As a multi-unit franchisee, you’ve invested a significant amount of time and money into your business, and naturally, you want to maintain control over it. However, as an entrepreneur or business owner, you must consider the future of your company and determine if you want to sell it, keep it, or are undecided. In a video, experts discuss the importance of preparing for the future to maintain control over your business.
If you choose to keep your business, it’s crucial to plan for succession and ensure that the team below you can run the business in your absence. Training and developing team members are essential to assume leadership roles in the future. The goal is to build a team that’s capable of handling all aspects of the business without your constant involvement.
To maintain control over your business, you need to grow and protect your people, brand, and business profitability. By doing so, you can focus on commanding your business and its future. Below, we’ll take a closer look at each of these three areas.
Firstly, let’s talk about people. It’s no secret that a business’s success is largely dependent on its people. As a multi-unit franchisee, you need to invest in training and development programs to help your team members grow and reach their potential. This investment will help you build a competent and reliable team that can manage the day-to-day operations of the business.
Secondly, brand protection is essential. You’ve invested a lot of time, money, and effort in building your brand, so it’s essential to protect it. As a multi-unit franchisee, you need to ensure that your franchisees comply with the brand’s standards and guidelines. Doing so will help you maintain consistency across all locations and keep customers loyal to your brand.
Lastly, business profitability is critical. As a business owner, your ultimate goal is to make a profit. To achieve this, you need to focus on growing your business, expanding into new markets, and increasing revenue streams. Investing in new technologies and marketing strategies can help you achieve these goals.
Ultimately, as a multi-unit franchisee, you must prepare for the future to maintain control over your business. If you choose to keep your business, you need to plan for succession, train and develop your team members, and focus on growing and protecting your people, brand, and business profitability. By doing so, you can stay ahead of the competition and command your business’s future.
For more insight:
Visit the “Franchisee Succession: How to Grow & Build Value” discussion page or select one of the additional episodes of the series below:
- Franchise Success: Understanding Your Goals and Planning for the Future
- Understanding the Difference Between Estate Planning and Succession Planning
- Challenges and Strategies for Franchise Growth
- Building Resilience in Your Business
- Key Strategies for Retaining and Attracting Talent in Today’s Business World
- Expert Advice for Franchise Business Growth and Management
- Managing Inflation: Key Considerations for Franchise Owners and Business Leaders
- American Franchise Academy: assistance for franchise leaders in building a successful growing enterprise so that they can achieve their business & financial goals.
- Succession Readiness Survey: A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook, impacting business value, growth, and lifestyle, and ultimately achieving your vision.
- Contact a Succession Planner: The Rawls Group can help you with insights and 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 immediately.
NextGen leaders can feel like they are stuck between and rock and a hard spot. Working to fulfill expectations of leadership as well as making their mark on the organization to earn respect. Click the following links for more drill-down resources on Successor Preparation.
Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.
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.