Two weeks ago, we talked about the first three of the seven specific areas you need to consider in your franchise prototype process. Here are all seven again:
- Primary Aim
- Strategic Objectives
- Organizational Strategy
- Management Strategy
- People Strategy
- Marketing Strategy
- Systems Strategy
(The first three focus areas were covered in the blog: Business 2.0, please read before continuing)
Creating a focus in these seven areas will get you on the path to creating a business that works for you. Today we are going to cover the last four.
Before we jump into it, think of constructing your business model like planting a tree. At first, it’s so tiny and weak you wonder if it will even make it through the night. But, you keep watering, fertilizing, and nurturing it. Your ideas will grow the trunk, and each of these strategies will extend out like the branches of your now a strong tree. Finding the perfect support staff, employees, vendors/suppliers, and other relationships will make your tree flourish with leaves and flowers to bear fruit.
Grab your pen and paper, roll up your sleeves; it is time to get to work.
If I told you, having excellent management is not about finding great people with a lot of experience but about creating a system to cultivate, promote, and train talent.
The way you structure your management team development is essential to your growth and your employees’ happiness and, ultimately, your customers/clients. This strategy is results-oriented and doesn’t depend on the people but the actual system that’s in place.
A management strategy, in short, includes goals, rules, company direction (mission/vision), standards (supervisor expectation of behavior and performance), skill development. That tells your employees how to act, grow your business, and meet clients’ expectations.
It is a well-orchestrated procession of actions that allows your staff to exceed your clients’ expectations while fulfilling strategic objectives over and over again. It is your operation manual, your series of checklists, scripts, and action processes.
If your management strategy is what you want your people to do, your people strategy is how you get them to do it.
You need to show your employees how you feel about their job performance and dedication to your business. They also need to understand “why” they are doing specific tasks. This helps your employees personally connect to their job, leading to better production and a happier workplace.
There are several strategies you can use to get the highest performance of your employees (They are in order of effectiveness):
- Constant, regular, and public reminder/thanks of how their work is impacting the community (companies goals)
- Internal education program
- Internal staff dream program
- The innovation game
- A learn this business program:” not just your job.”
- Performance Incentive Programs
- Contests that reward high performance
- An employee of the Month
- Performance/Holiday Bonuses
These are just a few of the ideas you can use. To create a great people strategy is to find the balance between appreciation, education (the why), and directing of staff energy.
One of the best ways to appreciate your employees is by calling a meeting and asking them how they would like to be rewarded. Think about it for a while and put the best strategy into play. Keep it fresh and change up the system you use from time to time to keep your employees guessing. Once they get used to the prize, it’s time for a whole new approach.
You need to build a community within your company. There needs to be support, appreciation, and respect. The more “at home” an employee feels, the better they will perform and the higher their loyalty level.
Marketing is, of course, essential to the success of any business, but it also must work cohesively with the other strategies you’re using. There are two central pillars of successful marketing strategy-the demographic and psychographic profiles of your customers.
The psychographic tells you what your customers are the most likely to buy, and the demographic tells you who they are, which can help you learn why they buy specific items.
With this information, you have answered the pivotal questions of marketing:
- Who are they?
- Where are they at?
- What do they want?
Now all you have to do is speak to them.
There are three types of systems in every business:
- Hard Systems
- Soft Systems
- Information Systems
Hard systems refer to those that immutable they’re opening and closing procedures, your standards of office cleanliness. These are the systems that don’t have any wiggle room and are usually all internal.
Information systems include customer data, product information, financial…anything with data and numbers. This the recording of important information to the operation, use, and success of the business.
The most important of all three systems is the soft systems because it is where your employees have the most flexibility in execution and usually require the most creativity.
The most critical soft system is your sales system. In your sales system, the two keys to success are structure and substance. The structure is what you sell, and substance being how you sell it.
All three systems are essential to the success of your business, and while they all have their particular roles, they all must work together to get the job done. This also goes for your entire business development program.
I want to take a moment to recap on the ideas we went over through these business development lessons. We have covered a lot of the series of blogs.
An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
- Some capital
- Projected a targeted profit
There are essentially three key roles that need to be filled to set your business up for success:
- The Technician
- The Manager
- The Entrepreneur
The four different stages of a business life cycle are:
- Growing Pains
There are a few things we are going to talk about:
- Business Format Franchise
- The Franchise Prototype
- Franchise Prototype Standards
There are three main areas of business development:
Seven specific areas you need to consider in your franchise prototype process. Here are all seven again:
- Primary Aim
- Strategic Objectives
- Organizational Strategy
- Management Strategy
- People Strategy
- Marketing Strategy
- Systems Strategy
Question and Actions
If you have been following along over the past few months, I thank you for those who have not; then you have a lot of work to do. Below are guiding questions and action steps. As always, I am here to help.
- What do I do now? First, identify what role in your business you play. Are you a technician, manager, or entrepreneur?
- Where do I need the most help? Take some time to think about the area you need the most help, then start taking the next step in your business.
- What will it take to get past my ego? As entrepreneurs, we constantly feel we must go it alone, but in reality, once we get past our ego holding us back, we can get the help we need to succeed truly.
I am here to help you work through all of these areas and give your business a jumpstart that puts you ahead of your competition right from the start. Feel free to contact me directly at firstname.lastname@example.org. I am happy to answer any questions you have and discuss the success of your business.
My first career was as a youth professional. I spent over ten years working in everything from boarding schools to summer camps. I learned a lot about people, empathy, behavioral development, but I also learned the most important business lesson.
Let me paint a picture for you. Imagine you are a parent trying to get your child ready for bed. I bet your conversation goes a little something like this:
Parent: “It’s time to brush your teeth.”
Parent “Because we brush our teeth at bedtime.”
Parent “Because we want to have healthy teeth.”
Parent “So we can…chew.”
Parent “Because you don’t want to starve.”
Parent “Because I am going to throw you out of the house right now if you don’t brush your dam teeth!”
All jokes aside, as a parent, this may seem very frustrating, but as a business owner, this is the most important lesson you can learn that questions are powerful.
Why and Business
Only when you follow the course of question will you discover your business purpose, how to overcome its challenges, and what your client genuinely want. Learning to be curious is one of the essential skills to develop as a business owner.
Being curious should be applied in many areas. We will spend some time exploring a few of them.
You should always be asking yourself:
Why am I doing what I am doing?
Why does this help me to be a better person?
Start with one of these questions and repeatedly ask the same question at least seven times. Going through the seven stages of why will unlock your sense of purpose and correct any sway you might have as you go through your entrepreneurial journey.
Whenever you’re feeling doubt or unsure, just ask yourself why and keep asking until you can take an action step in the right direction for your goals.
Decision Making/Problem Solving
I think this is the most obvious place to use the power of why. It should be used in two crucial ways problem solving and decision making. However, to use it properly in these situations, you will need to ask more than why questions instead. I suggest adding the following:
- What will we need to change?
- How can we prevent it?
- Who do we need to coach, train, hire to make sure it does not happen?
Decision Making (Why?)
- How is this insert job/task/project important to meeting expectations/goal/bottom line?
- What will we need to change to implement?
- What area of our business will be affected by this change?
The final area we will chat about today is understanding your client. It is imperative to understand your client’s motivation, desires, hooks, triggers, pain points the list can go on. The best place to start is, you guessed it, with the why. Here are a few of my favorite client-related why questions to get you to solve problems for your ideal client?
- Why does my client have the problem they have?
- Why do they want to get rid of this problem?
- Why am I the right person to help/solve/serve my clients?
- Why is my solution the best/optimal solution?
Now that you understand why “WHY is so important. Find your inner child and ask why then keep asking why until you don’t know the answer. This is the point that you have identified the real problem and begin to make the lasting change in your business & life.
Looking to get your business to work for you instead of working for your business, check out my E-learning marketplace, which is filled with great tools, tactics, and strategies that will have you doubling your sales, cutting your cost, and increasing your annual revenue by 10k or more!
Ask yourself: Why should I invest in myself and my business today? Want to find out more about the coaching? Schedule your discovery call today!
I continue to meet business owner after business owner, professional after professional, with the same common thread. They felt distracted continuously and stressed. Their caught in the rate race of putting out fires and never feel like they have the time to focus on their goals.
I bet you have said this before.
“Let me send one more email, and I will do (INSERT UNPLEASANT TASK HERE) later. Three hours later, it is too late. I’ll deal with it tomorrow”; sounds familiar.
If this has happened to you, keep reading.
Why do you thinking you struggle?
- Is it a lack of clear goals?
- No sense of direction.
- Overwhelmed by the share size of your to-do list.
Yes, it might be those things, but it is more than likely your lack of ability to understand and set priorities. The four main areas that most likely make up your to-do list are Tactics, Strategies, Mission, and Distractions.
- Tactics the short to medium goals & task that allow executing strategies
- Strategies the long term goals & systems that allow achieving a Mission.
- Distractions are all the items you should say no to or avoid.
- Mission the ideal state that you get from achieving all of your tactics and strategies and avoiding distractions.
Today, I want to give you one tool to prioritize your tactics and strategies and avoid distractions to achieve your mission. Let me introduce you to the Eisenhower Matrix.
The Eisenhower Matrix was a tool created by non-other then Dwight Eisenhower, 34th president of the United States of America. He made this method while serving as the supreme allied commander. Every day he was tasked with figuring out how to prioritize the efforts of the Allies.
As you can imagine, it was a gargantuan challenge. The tool President Eisenhower created allowed him to measure all his tasks by their urgency and importance. Take a look at the example below and ask yourself the following questions:
- What quadrant do I spend most of my time in?
- How much of my time is spent in that quadrant?
Suppose you’re like most people, you said quadrant 1, followed by 3. You said something like 60 to 80% of your time is spent in those quadrants. Does that not feel like a lot? This is how most of us spend our time between a hyper state of stress and a hyper state of distraction.
Ideally, you want to spend the majority of your day in quadrant 2. In this quadrant, most of your day will be spent working on projects and tasks that will have long-term benefits to yourself, your job, or your business. You will feel a great sense of accomplishment without the stress of rushing to meet a deadline. It is in this state that we achieve growth. I want to propose a challenge to help you gain control of your workday.
Here it is a 7-day challenge to deploy the Eisenhower Matrix in your life. You will create a time journal.
|11AM-1PM||Daily Lead Reports||1|
|3PM-5PM||Emails, Instagram, Tick Tok||4|
Total Hours per quadrant 1_____ 2_____3_____4_____
Using this tool, I want you to track the amount of time you spend in each quadrant per day over seven days. To be honest, if you do this for just one day, you will be blown away by how you spend your time or maybe not. At least it will force you to hold yourself accountable for your actions.
At the end of the seven days, go back, review the amount of time and the list of activities you did in each area. From here, you can choose how to reduce the time spent in quadrants 1,3 & 4. Increase your time in quadrant 2.
Quick tips for improving your time use to spend more time in quadrant 2.
For quadrant 1:
- Communicate with your team or support group about what is on your plate. They may be able to help.
- Schedule management tasks (these aren’t really fires but feel like they are) like
- Checking Email.
- Fulfilling Orders.
- Data Entry.
- Lead Calls (Do it before 10 am).
For Quadrant 3:
- Watch the time investment.
- Do them last.
- Add to a long term list.
- Tell your colleague sorry I just don’t have time.
- Put on do not disturb.
For Quadrant 4:
- Say “NO”
- Suppose media/social media is essential to you; set times to check it throughout the day. Limit the length of those checks.
- When a colleague comes over to chat, it is okay to say, “I can’t chat right now.”
Let me know the results. Click here for more Free Expert Advice. Thank you for reading my blog; it means a lot to me that you took the time. Please share this blog with your colleagues and friends who can benefit from better business practices.
Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
- What do people really want to buy from me?
- What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.
The basic concept is this:
You want to find existing businesses who have the customer profile that you are looking for to market your products/services to.
Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses.
As a result, you have an audience to market to and they generate an added value from their current base.
So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success.
LV = (P x F) x N – MC
Here’s what it all means:
- LV is the life time value of a customer
- P is the average profit margin from each sale
- F is the number of times a customer buys each year
- N is the number of years customers stay with you
- MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers.
So, here’s your step-by-step process:
- Find companies who already have the customer base you are looking for.
- Negotiate an incentive for them to share that customer base with you.
- Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.