Franchisees can often feel overwhelmed with responsibility and operational issues. But it doesn’t always have to be that way. As a Certified Master Business Coach and Certified Executive Coach with over 15,000 logged coaching hours, I have worked with countless entrepreneurs and business owners, including many franchisees. Running a franchise requires juggling two sets of objectives: your own business goals and those of the parent company. Aligning these goals is critical to avoiding confusion and maximizing success. Drawing from my extensive experience, I want to share some goal-setting best practices specifically for franchisees here in the Phoenix area.
Start with the end in mind
When setting goals as a franchisee, begin by considering the ideal outcome you want for your business. It's not just about making a buck - your franchise's purpose and vision are what set it apart, giving it a beating heart resonating with customers and stakeholders alike. Get clear on where you ultimately want to take your business over both the short and long term. It’s easier to set incremental goals when you know what end destination you are working towards.
It’s important to ask yourself: What does success look like for your franchise one year from now? Three years? 5 years? Define this vision of the future first before reverse engineering the measurable steps to reach it.
Set S.M.A.R.T. goals aligned with the franchise
The SMART framework is an excellent way for any business owner to set practical, achievable goals. As a franchisee, make sure your S.M.A.R.T. (Specific, Measurable, Attainable, Relevant, Time-Bound) goals also align with the overall objectives and expectations of your franchise organization.
Getting alignment and buy-in from your franchisor early in the goal-setting process is key. With this in place, you'll have complete control over your business's growth, bounded by the franchise's clear guidelines.
Seek input from multiple perspectives
While franchisees need freedom to chart their own courses, getting input from different people in your network makes for better-informed goal setting.
I recommend connecting with the following people as you establish your short and long-term goals:
- Franchisor leadership: Get their perspective on important performance indicators, as well as dos and don’ts within the franchise system.
- Fellow franchisees: Learn best practices from those running similar franchise units, especially in your local area.
- Business coach: An expert like myself can give unbiased guidance and advice tailored to your unique business needs and capabilities.
- Blending insights from executives, peers, and coaches leads to complete, balanced goal setting. You benefit from the wisdom of franchisor leadership while also customizing for your specific context.
Break goals down into milestones
Any lofty business goal can seem daunting if viewed as a single endpoint. By fragmenting goals into manageable bits, the barriers to success dissipate, making the journey to achieving them feel conquerable.
For example, if your 1-year revenue growth goal is to increase sales by 30%, break that down into smaller monthly or quarterly targets. If your 5-year vision is to open multiple franchise units, backward plan the incremental objectives needed to get there.
Not only does chunking down goals reduce overwhelm, but each small win builds confidence and momentum towards the larger achievement. Celebrating milestones keeps motivation and morale high across your entire franchise team.
Partner with a Business Coach
For hands-on support setting and pursuing measurable franchise goals, a business coach like myself can help. My formula for fueling growth? Helping entrepreneurs and business leaders articulate their most ambitious goals – and craft a roadmap to achieve them. Staying on track can be tough when faced with unexpected hurdles, so I'm committed to helping you quickly get back on course.
For a free introductory consultation, reach out to me, Danny Creed. As a seasoned entrepreneur and Certified Master Coach, I've had the privilege of helping scores of franchise owners and executives set – and smash – ambitious growth targets that translate to real profits. I'm excited to explore ways to get your franchise firing on all cylinders – Do you want to set up a time to discuss this?
