Year end is coming closer. Aren’t you planning for you Franchise business target and strategies for the upcoming year? Perhaps, the COVID’19 pandemic has given a set a huge challenge in 2020. You might have been looking for recommendations to improve your franchise business results by enhancing the visibility of your business brand, and gaining proper insights with regard to the franchisee behaviours, thereby driving a process of efficiency. To position your franchise business towards success, here are six effective steps laid out as suggestions.
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Setting a long-term goal with short term flexible keys to unlock the doors of profitability:
In the first place, you need to be specific about the long-term business goal, and then make arrangements of achieving the short-term targets. The planning to ensure the attainment of your targets essentially requires a constructive framework of marketing, recruitment of support staffs, providing the staffs with proper training, analyzing the strength and weaknesses of the business plan, and thereby creating an estimated budget. It is important to use SWOT or PESTEL analysis model to construct the marketing strategies and budgetary plans. In the era of artificial intelligence, you can opt to use franchise CRM software to establish impactful marketing campaigns through the medium of personalized ads.
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Franchisee engagements:
Management, satisfaction and compliance of your business franchisee requires certain engagements. These engagements are vital to collect accurate information about the resources and services that your franchisees value the most or least. Besides, it would help allocate you with an idea of the franchisee’s intentions to sell the business, and accordingly you can modify the impacts. These engagements are crucial for acquiring objective feedbacks about your franchisee culture. The executive management team has to play the major role here. You can ask out the franchisees to share their hopes or expectations, low or high, and how they are exactly operating. In contrary, you can even send an executive as an ‘undercover agent’ to various locations, to witness the field works. Usually, franchise business consultants initiate such conversations via calls or meetings, but you might engage in offering advices. You might as well use ‘third party companies’ which would mediate as the voice of the franchisees in turning actionable data. In this regard, franchise CRM software would also help in strengthening collaborated departmental interactions for closing sales or completing projects. You can use this time in engaging with your support staff to render better working ideas.
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Defining the process of execution realistically in terms of the Key Performance Indicator (KPI):
Defining the process of execution would enable you to address various results from different locations and regions. In order to lead to signing a project, you are required to set the steps in association of the first to the second and so on i.e. from applications to the discovering day which might be in a virtual format or live in person, and then finally to signing. Within this process, realistic approach stands pivotal. For that, monitoring trends and historical performance is needed. The process should enlist an evaluation process of sales plans, margin plans, overhead plans, and corollary comprehensive reviews.
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Establishing key ratios and gathering accurate data:
It is vital to determine the conversion percentage between each of the above-mentioned stages. Calculation and reverse calculation on the basis of ‘actual performance’ to hit targets can be brought about solely by data and metrics. Identification of the gaps in between the estimated forecast and the target is dependent on the key ratios. Franchise CRM software would help in eliminating much of the data entry works, and observing the average deal size and its recent stage.
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Setting alternatives:
Sometimes, certain situational demands might not be in favours of your original plan. In this context, you have to pursue situational budgeting by playing the leadership role. You can even take the course of changing elements of your franchise business structure and programmes, or maybe lengthen the timeframe of goal extraction. You can adopt the ‘multi-pronged development approach’ to strategize building assets and cash flow.
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Retaining customers:
The final step to hit the targets of success is the method of generating a strong customer relationship. This requires a support group that would interact with the customers, manage enquires and preferences, handle reviews and service delivery, and generate more sales. Well, Franchise CRM software is saliently productive in this purpose. It reduces the ‘labour hours’ for sales representatives and improves business relationship using data analysis.
Concluding statements
Now, if you are ready to topple the challenges faced in the year 2020 and come back in 2021 with an affirmative approach to take your franchise business to its heights, you need effective tools and software to pull out the best of your plans. These are just few of the suggestions that can help you sketch the outline of profitability in 2021. You can even go ahead with some improvisation of these tips.
