The Corporate Puzzle

The 7 specific areas you need to consider in your franchise prototype process:

  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

These 7 areas will fine turn your plan for the ultimate level of success. In this lesson we are going to cover the first three.

Primary Aim

It’s essential in business development to set goals and see a vision for the future. This needs to go beyond the business and you need to think about what you want out of life. What do you dream about? How do you see your success unfolding? Knowing and understanding these things will give you the momentum to get started and the stamina to see it through. Even take a minute to write them down and tape to your desk for a constant reminder of what you’re aiming for.

Strategic Objectives

These are essential in taking your business from surviving to thriving. All of these objectives should offer solutions for how to get to your primary aim. There are many things you can use to set strategic objectives, but here are a couple of the most popular:

  1. Money: Setting monetary goals is a great, simple way to see how you are doing at any point in the game. It’s easy to measure and easy to find adjustments to help meet this goal.
  2. Worthy Opportunities: When considering partnerships and other business opportunities you need to think about whether or not they will help you reach your primary aim. Those that will are the best opportunities to seriously consider.

The key in setting standards and goals is not to limit you or stress yourself out. You need to find some quantifiable things you can use to measure your progress toward your primary aim. These are just two suggestions, but make sure no matter what you standards you set you are paying attention to the details, as these are one of the biggest keys to your success.

Organizational Strategy

The strength of your organizational structure can make or break your business, so it’s important to take the time to put together a solid structure for your business to grow from. Generally a company is organized around the roles and responsibilities that need to be taken care of on a daily basis and the personalities that need to fulfill those roles.

No matter what roles and responsibilities you’ve defined for your employees, you must always keep your personal primary aim separate from your company’s primary aim or mission statement. Once you’ve identified the primary aim for your company it will be easy to set up a position structure that will work.

Don’t forget to put together position contracts. Your employees should sign a statement of their roles and responsibilities. This helps keep them clear for you, the employee and other employees/vendors or other individuals.

You can see how these areas all work together to build a solid structure on which to build your business. If you need help defining any of these areas, you can check out the resources, tools and speak with one of our fantastic coaches during your FREE test drive.

Mortar Makes it Happen

Today I’d like to talk about the three keys to business development and how you can put the right bricks in place to build a solid foundation.

There are three main areas of business development:

  • Innovation
  • Quantification
  • Orchestration

 

If done well these three areas will help you build a solid foundation for your business. Let’s talk about each one of these for just a minute.

Innovation

Innovation should not be confused with creativity, which is the expression of ideas. Innovation is taking these ideas and putting them into action. This is where a large amount of your focus should be in the beginning and even throughout your business’ entire lifespan.

Quantification

This, of course, refers to the numbers. We are talking about the value of your innovation. The best way to gauge this is by your customer response. Look to positive responses for what you are doing right-and keep doing it. Look to your negative responses to find out what you’re doing wrong-and fix it. This will enable you to keep growing and progressing with the needs of your customers and business climate.

Orchestration

Once you’ve had a chance to find what areas are working, you can narrow down those areas and concentrate on making them the stand out ideas. You shift your focus here to get the most out of your business and to meet the needs of your customers.

We can help you work through these three areas to put together your franchise prototype during your FREE test drive.

In the next few lessons we are going to transition to the 7 specific areas you need to consider in your franchise prototype process:

  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

These 7 areas will fine turn your plan for the ultimate level of success.

You Turn Me Right ‘Round Baby, Right ‘Round

The biggest area of turn‐key businesses is franchises. There is franchise for ever industry
in the world and they are fairly easy to acquire and come with practically a pop out of
the box pre‐assembled system. McDonald’s is a prime example. In fact, a $40 billion,
28,707 strong example.
There are a few things we are going to talk about:

  • Business Format Franchise
  • The Franchise Prototype
  • Franchise Prototype Standards

Business Format Franchise

The business format franchise came from an earlier model call the “trade name”
franchise. The big change was in the rights. During the “trade name” days the franchise
owner only had marketing right’s, now franchise owners have owning rights to the
entire business including systems. This has allowed for a shift in focus to go from the
quality and name recognition of the products carrying the business to sales techniques
that carry the business.
The Franchise Prototype

It was really the franchise prototypes that allowed for the changes to be made that help
today’s franchises really shine with the techniques developed by the owners instead of
the corporation. This can make a significant difference in the success of the franchise as
the owner can custom tailor their marketing and promotions to the direct needs of their
local target customers.
Franchise Prototype Standards

Now, the above being said, no one in their right mind would purchase a franchise if the
parent company didn’t have a solid plan of action set up to ensure the prospective
success of the business. So, there are a few standards that are put into place that helps
jump start the process of opening a successful franchise.
Build model of prospective customers/clients, suppliers, creditors and employees who
will consistently offer high quality work.
1. Build a user‐friendly model that can be used by individuals of any skill set.
2. Build a defect‐free model.
3. Build a model with Operations Manuals.
4. Build a model that will provide guaranteed, consistent results.
5. Build a model that encompasses the same branding in color, dress and facilities
codes.
These are all ways the parent corporation makes sure their brand stays the same and in
the front of the minds of customers. When you are purchasing a widely‐known brand
you will attract customers just for being you.
If you are considering purchasing a franchise, talk with one of our experienced business
coaches during our FREE test drive.

Expand the Life of Your Business

Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extending the lifespan of your business.

The four different stages of a business life cycle are:

  • infancy
  • adolescence
  • growing Pains
  • maturity.

 

We’ll talk a little about what each of these cycles means and how they can each help expand your business’s lifespan.

 

Infancy

This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.

The key is to know your that business must grow in order to flourish. You cannot stay in this stage forever.

 

Adolescence

In this stage you need to start bringing your support staff together to delegate and allow growth to happen. The first line of defence is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The plan stage needs to start and a relationship should be built with the entrepreneur to plan for the future.

 

Growing Pains

There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are often faced with a number of choices:

  • avoid growth and stay small
  • go broke
  • push forward into the next cycle.

 

Maturity

The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward.

You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be and continue to be successful. All three of your key roles must also work together to work through these cycles.

If you’re having trouble putting together your business life cycles and figuring out which of the key roles you fit into, try our FREE test drive and work with one of our amazing coaches.