Learn how to improve your franchise performance with six effective strategies based on best practices and proven methods.

To improve client performance, a systematic assessment is essential. Start by defining clear objectives and understanding the client's goals. Gather both quantitative (e.g., KPIs, financials) and qualitative data (e.g., interviews, surveys) for insights. Benchmark against industry norms and use SWOT analysis for a holistic view. Examine processes for inefficiencies and assess resources, technology, and organizational culture. Engage stakeholders for feedback and consider external factors like PESTEL. Identify performance gaps, prioritize issues, and document findings. Throughout, open communication with the client is key to align understanding and build trust.

What are the most effective strategies for improving franchise performance?

Franchising is a popular business model that allows entrepreneurs to leverage an established brand, system, and support network. However, not all franchises perform equally well, and some may face challenges such as low sales, high costs, customer complaints, or compliance issues. As a franchisee, you want to improve your franchise performance and achieve your goals. As a consultant, you want to help your clients do the same. In this article, you will learn some of the most effective strategies for improving franchise performance, based on best practices and proven methods.

1 Assess your current situation

The first step to improving your franchise performance is to assess your current situation. You need to understand your strengths, weaknesses, opportunities, and threats, as well as your financial, operational, and customer metrics. You can use tools such as SWOT analysis, benchmarking, and surveys to collect and analyze data. By doing so, you will be able to identify the gaps between your actual and desired performance, and prioritize the areas that need improvement.

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Dave Lorenzo

Founder of a Business Strategy Peer Group for CEOs & Entrepreneurs. Would you like to unlock the hidden value in your business? ➔➔➔ Join me for breakfast
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To improve client performance, a systematic assessment is essential. Start by defining clear objectives and understanding the client's goals. Gather both quantitative (e.g., KPIs, financials) and qualitative data (e.g., interviews, surveys) for insights. Benchmark against industry norms and use SWOT analysis for a holistic view. Examine processes for inefficiencies and assess resources, technology, and organizational culture. Engage stakeholders for feedback and consider external factors like PESTEL. Identify performance gaps, prioritize issues, and document findings. Throughout, open communication with the client is key to align understanding and build trust.

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2 Set SMART goals

The next step to improving your franchise performance is to set SMART goals. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. SMART goals help you define what you want to achieve, how you will measure your progress, whether your goals are realistic, how they align with your vision and mission, and when you will accomplish them. By setting SMART goals, you will be able to create a clear and actionable plan for improvement, and track your results.

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Mucha Hazel Nyandoro

Yes, I wear many hats, Finance | Board Membership/Advisory | Chief of Professional Tribes |Global Multi-sector Presenter & Moderator| Leadership Development JP Morgan & HSBC Alumni. AOW/Lean In Network- Power List 2024
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It is not uncommon for consultants to cut and paste solutions from previous engagements, however there are nuances missed by taking this approach. In defining goals and KPIs, it is imperative that consultants earnestly engage with personnel responsible for delivering any desired results, in order to obtain their buy in. The psychology of teams feeling a sense of ownership of outcomes should not be underestimated.

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3 Implement best practices

The third step to improving your franchise performance is to implement best practices. Best practices are the proven methods and standards that have been established by the franchisor, the industry, or the experts. They cover various aspects of your franchise, such as marketing, sales, operations, customer service, quality, safety, and compliance. By implementing best practices, you will be able to optimize your processes, increase your efficiency, reduce your costs, enhance your reputation, and satisfy your customers.

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4 Seek support and feedback

The fourth step to improving your franchise performance is to seek support and feedback. Support and feedback are essential for your learning and growth, as they help you identify your strengths and weaknesses, solve problems, and improve your skills. You can seek support and feedback from various sources, such as your franchisor, your fellow franchisees, your employees, your customers, or your consultant. By seeking support and feedback, you will be able to leverage the collective wisdom and experience of your network, and gain valuable insights and advice.

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5 Monitor and evaluate

The fifth step to improving your franchise performance is to monitor and evaluate. Monitoring and evaluating are the processes of measuring and reviewing your performance against your goals and standards, and making adjustments as needed. You can use tools such as dashboards, reports, and audits to collect and analyze data. By monitoring and evaluating, you will be able to track your progress, identify your achievements and challenges, and ensure continuous improvement.

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Jason E. Brooks

Speaker | Author | Coach | "MANAGE, LEAD, COACH, REPEAT" | Consultant | Entrepreneur | Founder & CEO helping business professionals "Build Back Their Teams, Buy Back Their Time, & Get Things Done" 🚀🎙️📖
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Monitoring and evaluating is good, but anyone can sit on the sidelines on a Saturday afternoon, watch a game with stats, and still not fully understand what’s going on. First, we have to make sure our dashboards match our brand goals, or we will not hit them. Then, the same goals and measurements on both must be linked to our secret shops and guest feedback. Our customers are the best third-party verifier we have to insure our goals and standards are being seen in our operations. Next, we must insure that the daily systems we have in place help support the efficiency in meeting those standards. Lastly, our onboarding and ongoing training has to support teaching new hires that culture on Day 1 through their last day with us.

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6 Celebrate and reward

The sixth and final step to improving your franchise performance is to celebrate and reward. Celebrating and rewarding are the processes of acknowledging and appreciating your efforts and results, and motivating yourself and others to keep up the good work. You can celebrate and reward yourself, your employees, your customers, or your partners, by using methods such as recognition, incentives, bonuses, or events. By celebrating and rewarding, you will be able to boost your morale, loyalty, and retention, and create a positive and productive culture.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most effective strategies for improving franchise performance?

1

2

3

4

5

6

7

1 Assess your current situation

2 Set SMART goals

3 Implement best practices

4 Seek support and feedback

5 Monitor and evaluate

6 Celebrate and reward

7 Here’s what else to consider

Consulting

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What are the most effective strategies for improving franchise performance?

1

2

3

4

5

6

7

1 Assess your current situation

2 Set SMART goals

3 Implement best practices

4 Seek support and feedback

5 Monitor and evaluate

6 Celebrate and reward

7 Here’s what else to consider

Consulting

Rate this article

Thanks for your feedback

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