When a business is running at its peak in all areas, effectiveness and profitability boost exponentially. May 4, 2020 4 min checked out Opinions expressed by Business owner contributors are their own.
Now that we remain in the strategy-implementation phase of the Defend Your Franchise Difficulty, we are concentrating on real-world leadership-skill advancement. You can use this details for yourself, your executive team and your team leaders.
I am going to begin this lesson by setting the bar for what we are ultimately attempting to accomplish as business owners. As a franchise executive coach, I introduce my customers to what I call the “Zenith Franchise” level as a goal. Zenith indicates the greatest and most effective state. When a service is running at its peak in all areas, the business’s effectiveness and success boost greatly.
Fight for Your Franchise Challenge: Week 4 The objective is to raise all 5 departments of your service to the Zenith level. We do this through a detailed procedure we call the Franchise Equation, and it consists of the following 5 categories:
The leadership department of your business includes the overall leadership approach, team organizational structure, group training and assistance, internal resources and outsourced training and training resources.
The marketing department will include your marketing strategy, marketing team, project management, occasion management and continuous training and support for your marketing employee.
The operations department includes your daily functional tasks and group, fulfillment of your services and products, customer service, financial collections and training and assistance of your operations employee.
Finance and Legal
The financing and legal department includes your accounting, human resources, contract management and other legal management and compliance locations.
The innovation department consists of all technology platforms used by the service, tech support for all team members, customer-technology assistance and management and related team training and support.
The Fracnhise Equation uses the Evaluate, Adapt and Get rid of method that I featured in last week’s session, in addition to the 3 Choice Lens method from Franchise Bible 8th Edition to identify the strengths and weak points in each department and possible solutions to reach the Zenith level. Try this exercise for your company:
- Collect your group and grab a whiteboard (or virtual white boards if your meeting is online) and prepare to brainstorm.
- Document the five departments from above.
- List the department leaders for each. Smaller sized companies and startups may not have people for all departments so the owner may cover multiple departments.
- List the strengths and weaknesses for each department.
- Utilize the Evaluate, Adapt and Overcome and Three Choice Lens methods to determine the very best choices to pursue the Zenith level in all 5 departments.
- Get help from third-party resource providers to increase performances in departments that you have actually recognized as weak or lacking. You are only as strong as your weakest link.
- Review your strategy weekly to make certain you are making favorable progress.
- Step your goals and KPIs and change as required.
Defend Your Franchise Obstacle: Week 3 Today on our Franchise BibleCoach Radio Podcast with Rick and Rob, our guest was Michael Katz. Michael is a franchise, service and realty attorney in Denver and the co-author of Franchise Bible 8th Edition. We talked about techniques for each of the five departments in the Franchise Equation and included stories of real-world franchisors and franchise owners. You can listen to the entire podcast by clicking on the FBC Podcast drop down on the Weekly Content tab at www.franchisebiblecoach.com. The Franchise Equation is one of many Franchise Bible Coach techniques that are available for free as a part of our Defend Your Franchise Difficulty. You can sign up with the fight on the site and gain instant access to the weekly resources, consisting of the video coaching sessions, short article, podcast and our Facebook neighborhood. This is our way to help our industry survive this crisis. You as business owners are the backbone of our worldwide economy. I understand that you are feeling fight tired, but there is light at the end of the tunnel. You have made it this far so keep combating the excellent fight!
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