Successful business leaders know how succession planning develops strategies to fulfill their long-term business vision, which includes business growth. Scaling your business from 5 to 10 units to 100 plus is a transitional process, which requires strong leadership, inspiring culture, talent, and vision.
Profitable growth depends upon talent and teamwork as well as rock-solid systems for your people to follow as the business grows. The magic of the franchise model is the processes and procedures established by the franchisor that allows you to duplicate and grow a business.
Our friend, Aicha Bascaro, founder & CEO of the American Franchise Academy, provides operational insight into building a durable growth system:
Location Selection –No matter what knowledge you have, what standards you look for, and how much analysis, you will never know – for sure – which is a “winning” location until you begin operations. However, you can get very close if you take the time to determine the winning elements for your existing business and brand.
Unit Opening Process– Opening a unit has hundreds of small steps. Document those steps, and as you continue to open units, revise and expand upon them to create your “Growth Playbook.”
Staffing Readiness–Sometimes we underestimate the importance of a well-designed staffing and training plan. If we don’t start at the right time, it can delay the opening or dampen the first impression of the quality of the product or service. Start early.
Grand Opening Process– Planning those last few days/weeks very carefully will decide if the grand opening is a success or not. Be sure to include the Grand Opening marketing plan that will announce to all your neighbors that you are ready to receive them.
Once you clearly define your strategy, you’ll have the framework to start expanding your multi-unit franchise business. Keep in mind the critical term here is duplication.
Growth is a transitional process because you are changing your company from now to where you want it to be tomorrow. As such, succession strategies are essential to ensure you are not just buying a bigger job but also adding value, scaling effectively, generating revenue, and, eventually, profit. Now get out there and start growing!
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Contact Us and we can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.
Business value is tied to performance. Top talent, strategic vendors, and creditors will be influenced by the organization’s competitive advantage in the marketplace. Traditionally, transitions generally bring with it a drop in profits. It is crucial that your business is operating at peak performance in order to fulfill cash flow needs and expectations during times of transition.