Fight for Your Franchise Challenge, Week 9: Money-Saving Efficiency Strategies Operational strategy tips from your 'Franchise Bible' coach.
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The Fight for Your Franchise Challenge is gearing up for growth and momentum. Our focus is on the future and how operations need to adapt to get ready for the new normal. This week, our topic is operational strategies and money-saving efficiency strategies for your business.
Many of the costly oversights are hidden in the operational elements of a business, and pennies add up to dollars that dig in to your profit margin. In today's world of technology tools, we have more data at our fingertips than ever before. My strategy tip is to use this information to improve your business efficiencies and increase your profits. Unfortunately, many business owners get caught up in the stuff of the day and neglect to use this information to improve things.
Here are some of our Franchise Bible Coach core strategies that you may recognize now that you have been following our systems for a while. When applied consistently for a long period of time, these strategies can make a huge impact on your business:
Departmental Plans. You have probably noticed that I always suggest a departmental plan. This is like a mini-business plan that focuses on each department a la what we discussed during the week-five Franchise Equation session.
Departmental Goals and KPIs. Most business owners and managers have goals of some kind and may even have Key Performance Indicators (KPIs). Most of the time I see that they are set for the business as a whole. Remember that the key to getting your business to the highest and most powerful level, or what I call the Zenith Franchise Level, is goals and KPIs for all five departments. This allows you to see the departments that need to improve. Your business is only as strong as your weakest link.
Feedback From the Front Lines. Use surveys and evaluations to get feedback from the people on the front lines. This information is mission critical for improving and system. You must show the people that you are surveying that you are genuinely listening and actually act on the feedback to improve.
Regular Departmental Improvement Meetings. Schedule these meeting far in advance to make sure that your key team members can attend. Stay focused on improving, growing and striving for excellence. Continue to fine-tune each department and strive for the Zenith Level. Follow the rules of effective meetings below.
Rules for Effective Meetings
As I often say, "We don't want to have meetings just for the sake of having meetings." I have witnessed meetings turning into massive time-and-money wasters when they are set up and managed the wrong way. Just improving your meetings can enable you to make more money and spend less money. Apply these rules and enjoy the improved outcomes:
- Schedule far enough in advance that participants can attend. Meetings are far less effective if key team members are absent.
- Emphasize the importance and purpose of the meeting so participants understand the significance and make it a priority.
- Be consistent and avoid last-minute changes or cancelations. Participants will become frustrated and begin to lose trust for leaders when they set aside time for meetings that don't happen.
- Have a specific agenda and stick to it. One of the biggest time wasters is meetings that go off the rails. Meetings that run long can be frustrating for participants and reduce trust. Founders and owners tend to be more excited about the business than others and are usually the reason that meetings run long.
- Reflect on progress and shortfalls since the last meeting and update your goals and KPIs for the next one.
- Schedule on a recurring basis so everyone knows when the meetings take place and can plan around them.
- Survey the participants after each meeting and have them make comments and rate effectiveness.
This week on our Franchise Bible Coach Radio Podcast with Rick and Rob, our guest was Jamie Cecil, VP of Sales for Beef "O' Brady's restaurant franchise. Jamie shared his operational strategies and stories of how his franchise owners had to innovate new operational procedures to handle the market changes. You can listen to the entire podcast by joining the fight to receive your free weekly emails. Sign up now at www.franchisebiblecoach.com.
The Fight for Your Franchise coaching videos are now hosted on Entrepreneur.com, and you can subscribe for free. This gives you access to our content, as well as other great resources offered by Entrepreneur. Click here to set up your free account.
This week, take the time to focus on getting your operations department to the Zenith Franchise Level and gaining momentum to not only survive, but to thrive. And remember: You are all business heroes, so keep fighting the good fight!