Franchise ownership success is not a destination but a continuous evolution. As leaders in franchising, we must lay the groundwork for triumph before the doors even open. Whether you are beginning your franchise journey or want to inject new inspiration into your business, the following eight indispensable pillars to ensure your business’ prosperity, no matter how you define success.
Vision:
Picture your franchise’s future. Envision where you’ll be in 2-5 years, celebrating milestones and achievements as if they’re happening in the present moment. Write about your celebration before it happens.
Create an organizational chart delineating responsibilities, guiding your franchise along its destined path. Your objective is to remove your name from each box as your business grows. Drawing inspiration from Paul O’Neill’s visionary leadership at Alcoa, aim for nothing short of excellence in every facet of your operation.
Mission:
Beyond profits and bottom lines, your franchise exists to serve and uplift your community. Define your business’s daily contributions to enrich the lives of employees, customers, and the broader society. Embrace the why behind your franchise’s existence, fueling your journey with purpose and meaning.
Values:
Establish the moral compass guiding every decision and action within your franchise. Identify the five non-negotiable principles that define your franchise’s ethos, and lead by example in embodying these values.
Drawing inspiration from Dr. Martin Luther King Jr.’s unwavering commitment to justice, let integrity and compassion guide your leadership journey.
An excerpt from MLK Jr.’s “Letter from a Birmingham Jail” shows his mindset to lead the desegregation movement: “We began a series of workshops on non-violence, and we repeatedly asked ourselves, ‘Are you able to accept blows without retaliation?’ ‘Are you able to endure the ordeal of jail?'”
Core Genius:
Uncover the unique blend of skills, experiences, and passions that sets your franchise apart. Listen to your customers’ voices, discerning what they value most about your business and how you outperform the competition.
Channel the spirit of Greek philosophers like Aristotle, who extolled the virtues of excellence in mastering one’s craft: “We are what we repeatedly do… therefore excellence is not an act, but a habit.”
KPIs:
Success leaves clues, and key performance indicators (KPIs) are the breadcrumbs guiding your franchise toward its goals. Define the most important metrics and communicate them to your team and customers. Let data be your compass, steering your franchise toward greater heights of achievement.
Leading performance indicators are more powerful than last month’s financials.
Strategic Focus:
Prioritize your efforts and resources on initiatives that propel your franchise toward its vision. Identify three strategic priorities that define success and drive continuous improvement.
Embrace the wisdom of military strategist Sun Tzu, who emphasized the importance of strategic focus in achieving victory: “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.”
Strategic Alliances:
Cultivate relationships with individuals whose knowledge, experience, and skills can augment your franchise’s journey. Look beyond the confines of your business and forge alliances with like-minded partners both within and outside the franchise realm.
Develop Leadership Capacity:
Invest in the continual growth and development of yourself and your team. Encourage a culture of learning and innovation, where every member is empowered to enhance their skills and knowledge daily. Embrace the mindset of lifelong learning, knowing that authentic leadership is not about standing still but evolving constantly.
Develop your franchise leadership, and commit to these eight essentials in your business. Create a solid foundation built on vision, mission, values, strategic focus, core genius, alliances, key measurements, and unending development. Navigate the complexities of the franchising landscape with confidence and purpose.
