New Year’s Resolutions for Franchisees
As we leave 2017 behind, many people have set new goals for 2018 such as losing weight, saving money, or learning a new skill. Everyone has something to accomplish.
Setting personal goals is very valuable but, if you’re an owner of a franchise, what are some of your own business goals for the New Year?
Don’t have any goals yet? No need to worry. Here’s my take on the top five New Year’s Resolutions for franchisees:
1. Reconnect with Operations Standards
In order for a business to run like a well-oiled machine, it’s beneficial to re-familiarize yourself with your organization’s standard operating procedures. You purchased the franchise you own for a reason; the franchisor surely has a proven system, methods, models, procedures and guidelines. Try to use this holiday time to reconnect and refresh with these guidelines.
2. Maximize Efficiencies
The year end is usually the time business owners see the cumulative effects of their business choices. Use this time to review labour, food costs, etc., and ensure you are maximizing resources.
3. Check-in with your Business Development Representative
Business owners are a pretty knowledgeable bunch – many of them are up to speed on new trends, opportunities, and threats too. So start asking yourself the following: Are there any big changes for the upcoming year you should be aware of or could get a head start on? How did your last fiscal year compare to those of neighbouring markets or industry segments? Does your representative have any insight into how to make 2018 a record year? When you’ve successfully answered these questions, you’ll be able to get a better grasp on new opportunities for the New Year.
4. Review your contract dates and requirements
It’s crucial to review all contracts and upcoming dates. When does your franchising agreement expire? Do you have all your business licenses, training, certification, etc. up to date? It may be a new year but don’t be blindsided by expired licenses and agreements.
5. Reflect on 2017
Be sure to sit back and reflect on all aspects of your business this past year, whether they were good or bad, and go ahead and set some new goals.
The New Year is indeed the best time for reflection for businesses and people. It’s the right time to start the year on a great foot with staff, stakeholders and guests as well. While you apply these New Year’s resolutions in 2018, be sure to say ‘thanks’ to every person who contributes to the success of your business, and give them an extra smile or greeting. There’s no better way to start the year.
Sebastian Fuschini, Senior Vice President of Franchising at Pizza Pizza Limited