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Annual planning is the common ingredient found among successful franchisees. After all, if you don't plan for it, it's probably not getting done. Whether you create your annual plan as a Canadian franchisee at the beginning of the year or in the middle of it, here's what you need to know before you begin.
Ask the right questions
A good chunk of the profitability plan creation process entails asking and answering the questions that will help you pinpoint the goals for the year, including sales and marketing, and then outlining the steps you will need to take to reach those goals. With sales goals, for example, you should ask yourself how many leads you want to generate, how many appointments you will set and how many sales you need to make. Once you have a broader idea of what your goals are, you can break them down into smaller steps so you know what you need to do each month or week to hit your mark.
Look beyond the basic
Sales, marketing and other financial goals are fairly common among all franchisees. However, setting goals for other areas of your personal or work life can pay off on multiple levels, too. If you have been feeling overwhelmed lately, setting hiring staff as a goal makes sense. Developing new promotional programs or getting tools to automate some parts of your business could be other non-financial goals that are very relevant to your franchise right now.
Although personal goals might not seem immediately relevant to a business, achieving goals in your personal life can have a positive effect on your business life. If you are not getting enough sleep on a regular basis, for example, sticking to a regular sleeping routine could help you become more focused and productive at your franchise. If you decided to start a franchise business because you wanted more family time but haven't been able to make that work yet, achieving a better work-life balance can decrease your stress and dissatisfaction and lead to improvements at work.
Setting goals is great, but you must make sure that you commit to your plans so you can actually achieve the end results you are looking for. If you want your franchise to be a success, having and following a strong and carefully considered plan for all of your goals is essential.