When you have strong credit, your franchise's financial...
Whether you're an incoming Canadian franchisee or already deep in the trenches, having a profitability plan that covers your goals is a must. When you have a solid plan, you'll give yourself the edge over the competition, as many business owners overlook this particular tool. Here are three tips for creating a plan that will set you up for a successful year.
Ask the relevant questions
Asking and answering the right series of questions is crucial for identifying your sales goals so you can create a plan that actually works toward them. For sales, consider how many leads you want to generate, how many appointments you're going to set with those leads, and how many sales you must make. Once you've got your overall goals set by answering those questions, you can break it down into smaller time-frames - such as week, month or quarter - so that defining the steps you need to take will become much clearer.
Include supplemental goals
Once you've got your sales goals down, you can go ahead and set goals for other areas of your business life, such as hiring more staff for your location, developing new promo programs or adopting new tools for efficiency. Some people find it beneficial to include personal goals as well, since work-life balance is a measure of success for many people. If you've got important personal goals like sleep, vacation or time with your family, get them down on paper.
Keep it real
"Shoot for the stars" isn't necessarily bad in theory, but if you set goals that are too unrealistic and fail to achieve any of them, it can dent your motivation and make it tough to stay on track. Set goals that are possible but will require effort and work to achieve. If, for example, you're a new franchisee on your own, chances are a goal of having appointments with 2,000 leads a month is unreasonable. Set the bar high, but don't set it so high that you'll never be able to see over it.
Having a plan in general will give you the edge over everyone who doesn't. Far too many business owners will be waiting until the last second to create one if they do it at all, so don't be in the same boat when you start your franchise. Get your goals down on paper and create an action plan that makes it possible for you to reach them.