Add Some Compost
In the last post we talked about the first three of the 7 specific areas you need to consider in your franchise prototype process. Here are all seven again:
- Primary Aim
- Strategic Objectives
- Organisational Strategy
- Management Strategy
- People Strategy
- Marketing Strategy
- Systems Strategy
These 7 areas will fine turn your plan for the ultimate level of success. Today we are going to cover the last four.
Think of constructing your business model like planting a tree. At first, it’s so small and weak you wonder if it will even make it through the night. But, you keep watering, fertilizing and nurturing it. Your ideas will grow the trunk and each of these strategies will extend out as the branches of your now strong tree. Finding the perfect support staff, employees, vendors/suppliers and other relationships will make your tree flourish with leaves and flowers.
Management Strategy
The way you structure your management team is not only essential to your growth, but the happiness of your employees and, ultimately, your customers/clients. This strategy is results-oriented and doesn’t depend on the people, but the actual system that’s in place.
A management strategy is, in short, a set of standards that include goals, rules, a mission statement and other concrete things that tell your employees how to act, your management how to grow your business and your customers/clients what to expect.
These should all be in perfect alignment with your business goals.
Employee Appreciation
You need to put together a people strategy that shows your employees how you feel about their job performance and dedication to your business. They also need to understand “why” they are doing specific tasks. This helps them to personally connect to their job which in turn leads to better production and a happier workplace.
There are a number of strategies you can use to keep it interested at “the office”:
- Performance Incentive Programs
- Contests that reward high performance
- Employee of the Month
- Performance/Holiday Bonuses
These are just a few of the ideas you can use. One of the best ways to appreciate your employees is by calling a meeting and asking them how they would like to be rewarded. Think about it for awhile and put the best strategy into play. Keep it fresh and change up the strategy you use from time to time to keep your employees guessing. Once they get used to the prize, it’s time for a whole new approach.
You need to build a community within your company. There needs to be support, appreciation and respect. The more “at home” an employee feels, the better they will perform and the higher their level of loyalty.
Marketing Strategy
Marketing is, of course, essential to the success of any business, but it also must work cohesively with the other strategies you’re using. There are two major pillars of a successful marketing strategy-the demographic and psychographic profiles of your customers.
The psychographic tells you what your customers are the most likely to buy and the demographic tells you who they are, which can help you learn why they buy specific items. Without this information it simply doesn’t matter how good your business prototype is.
Systems Strategy
There are three types of systems in every business:
- Hard Systems
- Soft Systems
- Information Systems
Hard systems refer to inanimate system or systems that have no “life”. Soft systems are those that could be living. Information systems which are, of course, everything else, including customer data, product information, financial…anything with data and numbers.
The most important of all three systems is the soft systems because it includes the sales systems your business uses. In your sales system the two keys to success are: structure and substance. Structure being what you sell and substance being how you sell it.
All three systems are essential to the success of your business and while they all have their own very specific roles, they all must work together to get the job done. This also goes for your entire business development program.
I want to take a moment to recap on the ideas we went over through the business develop lessons.
An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
- Desire
- Some capital
- Projected a targeted profit
There are essentially three key roles that need to be filled to set your business up for success:
- The Technician
- The Manager
- The Entrepreneur
The four different stages of a business life cycle are:
- Infancy
- Adolescence
- Growing Pains
- Maturity
There are a few things we are going to talk about:
- Business Format Franchise
- The Franchise Prototype
- Franchise Prototype Standards
There are three main areas of business development:
- Innovation
- Quantification
- Orchestration
7 specific areas you need to consider in your franchise prototype process. Here are all seven again:
- Primary Aim
- Strategic Objectives
- Organisational Strategy
- Management Strategy
- People Strategy
- Marketing Strategy
- Systems Strategy
We can help you work through all of these areas and give your business a jumpstart that puts you ahead of your competition right from the start. Use our FREE test drive and work with one of our coaches, plus gain access to a wealth of tools and resources.
Until the next time
Vernon Simpson, Nydes Business Coach,
Coaching Business Owners and Executives to their next level of Excellence
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Now that it’s all over and the Ohio State Buckeyes are the college football national champions, it can be definitively said: expanding the College Football Playoff worked.
The grand experiment to allow more teams to play for the national championship wasn’t perfect, but it ended up where it was supposed to: a worthy national champion with exciting, close games in the later rounds when the best teams faced one another. It gave us awesome scenes on campuses around the nation, created new legends and showed how a sport so steeped in tradition can evolve when faced with new demands from its fans and business partners.
Here are four reasons why the new version of the College Football Playoff worked – and the areas that can still be fixed.
The committee picked the right teams, even if some games were blowouts
Before the games kicked off in December, much of the focus was put on the inclusion of Southern Methodist University (SMU) and Indiana University – two teams that won a bunch of games but didn’t have the brand recognition of schools like Alabama, South Carolina and Ole Miss.
Here’s what else those teams had that SMU and Indiana didn’t: three losses.
The Hoosiers lost only once in the regular season – to eventual national champion Ohio State. The Mustangs had lost twice, once to Brigham Young University and again in the ACC championship game to Clemson.
In the first year of the expanded, 12-team playoff, could the committee really leave out a major conference team with 11 wins and punish another one for playing for a conference championship while other teams sat at home? Warde Manuel, the University of Michigan athletic director who served as chair of the committee, said they could not.
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The cathedral is managed by Live-in Guardians, a company finding occupants for disused properties, including schools, libraries and pubs, across Britain. The residents — so-called property guardians — pay a fixed monthly “license fee,” which is usually much lower than the typical rent in the same area.
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Ross, who was one of a handful of initial cabinet members in Trump’s first administration who kept their position for the entire four-year term, said he advocated for such exclusions when he advised Trump on tariff policies.
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The cathedral is managed by Live-in Guardians, a company finding occupants for disused properties, including schools, libraries and pubs, across Britain. The residents — so-called property guardians — pay a fixed monthly “license fee,” which is usually much lower than the typical rent in the same area.
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Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
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The threat of blanket tariffs is likely being overstated, Ross said in an interview with CNN. “There probably will be exclusions, because there are some goods that just are not made here, will not be made here, and therefore, there’s no particular point putting tariffs on.”
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A federal judge on Tuesday afternoon temporarily blocked part of the Trump administration’s plans to freeze all federal aid, a policy that unleashed confusion and worry from charities and educators even as the White House said it was not as sweeping an order as it appeared.
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The short-term pause issued by US District Judge Loren L. AliKhan prevents the administration from carrying through with its plans to freeze funding for “open awards” already granted by the federal government through at least 5 p.m. ET Monday, February 3.
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“The government doesn’t know the full scope of the programs that are going to be subject to the pause,” AliKhan said after pressing an attorney for the Justice Department on what programs the freeze would apply to. AliKhan is expected to consider a longer-term pause on the policy early next week.
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The White House budget office had ordered the pause on federal grants and loans, according to an internal memorandum sent Monday.
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Trailer trucks queue to cross into the United States at the Otay Mesa Port of Entry, in Tijuana, Mexico, November 27, 2024. Jorge Duenes/Reuters
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CNN
—
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Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.
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That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and a 10% tariff on all Chinese goods.
The tariffs, he said, will be imposed as a way of punishing the three nations, which Trump claims are responsible for helping people enter the country illegally and supplying fentanyl consumed in the US.
Speaking to reporters from the Oval Office on Thursday, Trump said he meant business, especially with his tariff threats on Mexico and Canada. White House Press Secretary Karoline Leavitt also confirmed on Friday that Trump will levy the 10% tariff on China on Saturday.
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While Trump craves political glory, Zelensky is fighting for something far more profound: his country’s survival, now and as a future viable, independent sovereign state. Trump’s decision to open talks with Russia in Saudi Arabia on Tuesday without Ukraine raised fears he’s targeting a quick agreement with Putin that he’d then impose on Kyiv.
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Zelensky warned last week at the Munich Security Conference that he would “never accept deals made behind our backs without our involvement.” But if Trump walks away, Zelensky would have to decide whether to fight on without US arms and ammunition and to rely on Europe’s lesser punch.
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Zelensky understands that he can’t count on US support with Trump in the White House and said last week it was time to form a European army because, “the old days are over when America supported Europe just because it always had.”
Trump has given few signs that he’s got Ukraine’s interests at heart. Last week, for instance, he echoed one of Putin’s rationales for the war, saying that Ukraine’s NATO aspirations helped trigger Russia’s invasion.
This new US empathy with the invader, rather than the invaded party, is why Europe’s participation in peace talks is necessary to even the playing field. But Trump is already looking beyond Zelensky, who was the recipient of the telephone call that led to Trump’s first impeachment in his first term. He said last week that Ukraine needs elections “at some point” after a peace deal and archly noted that Zelensky’s poll numbers were “not great.” This is another Russian talking point that Trump has picked up — even though the idea that Putin, who sustains his long rule with sham elections, has any credibility in talking about elections is absurd.
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