Are you a franchisee? If so, you franchised a business that already has a proven operational formula. However, it’s still up to you to make it successful — you’ll have to strategize, advertise, and reach your target customers to make it profitable.
Experts on franchise development cite the following techniques that boost your business.
Inefficiencies in any aspect of your operation may lead to losses that add up or potential revenue lost. You’ll need to constantly train current, new, and experienced staff in your business. This keeps them sharp and abreast of the latest techniques in the industry. Regular training also reduces their margin for error, with better efficiency leads to production and profits.
Create teams to handle different parts of the operation, as this allows them to focus on their expertise. Develop their skills by providing in-house or outsourced training. Provide them with feedback on their progress and incentivize performing at a high level.
Pep talks are nice, but they are just that — a talk. The latter is cheap and doesn’t add to your actual bottom line. Set goals you can measure and compare to determine the productivity and effectiveness of your strategies. Some of the numbers to consider measuring are:
- Total gross margin
- Average customer transaction
- Monthly sales compared to the past years
These metrics provide you with insights into the cost of materials and how you can change the price to maximize your profits.
Have an end in mind when advertising. This allows you to create a focused message, whether it is to drive more foot traffic or boost the sales of a specific product. Fine-tune your approach based on the medium you’ll use. The habits of those online are different from those off of it. Identify the ideal time and place to reach your intended customers to improve the chances of conversion.
These strategies improve your business operations and will have a positive impact on your staff’s productivity. You’ll need even slight improvements to beat your competitors and become a first-rate franchise.