When you buy an existing business or start a new business your end goal is to ultimately reach its maximum potential in impacting others in a positive and productive way.
To achieve such a level of success you must be able plan, execute and create a climate of high performance, strong productivity and great morale. You can do that by focusing on the following five moving parts:
1) The people:
You have to bring in the right team of people that are leaders who can work together effectively to get your ideas and concepts out there into the world efficiently (fast) and effectively (at low cost).
If you just hire a few managers, all they want and cad do is follow your direction and cannot take your plans to the execution and reality level. They will be unable to improve on any concept. They will have no initiative to create systems that work to help you and them with the day-to-day operation of the business.
The goal with your staff and colleagues is to have:
1) The highest level of productivity
2) A constant development and growth plan
3) A high moral and care for each other and the company
The other part of the people portion is: Understanding your customers to be able to provide them with the experience they need, the product they desire. You can achieve that if you maintain a high level of feedback and interactivity with them as users and lifetime members of partners in your growth and evolution.
The goal with your customer and users is to have:
1) The best customer satisfaction feedback
2) The commitment to use your products and services over and over
3) The willingness and ability to pay for increased, new and added offers
2) The product:
The product has to be outstanding. If you are an education company, you must have great content, up-to date and easily accessible in many formats. If you are a technology company, your product must integrate many uses while being user friendly and so on. The idea is to have the customers so excited about the product that they would seek it, want it, need it, demand it, and insist on having it.
3) The positioning:
Your positioning in the market place must be one of clear differentiation based on understanding the customer and giving him/her what they wished they could’ve expressed to you or your competitors. The positioning must be that the product is for users that need to gain instant and on going solutions at competitive price structures and different levels of interactivity.
4) The performance:
The actual performance of the franchise business must be based on a sound system that can bring in predictable, reliable and consistent results. Once you have that kind of system in place, then the next step is to automate it using the right people and the right technology.
Having it automated means you are able to step back and away from the activities of the company without affecting the flow of production and pace of productivity between the team and the technology to deliver the right product in the right way through proper marketing, selling and delivery.
The next step would be then getting ready to scale the business to compound and expand the results.
You can only scale successfully if you have:
1) The right system (based on standards, policies and procedures)
2) The right automation (based on people, product, marketing and technology)
3) Having critical mass of expansion (by adding locations, services you provide, ethical SEO services for your own company, products and users)
4) If your a small business, it’s probably best to find someone that specializes in small business funding, otherwise you may pay to much for someone that takes care of large businesses, or doesn’t know small business to well. It’s always a great idea to find someone who can look in at your business and give you some hints and tips. Sometimes when you get to caught up in owning your own franchise business you overlook some important aspects of it.
5) The profit:
Without profit no one can sustain too long. Profit the only way a company can provide it employee and customers the right products, services and information and elevate the game of business to covert those customers into users that will get the proper direction, support and solutions to their needs.
The ideal trifecta for business profits is having:
1) The highest margins of net income
2) The highest possible velocity on money invested
3) An ever increasing global market share
Your end goal is to be able to coordinate all these moving pieces and produce an outcome that can evolve as market changes and adjusts as needed based on great staff members and customer users that can grow and benefit as you expand profitably, strategically and exponentially.
To your business success,