FR.JULAUG12.PG104.pdf
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Issues|Profitability
valued, and they want to make a contribution. So there are four things you can do: 1. Make their job interesting and help them be more productive 2. Give them clear responsibilities and hold them accountable 3. Let them know what’s expected but also give them the authority and resources to do their job. 4. Give them praise, recognition and the chance to progress. But here’s a new thought, your suppliers are also part of your team and so are staff from your franchisor. Ask suppliers for insights that will help you understand the market, and make the most of the franchise support team. You might be surprised what they tell you.
To achieve your profit goal you must take action to attract and retain profitable customers. The starting point is to make sure people know A D _ F R your S I G N Mbusiness AY_ 1 2 . p d f Pa ge 1 5 / 0 4 / 1 2 , about
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www.franchise.net.au
8
Network like crazy
Networking is one of the best ways to improve your business. It can help you build sales and also find better, more profitable ways to operate. The key to networking is this, it’s not who you are talking to that is your likely prospect, but it’s who they know. So relax, and just get to know them. Learn something about their business and let them understand what you do. Your network also opens up opportunities for joint promotions and local events. Make the most of the opportunity, and get involved. Your fellow franchisees have knowledge that can help you improve your business. Get to know what they do well, and see what you can apply in your business.
9 Manage your cash flow People often say cash flow is the lifeblood of business; and it’s true. Your business needs cash to support growth, for example, to fund extra stock, debtors or additional expenses. On the other hand, if cash is tight you 3 : 0 4 PM may be forced to cut back on expenditure that’s needed to support sales, such as marketing or staff wages.