Five Productivity Tips for Franchise Owners

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SPEAK!’s productivity expert Laura Stack shares 5 tips that help maximize your franchise’s success:

Five Productivity Tips for Franchise Owners

By: Laura Stack

As a franchise owner, you may already be well steeped in the art and science of business productivity—whether through education, experience, or a combination of both—whether you’ve just opened your tenth Jani-King franchise, or your hometown’s very first Chick-fil-A restaurant. Here are some principles that will help you maximize your success:

1. Follow the system. No matter how eager you are to experiment with your business, the surest road to success is to follow the system laid out for you. The franchisor has been doing this for so long they know, down to the finest details, how to ensure your success. Few companies have systemized their franchise program more than McDonald’s Corporation. No real surprise there, since they’ve been at it for 60 years now. That’s why they have new franchisees attend their “Hamburger University” before opening up their stores. They know customers crave the famous McDonald’s consistency, so they tell you just how to achieve it—from the secrets of running a successful business manned mostly by inexperienced young crews, right down to the amount of salt to sprinkle on the fries. They want you to win, because when you win, they win too.

2. Delegate like crazy. This applies to any business, but it goes double for the franchise owner. You can’t cook the burgers and run the drive-through line, unless there’s a crisis that absolutely requires your presence. Always push tasks out to your team. As the franchise owner, your responsibilities include the high-dollar stuff like arranging and maintaining finances, keeping track of your sales metrics, inventing ways to defeat your competitors, marketing, and liaising with the home office. Hire trustworthy, dependable employees, and have them do everything else.

3. Work on the business, not in it. This takes Tip #2 even farther. You can’t wear all the hats, so work on growing your business while it runs itself. If you follow the system properly, this shouldn’t be a problem. The ideal situation is for your franchise to run smoothly even when you’re on the other side of the world. Arrange for trusted managers and staff  to perform the day-to-day operations that keep the business going, like purchasing, selling your products and services, and hiring. How else will you ever be able to take a vacation?

4. Train and over-train your employees. I know, training is expensive and takes precious time. But the better your crews know their jobs, the faster they’ll do them—and the more money they’ll make for you. Finishing an order, task, or project early leaves you time to start a new one and increase your bottom line. This especially holds true in a most quick serve food franchises, where saving a minute every time can result in dozens more completed orders per day. But it’s just as profitable if you can complete more flooring jobs, IT setups, or whatever you provide in the same amount of time.

5. Market to the max. Likely your franchisor will offer some level of marketing support, and if you belong to a larger system, the brand recognition alone will bring customers in the door. But “build it and they will come” is not a marketing strategy. Many experts recommend you roll at least 25-30% of your net income into marketing. This becomes especially important when you’ve invested in an emerging brand, or in one that provides more limited marketing support.

Image Of Laura Stack, Franchise Productivity Expert

Laura Stack, Franchise Productivity Expert

The Profitable Choice

As a franchise owner, you’re probably already busier than a bee in a field full of daisies. But there’s a big difference between productive and just busy. How’s your score in dollars? If it’s smaller than you like, you’d better start finding ways to make your money machine more productive. You’ve already chosen a franchise with a winning record. Profits may be a given, but now it’s time to tweak your process to make it tighter and more profitable than ever!

For more information on Laura’s productivity keynotes, presentations and workshops customized for franchisors and franchisees, call me today!

More soon…

Katrina

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