Tag Archives: franchisee retention

A Business LifeBoat…Key to Breaking Career Ceilings

This is Me!

This is Me!

I  have found myself carefully cherry picking my way through my professional contact list and really being honest with myself in asking these three questions:

–  Is this someone I will know in 10 years time?

–  Is this a person who will push me by inspiration and challenge to be where I want to be?

–   Can this person add the kind of value I need to get to where I want to be?

Now, instantly you may look at those questions and think – wow, thats cold. But hang on a bit…hear me out. How many times do we read professional business books that keep telling us to value our time more, and quite clearly say in order to progress…you need to think progressively and consistently challenge your comfort zones? I constantly receive great feedback from people about how I add value to them and open their eyes to a view that they hadn’t considered. Thats super for them – because they have identified that they would like me in their Business Lifeboat. That doesn’t automatically mean they will be in mine though – unless of course they have the knowledge and skills in areas that I don’t have and their business persona intrigues me. There’s nothing wrong with that – its just making sure you remember where you are in the order of things.

Many a small business owner makes the mistake of spraying a whole lot of time at everyone and everything that they come into contact – hoping for something to stick. That works for about 5 minutes and you are exhausted and without any recognisable return.

My message is be “brutally” professional – annihilate the time wasters and hangers-on and carefuly cultivate the real professional relationships and contacts that you know will support you and to whom you can also offer value to in return.

With franchisor clients I really bring this home to them in that they have a fantastic vantage point to be looking out for the future of their network of franchisees. They are in a position to recognise valuable branding joint initiatives and professional alliances that the franchisee wouldn’t have dreamed possible as a stand alone Joe Soap. Zone in on this power of professional alliance and heighten your franchise offering overtime – by doing this you not only create emotional loyalty from your franchsiees – but, hell, you are also creating a fantastic case for economic loyalty too.

Follow me on Twitter if you want to see who is in my Business Lifeboat, or find me on Linkedin.

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Plan for Sabbaticals

A BreakWhile driving my car through some pretty yuck roads near home today (note to self: I need to ask my local council where exactly the road spend is going to…my wheel alignment is getting worse by the day!)..I had a thought. Rare, I know, but all the same….

Wouldn’t it be really genius of an insightful franchisor to build in a proper exit and relief strategy into the franchise offering. What on earth do I mean, you ask?

Well, I have a super business contact in London who I love to have coffees with and just pick his brain. He is really passionate about small business owners having a proper exit plan that they can live with. He has seen time and again how really successful small business owners get to retirement age and fall foul of retirement pressure and end up losing out on the value of their life’s work.

So, my thought was around a franchisor actually building in a plan that will help the franchisee revisit his/her exit at whatever point is comfortable for them – with a set structure in place to give them value for their investment of time and money in the business. But, over and above that, it may well be a plan to fit in sabbatical periods for the franchisee. We all know that we work damn hard to get our businesses on the go and could all do with some time out to remind ourselves of where we are going, whether we are enjoying the journey and re-energise ourselves for the years ahead.

Emotional loyalty is pretty key for a franchisor who wants to retain franchisees – same rule applies as for all other businesses: it costs more to get in new franchisees than it does to retain existing ones. To keep franchisees engaged – my advice is to always look at how to enhance the model and add value over time. Sabbaticals may well be one more thing that is worth looking at.

I am not saying SPEND more, I’m saying be creative and offer the opportunity of relief and support during that time. I know that I could have done with being offered that at my five year anniversary of being with a company in my last employed role. Who knows I may well have remained with the company for longer!

But then my inner entrepreneur junkie would not have stayed quiet for much longer 🙂