Expressed opinions Entrepreneur Contributors are their own.
In addition to being well-capitalized with adequate cash reserves, there are five key elements to success that new businesses – especially franchisees – should keep in mind. These positive aspects can be harmful if not fully implemented.
I have always believed that good communication is the foundation of any successful relationship. It is important that there is an open, positive line of communication between management and employees, between business (or franchise) and headquarters, between employees and your customers.
Not communicating – or thinking alone – is a recipe for failure or frustration. Communication is important in all business situations, and in the franchise world it is incredibly important.
There is a saying in our industry, “Franchise owners do business for themselves, but not themselves.”
Use the resources you provide. If the company has a newsletter, read this. If they send you a streaming video, watch it. If they hold a conference, attend.
For communication to be truly successful, it must be a two-way street. It’s not just about pushing information, it’s about getting involved and contributing.
If you are asking people to adopt a new way of doing things, it is important to manage expectations by clearly communicating what that approach involves.
Clear communication from top to bottom is the key to ensuring that people have what is expected of them, as well as the key to keeping the morale moving forward.
Remember that no matter what contact you make, there are always two sides to every situation. Uncover every corner of a story before you act on something. My father gave me that advice early in my life.
Most importantly, listen. What you say is important, but my advice is to talk less and listen more.
Related: Effective communication means business success
2. Go back to the basics
A proven way to build and grow a business at the core of franchising. Go back to the owner’s operation manual.
If you own a franchise, ask your franchisor to conduct a thorough audit of your business. Find out exactly what you’re doing and where you’ve gotten off track.
If you are a business owner or manager and you get a visit from the company headquarters and they have advice, accept the feedback.
Be sure to set high standards for yourself and others from the start. Hold everyone accountable, especially yourself.
3. Embrace change
Many business people struggle with change and unfortunately, we are living in a time when change is hitting us all fast.
Changes in technology, SEO, semantics, social issues, cryptocurrency and even “metavers!” It’s hard to hold on, but it’s important to embrace and use change.
While it’s important to master and be aware of change, it also takes effort to align ongoing changes with your specific priorities. In my company, we have one customer: our franchise. If they succeed we succeed. Providing the right support to manage change and help implement change benefits everyone.
Related: 5 principles for dealing with constant change
4. Call and go to successful stores
There will always be a natural tendency to resolve complaints and errors, but franchise owners can benefit greatly by communicating and learning from other franchise owners who are successfully running their activities.
Ask questions and learn what they are doing to be successful. You may discover something you are not doing or have missed.
In my case, one of my tasks is to be a helper of the ideas that I get from most franchise owners. Every month I make a video to share success stories so owners can discover and learn the most up-to-date ways and connect with other successful owners.
Related: 8 Features of a Successful Franchise
5. Have a positive attitude
Be the number one cheerleader in your business. You need to be able to pump your team from your management down the line.
Stay positive every day, especially when you lose an order or encounter a friendless customer.
Same with enthusiasm: it’s contagious! Numerous times I have seen how enthusiasm surpasses almost all other qualities. Your voice and smile are very important.
In fact, all of these activities not only increase motivation, but also lead to increased profits and satisfied customers.
It boils down to treating people the way you want to be treated. It goes a long way in building a successful business.
Related: The benefits of a positive work environment