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The Corporate Puzzle

These are 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-tune your plan for the ultimate level of success. In this post, 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 as you must consider what you want out of life. What do you dream about? How do you see your success unfolding? Recognizing 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 your goals.

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 powerful yet simple way to see how you are doing at any point in time. It’s simple 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 to setting standards and goals is not to limit or stress yourself out. You need to find some quantifiable things to measure your progress toward your primary aim. The above are just two suggestions, but regardless of the standards you set, make sure you are paying attention to the details, as this is one of the biggest keys to your success.

Organizational Strategy

The strength of your organizational strategy can make or break your business so it is important to take the time to put together a solid structure from which your business will grow. Generally, a company is organized around the roles and responsibilities that need to be addressed on a daily basis and the personalities that are required to fulfill these roles.

No matter what roles and responsibilities you have 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 develop position contracts. Your employees should sign a contract for their roles and responsibilities. This helps keep them unmistakable for you, the employee, other employees and/or 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, please don’t hesitate to reach out to me.

Mortar Makes it Happen

Today we are going to examine 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 you business. Let’s consider 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 at the beginning of your business and should continue for the lifespan of the business.

Quantification

Quantification, of course, refers to numbers. This means the value of your innovation. The best way to gauge this is through 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 ensure that you keep growing and evolving with the needs of your customers and the overall business climate.

Orchestration

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

I can help you work through these three areas to put together your franchise prototype, just reach out to me for assistance.

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-tune 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 a franchise for ever industry in the world. They are fairly easy to acquire and come with a pre-packaged, easy-to- assemble system. McDonald’s is a prime example of a franchise business, more specifically a 12-figure, 38,000 franchises example.

There are a few things we are going to cover:

  • 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 major change was in the rights. During the “trade name” days, the franchise owner only had marketing rights; now franchise owners have owning rights to the entire business, including systems. This has allowed for a shift in focus 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 modifications that help today’s franchises really stand out with techniques developed by the owners, rather than those of the corporation. This can make a significant difference in the success of the franchise, as the owner is able to custom tailor their marketing and promotions to the direct needs of their local target customers.

Franchise Prototype Standards

Notwithstanding the above, no one in their right mind would purchase a franchise if the parent company didn’t have a solid plan of action in place to ensure success of the business. So there are a few standards that are put into place that helps to jump start the process of opening a successful franchise.

 

Build a model of prospective customers and/or clients, suppliers, creditors and employees who will consistently offer high quality work.

  • Build a user-friendly model that can be used by individuals of any skillset;
  • Build a defect-free model;
  • Build a model with Operations Manuals;
  • Build a model that will provide guaranteed, consistent results;
  • Build a model that encompasses the same branding in color, dress and facilities codes.

These are all ways the parent corporation can ensure 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.

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 extended 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 cycle’s means and how they can each help expand your business’ 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. Never drop your baby.

The key is to know your 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 to and allow growth to happen. The first line of defense 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 four 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 (the technician, manager, and entrepreneur that I mentioned in my previous post) 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.

Do It Like the Big Dawgs!

Today we’ll take a look at how the kings of industry wine, dine and otherwise cajole prospects.

Most successful professionals use a series of information-based ads that build emotion and a call to action. These are much more effective than a standard company branding advertisements. The same principles that go into putting together a high impact (and, often, high priced) ad campaign can be adapted to fit your needs with similar results.

Here are some ways to put together and execute a professional, effective ad campaign:

 

  1. Put together a short report that’ll you’ll automatically send to prospects when they contact you. This should include a short description of your business and what you specialize in. Don’t forget to include case studies, samples or other proof of your success.
  2. Develop value-oriented yellow page ads.
  3. Consider newsletters as a way of educating and informing customers about your industry and services offered.
  4. Offer a free seminar, webinar or other lecture to build awareness of your business, but make sure you make the information pertinent to your target market and find speakers who are respected and known in the industry.
  5. Buy an existing business, introduce better marketing and grow this new business faster than a “from scratch” business.
  6. Always test different versions of your ads to find the most effective ones.
  7. Use direct mail marketing to grow your business.
  8. Put together a database of previous customers and send them new information.
  9. Offer incentives such as frequent purchasing benefits, loyalty programs, referral programs or others.
  10. Approach large firms who may need your services and negotiate a deal to be their exclusive expert in your field. 
  11. Offer a 24-hour information line with a regularly updated recorded message. Make this available to all past and future customers/clients.
  12. Donate time or materials to local charities to show support in your area.
  13. Offer public clinics for the general public to come along and discuss what they need that’s free and approachable.
  14. Organize seminars your customers/clients can pay to attend by putting together a high-perception value package.
  15. Approach local newspaper by offering to write a weekly column about your area of expertise. Don’t ask for money, just a byline and bio.
  16. Develop a weekend or other destination seminar for customers/clients, not only does this give you an action-packed weekend with the most important people, but it also gives them a tax-deductible business adventure.
  17. Take a good seminar and turn it into written form as a home study, member site program, audio or video program.
  18. Approach large companies and offer to give seminars to their employees, investors or management.
  19. Be proactive with your marketing plan.
  20. Barter for your marketing. Offer products or services in lieu of payment.
  21. Be willing to bring in new clients, even if at an initial loss because it will likely pay off later.
  22. Regulate your marketing budget to maximize the potential income from them to hit the next year and try to push back advertising costs for the next year to offset your expenses.
  23. Make offers to target markets or target market businesses to pay them for referrals or shared databases.
  24. Offer loaner products to replace equipment that is to be repaired or refurbished.
  25. Give away something free to everyone who brings in a print version of your advertisement. This is a great way to see which ads are giving you the most bang for your buck.
  26. Continually consider what new products/services you can offer to current customers/clients.
  27. Develop a mail order division of your company.
  28. Offer a proposition to your competitors to trade customers/clients you were both unsuccessful in selling to.
  29. Use different marketing tactics as an excuse to attract new customers/clients with new offers and goodies.
  30. Offer a “you-choose-the-price” program. This is especially good for product you just can’t seem to sell.

So, there are 30 great ways to market to other professional and businesses. Some other great ways to get your name out there for little or no cost are:

  • Get involved you in your community-volunteer, donate to local events, etc.
  • Join your local Chamber of Commerce and attend the networking and otheractivities throughout the year.
  • Join a local, state or regional professional associate for further networkingopportunities.
  • Become a board member of a local organization.Advertising should never be your only method of marketing, there are a myriad of ways to get your name out there in a way that feels personal to potential customers/clients.

    “Effective advertising…must be used to get your name out to the public. If your name is not familiar to people, they will not come to you.” Jay Abraham

    If you’re not sure where you start with your marketing plan or how to reach out to your local community, competitors, customers/clients and others who could influence your business in a highly positive way, try our FREE test drive to experience the tools and resources we have to boost your business to the next level and beyond.