EXPERT ADVICE: Lucas Frey | CEO | Bella Vista Executive Advisors
7 Essentials for Successful Franchisees’ Strategy Franchisee success is all about moving forward daily to accomplish the goals you’ve set for yourself and team. You may have goals each day for your health, family and business. A good question to ask yourself is, “what actions align with what needs to be done today?” Your strategic plan for your business is no different. There may be overlap but your strategic goals are different than your franchisor’s. Simply, a well-thought-out strategic plan is your reference point to make sure the daily actions of you and your team are steps forward to reaching your vision. The following 7 Essentials for Strategic Planning ensures your business has a clear direction to success.
mission for each business unit. And you may have an overall mission for your company like, “manage and grow each franchise to benefit the XYZ Company and its associates.” The Successful Franchisee sets the standard with its Mission.
Set 1 External AND Multiple Internal Visions Sounds complicated but it’s not. Your company’s external vision lets your team know where you want to be in the future. You decide the time frame. Try to keep this within 3 years and have systems in place to re-evaluate at any time. Your Strategic Plan are the steps required to get from Mission to Vision. The Terrace Park Fire Department established a vision to “Protect our Village with the best unpaid-professional firefighters. We’re neighbors helping neighbors having their worst day.” Recruiting, training and equipment/technology upgrades became part of our strategic planning to reach our vision. “Multiple Internal Visions” are YOUR milestones at various future times: • Daily, • 3-6 months, • 1 year, • 3 years. McDonald’s vision is, “To move with Velocity to drive profitable growth and become an even better McDonald’s serving more customers delicious food each day around the world.” This vision has no end and yet applies to daily actions.
Establish Your Clear Current Mission What value does your company provide? Your value can be a product, like McDonald’s, proprietary technology like AirBnB or a service, ServPro for example. Your mission is the daily guidance for your team. State your business’ value in simple terms. McDonald’s mission, from its website, is “To be our customers’ favorite place and way to eat and drink.” Understandable, to the point and applicable for each franchisee. Now let’s say McDonald’s is one part of your company’s portfolio of various franchises. You may use the franchisors’ corporate 44 Franchising MAGAZINE USA
• Establish your vision for when it’s time to sell your business. Where is the value in selling your company? ImageFIRST worked with clients on 3–5 year service contracts. The sale value was a multiplier of those contracts and stated in the original partnership agreement. Restaurant franchisees see the value of their asset in consistent revenues. What is the sale value for your company?
Generate Strategic Ideas What projects can your team achieve to get you from Mission to your Vision efficiently? Brainstorm with your team using the table below as a discussion starter. Write your project ideas on Post-It Notes and use a different color paper for cost reduction projects and revenue enhancers. Do not edit any ideas. Put down ideas on each end of the spectrum: those requiring no resources and those you can accomplish if your resources were unlimited.
