Since 2006 I have had the distinct honor to work with some of the most recognizable and successful Franchise Systems worldwide! Over the past ten years I’ve identified 12 traits and behaviors of Franchisees that had a tendency to struggle within their franchise system. I call those traits/behaviors my Franchisee “Red Flag” Checklist:
- Not following their business plan
- Waiting too long to add capacity (employees, equipment, etc.)
- Making first hires friends and family
- Not knowing their competitive landscape
- Unwillingness to change
- Depending too much on corporate marketing for leads…Lack of local area marketing/networking efforts
- Not knowing their numbers
- Spending too much time in the office
- Not having enough customers
- Finding/Retaining profitable customers
- Lack of prospecting/new business development efforts
- Unwillingness to follow established policies/procedures
Here are 12 traits/behaviors I suggest Franchisees exhibit if they want to be successful:
1. Follow the system in place
2. Network with top performing Franchisees (Within and outside their system)
3. Take advantage of all training options
4. Define Success (Establish key performance indicators…KPIs)
5. Know their Customers (Segment their market place)
6. Know their Competition (Establish competitive differentiation)
7. Establish their Go-to-Market Strategy (Including a written sales and marketing plan)
8. Leverage Social Media (Establish their virtual business strategy…VBS)
9. Be Active/Visible in their Community
10. Have Access to Capital
11. Staff up for Growth
12. Stash some Cash
Put these behaviors in place and watch your business grow!!
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The Boyens Group® is a sales training and consulting firm.
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