In the last post, we covered the first three of the seven specific areas you need to consider in your franchise prototype process. To refresh your memory, they are:

• Primary Aim
• Strategic Objectives
• Organizational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy

These seven areas will fine-tune your plan for ultimate success. Today, we will examine the last four.

Think of constructing your business model like planting a tree. At first, it’s so tiny and weak that you wonder if it will even make it through the night. But as you keep watering, fertilizing, and nurturing it with your ideas, the trunk grows, and each strategy forms the branches of your now-strong tree. Finding the perfect support staff, employees, vendors and suppliers, and other relationships will make your tree flourish with leaves and flowers.

Management Strategy

The structure of your management team is not just important, it’s crucial to your growth, the happiness of your employees, and, ultimately, your customers and clients. This strategy is not just results-oriented, it’s the backbone of your business, independent of the people but of the actual system.

In short, a management strategy is a set of standards that include goals, rules, a mission statement, and other concrete things that tell your employees how to act, your management how to grow your business, and your customers and/or clients what to expect.

The management strategy should all be in perfect alignment with your business goals.

Employee Appreciation

Having a people strategy in place that shows your employees how you feel about their job performance and dedication to your business is not just a good idea, it’s a necessity. They also must understand ‘why’ they are doing specific tasks to help them connect personally to their jobs, leading to not just better production, but a happier, more cohesive workplace.

There are a number of strategies you can use to keep it interesting at “the office”:

• Performance Incentive Programs
• Contests That Reward High Performance
• Employee of the Month
• Performance and/or Holiday Bonuses

These are just a few of the ideas you can use to keep employees engaged in your business. One of the best ways to show appreciation to employees is by calling a meeting and asking them how they would like to be rewarded. Spend some time considering different options to implement the best strategy. Keep it fresh, and feel free to change the plan occasionally to keep your employees guessing. Once they become accustomed to the reward, it is time for a whole new approach.

You need to build a community within your company. There needs to be support, appreciation, and respect. The more “at home” an employee feels, the better they will perform and the higher their level of loyalty.

Marketing Strategy

Marketing is essential to the success of any business, but it must also work cohesively with the other strategies you are utilizing. There are two major pillars of a successful marketing strategy: the demographic and psychographic profiles of your customers.

The psychographic reveals what your customers are the most likely to buy, and the demographic explains who they are, which can help you identify why they buy specific items. With this pertinent information, it matters how good your business prototype is.

Systems Strategy

There are three types of systems in every business:

• Hard Systems
• Soft Systems
• Information Systems

Complex systems refer to inanimate systems with no ‘life.’ Soft systems, on the other hand, are those that could be living, such as your business’s sales systems. Information systems are everything else, including customer data, product information, financial information, etc. They are anything with data and numbers.

The most important of all three systems is the soft system because it includes your business’s sales systems. In your sales systems, the two keys to success are structure and substance. Structure is what you sell, and substance is how you sell it.

All three systems are essential to your business’s success, and while they all have very specific roles, they must all work together to get the job done. This is also true for your entire business development program.

I would like to take a moment to summarize the ideas we went over through the business development lessons.

An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:

• Desire
• Some capital
• A projected target profit

There are essentially three key roles that need to be filled to set your business up for success:

• The Technician
• The Manager
• The Entrepreneur

The four different stages of a business life cycle are:

• Infancy
• Adolescence
• Growing Pains
• Maturity

There are a few things we are going to explore with respect to business franchises:

• Business Format Franchise
• The Franchise Prototype
• Franchise Prototype Standards

There are three main areas of business development:

• Innovation
• Quantification
• Orchestration

The seven specific areas you need to consider in your franchise prototype process are:

• Primary Aim
• Strategic Objectives
• Organizational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy

You can see how these areas work together to create a solid foundation for your business. If you need help defining any of these areas, please don’t hesitate to contact me at mshew@profitpathcoach.com or you can reach me at 1(850)377.0716 or 1(772)237.1715

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