locations, ultimately, it’s about building a bigger business. Whilst there’s a framework to growing a franchise, it’s important to note that it’s not easy. Successful growth takes time and effort. Furthermore, achieving fast growth at the expense of operational efficiency and/or customer service can sometimes be a recipe for disaster. There’s no point building up demand for your products or services if you can’t supply these. With this in mind, your goal should be to achieve sustainable and profitable growth in your franchise business. As a Business Coach, I work with a variety of business owners across many industries, and I understand the steps required to achieve sustainable growth. In this article, I have summarised the 10 Steps for you to follow in order to grow your franchise.
1
Understand yo u r pu rpose
Growing your franchise will be challenging. Whilst you’ll have plenty of good times, you’ll also experience bad times, and it will be your why that will keep you going when times are tough. Your why is your purpose, or the reason that you first bought a franchise, and continues to be the reason that you want to grow your franchise today. Constantly remind yourself of your why, as this will act like a magnet, pulling you towards it. When you are being pulled towards your purpose, the work can seem effortless. On the other
hand, it can feel like a constant struggle when you are pushing hard towards an outcome that you are not truly connected to. Regardless of the type of franchise you’re growing, you’ll need the help of those around you. Make sure you share your purpose with your employees, staff, family, franchisor, and other stakeholders, as this will enable them to also become connected to the greater purpose.
2
G oal C larit y
Get clear on what type and level of growth you’d like to achieve in your business. These are your franchise goals.
I subscribe to the theory of business by design, meaning that you can achieve whatever you want in your franchise, however it starts with getting clear about your goals. When discussing goals, I use the analogy of a GPS. To use a GPS effectively, you don’t just enter a suburb and hope that you arrive at your specific destination. Instead, you enter the street number, street name, suburb, and guess what, you arrive at your destination. Franchise goals are exactly the same. The clearer you are with your goals, the easier it is to know if you’re on or off target. There are so many franchise goals that you could choose from, therefore decide what’s most important to your 2 0 2 3 F R A NCHIS E DIRECTORY | 53