With the year end fast approaching, many people will be setting new goals for 2018. Losing weight, saving money, or learning a new skill – everyone has something to accomplish.
Setting personal goals is very valuable but, if you’re an owner of a franchise, what are some of your own business goals for the new year?
Don’t have any goals yet? No need to worry! Here’s my take on the top five New Year’s Resolutions for franchisees:
- Reconnect with operations standards – In order for a business to run like a well-oiled machine, it’s beneficial to re-familiarize yourself with your organization’s standard operating procedures. You purchased the franchise you own for a reason (the franchisor surely has a proven system, methods, models, procedures, and guidelines). Try to use this holiday time to reconnect and refresh with these guidelines.
- Maximize efficiencies – The year end is usually the time business owners see the cumulative effects of their business choices. Use this time to review labour, food costs, etc., and ensure you are maximizing resources.
- Check in with your Business Development Representative – Business owners are a pretty knowledgeable bunch – many of them are up to speed on new trends, opportunities, and threats, too. So start asking yourself the following: Are there any big changes for the upcoming year you should be aware of or could get a head start on? How did your last fiscal year compare to those of neighbouring markets or industry segments? Does your Representative have any insight into how to make 2018 a record year? When you’ve successfully answered these questions, you’ll be able to get a better grasp on new opportunities for the new year.
- Review your contract dates and requirements – It’s crucial to review all contracts and upcoming dates. When does your franchising agreement expire? Do you have all your business licences, training, certification, etc. up to date? It may be a new year, but don’t be blindsided by expired licences and agreements.
- Reflect on 2017! Be sure to sit back and reflect on all aspects of your business this past year – whether they were good or bad – and go ahead … set some new goals!
New Year’s is indeed the best time for reflection – or both businesses and people. It’s the right time to start the year on a great foot with staff, stakeholders, and guests, as well. While you apply these New Year’s resolutions in 2018, be sure to say, “thanks” to every person who contributes to the success of your business, and give them an extra smile or greeting. There’s no better way to start the year!
By Sebastian Fuschini, Senior Vice President of Franchising at Pizza Pizza Limited