When I entered business as a franchisee I thought the road to owning a business would be easy. After all, I had purchased all the systems and processes when I paid my franchisee fee – so this business gig was going to be a breeze. Wasn’t it?
Sadly it wasn’t. Being a business owner requires more than just baking bread or making sandwiches. It requires you to demonstrate a number of management qualities. Here are eight of those characters I have identified as being crucial to upsizing your profit.
I have always been a leader, but to be a leader in your business 24/7 is a different matter. Leading your team creates a positive culture. You can’t have a day off from the leadership. You can, however, delegate duties – all good leaders do, and the sooner you master this, the sooner your business will start running like a well-oiled machine.
2. Understand your business and what drives it
When I analysed all my Key Performance Indicators (KPIs) and looked at where I wanted to be in 12 months, I could more easily set the goals needed to get there: more time, more money and a team that worked with me. From there, my business performance improved.
3. Love and live your brand
If you love your brand it shows in everything you do; the way you work in store and the way you work with your team. Your enthusiasm leads to your success. What’s more you will create more sales, have a team that delivers great customer service and good quality product. Be sure you are a brand ambassador – it reaps rewards.
4. Excellent communication skills
To be able to talk is one thing, to communicate well is quite another. Communicating is as much about what you see as it is about what you hear. Knowing when to say nothing is sometimes more beneficial than saying something wrong (or saying the right thing and the wrong time). Find your preferred communication medium and master it.
5. Possess a real ‘can do’ attitude
No one likes a negative Nancy. Starting each day with a ‘can do’ attitude shapes your whole day, the environment you work in and your success.
6. Adapt well to change
The one thing about business that is always constant is the fact there will always be change. Retail is all about keeping up with trends and ensuring customers remain excited. Knowing this, it’s easy to see why I say, “make change your friend!”
7. Know your specific space
I was in fast food retail and, still to this day, you can find me hanging out in food courts. Scoping out competition is exciting, educational and always helps you know what you can do better.
8. Constantly seek out information
Keeping up-to-date in of all areas of your business is a full time job – HR, employment agreements and workplace health and safety are just three areas that are always changing. And, let’s not even start with technology changes.
Feed your thirst for knowledge by attending your local business meetings and your franchisors meetings. The networking alone is valuable, let alone the information shared at these functions.
Being a franchisee is lonely so be sure you surround yourself with people in similar fields.