In his latest blog post, franchising expert David Burton focuses on the importance of setting business goals as a franchisor to help lead your emerging franchise network onto greater things.
We shouldn’t be afraid to set goals. They’re targets that you’ve determined you want to achieve or reach by a given period of time and there’s no downside to setting them as a means to motivate and guide the way. Here’s four top tips on why goal setting should be high on any good franchisor’s agenda.
(1) Goal setting helps measure success
As a franchisor that is keen to grow and develop its proposition, setting business goals represents a clear way to measure success. Goals could be long or short-term and could range from growth related targets for the business as a whole for the next five years, or more focused and immediate goals such as daily or weekly sales targets for individual franchise locations. Having clearly defined goals – and coaching your franchise owners into adopting a goal oriented focus – helps measure success and facilitate goal setting in other aspects of your business.
(2) Goal setting encourages productivity
Having a clearly defined goal focuses everyone within a business or organisation to have their eyes on the prize. Anything that doesn’t contribute towards achieving that goal is non-productive and does not contribute positively. Having clearly defined goals makes for a much more focused team, and this mantra can easily flow down into the culture and ethos of your franchise business to encourage a focused and engaged franchise network.
In turn, working with franchise owners to help them set business goals, will have positive outcomes for you as a franchisor too. Improved growth rates and franchisees who see the value of their investment are just two possible outcomes of adopting a culture of goal setting.
(3) Goal setting enables progress monitoring
Having clearly defined goals laid out and communicated early on (for example at the start of the year) means that progress towards those goals can be monitored and the road map altered if necessary.
Measures and revised objectives can be implemented if targets are falling short and resources can be reallocated from an outperforming area to one that might need some help. Successful businesses are those that are able to react and flex according to the environment, and targets to work towards are an essential part of understanding performance at both a franchisor and franchisee level.
(4) Goal setting can predict the future
OK, so maybe this one is asking a lot because we all know that you can’t predict the future, but planning for it will give you and your franchisees greater confidence about what the future holds and how your business can capitalise on it.
Missed the previous article in our expert A-Z franchising series? Catch up here.
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