Multi-unit franchisees face an uncertain landscape with the effects of Covid-19 on the economy. As succession planners, we are often asked how to create strategies to grow and protect our business in such a changing environment. Whether it be investing more and risking more, or pausing and reflecting on current processes, it is important to plan for an impending recession, talent shortages, and adjustments to growth strategies. Ultimately, careful preparation is the key to success in this ever-evolving economy.
Protecting and growing your business depends on whether you plan to take a proactive or reactive approach. To protect your business, it is essential to have all the necessary processes, people, and financial capital in place. Additionally, the focus should be on people for both protection and growth, as no single person can guarantee the long-term success of a business. Moreover, a self-centric company and system will not be able to protect or grow without more involvement from various people. Therefore, both planning and people are equally important for protecting and growing your business.
To maintain control over unexpected difficulties, set out processes and ensure key staff is aware that they are a part of the plan. Providing them with motivation to stay and grow within the business is essential, which could come from various sources such as a competitive salary, benefits, and work-life balance. Furthermore, communication is vital as individuals must have a sense of stability and upward mobility within the organization, particularly if the future entails growth and the potential to become the organization’s next great leader.
Contact Us, and we 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.
The article was originally published on Franchising.com: Prepping Your Business for Upcoming Challenges
Management Synergy and Teamwork
Management Synergy and Teamwork
Management’s capacity to work together and unite towards a common purpose, vision, and goals impacts an organization’s resources. Teamwork is not a natural behavior, but it can be taught and can result in a high-performing culture.
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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.
