5 Key Takeaways from "Your Guide to 90-Day Success: The Franchisee's Strategy for Early Wins"

Happy Wednesday, LinkedIn community! Ready to explore some practical tips from my upcoming eBook? Here are five key takeaways that help you jump-start your franchise success:

1. Create Efficient Systems:

"Efficient systems that supplement the franchisor's operations manual are the backbone of any successful business. Note: follow the franchisor’s proven operational manual systems first. The systems in this chapter are those that aren’t covered in the operations manual. They streamline processes, enhance productivity, reduce costs, and ensure consistency in operations. Systems allow you to take a vacation. " – Excerpt from Chapter 4

2. Understand Your Financials:

"Understanding the basics of accounting is crucial for effectively managing your franchise business. Accounting is the language of business, providing a systematic way to track and report financial transactions." – Excerpt from Chapter 6

3. Leverage Your Network:

“Networking is a critical skill for most everyone in business, and especially, business owners. Effective networking leads to new opportunities, partnerships, finding your team, and potential customers. Even renowned recluse Howard Hughes networked at one point.

The Networking Mindset

Networking is about building relationships, not making sales, although networking is vital to making sales. Approach networking with the expectation of giving value and fostering connections. Each networking opportunity by itself is the chance to meet new colleagues. That’s it. Meeting new colleagues leads to building relationships and creating your “know, like and trust” factor. Relationships lead to sales when someone knows, likes, and trusts you.

1. Be Yourself: Show genuine interest in others. People are more likely to remember you if you are sincere. “People need to know you care before they care how much you know.”

2. Focus on Relationships: Networking is about building long-term relationships, not short-term gains.

3. Listen More Than You Talk: Listen actively to understand others' needs and interests. A good rule-of-thumb is to let your new friend talk twice as much as you. Focus on what they are saying. If you are thinking about what to ask or say next, you are not actively listening. When you find your mind wandering to anything except what the person is saying during your conversation, it’s time to take a break and refocus.

Networking Events

Networking events are prime opportunities to meet new people and build your professional network.

1. Preparation: Have a clear goal for attending the event. Know who you want to meet and what you want to achieve. Quality interactions trump quantity.

2. Elevator Pitch: Prepare a concise (30 seconds or less) and engaging elevator pitch that clearly communicates who you are and what you do. Vary your pitch to match the setting and experiment with different pitches to test the effects.

3. Follow-Up: Follow up with people you meet. Send a personalized email, connect on LinkedIn, or, better yet, send a hand-written thank you note.

4. Set Your Goals: For a 2-hour event, for example, a goal of meeting 3-5 new colleagues is manageable. Get to know the person enough to set a coffee or lunch meeting for the following week. A simple, “Thank you, there’s someone I want to talk with. So, we’re on for lunch at Reelwood Café next Thursday at noon,” is a good exit to the current conversation.

Everyday Networking

Opportunities to network are everywhere, not just at formal events.

1. Social Gatherings: Social gatherings are networking opportunities. You never know who you might meet.

2. Online Presence: Maintain an active and professional online presence. Engage with others on social media and professional platforms like LinkedIn.

3. Volunteering: Volunteer for local organizations and causes. It's a great way to meet people, build trust, and give back to your community.

Build a Networking Plan

Having a structured approach to networking helps you maximize your efforts.

1. Set Goals: Define clear networking goals. For example, aim to meet a certain number of new people each week or month.

2. Track Your Progress: Keep a record of who you meet, add to your CRM, and follow up.

3. Consistency: Networking is an ongoing effort, not something you do when you need something.

Effective Networking Strategies

Some business owners, my hand is raised, have difficulty with small-talk and following up with new colleagues who don’t have immediate value to give them. Networking is the first step to discovering ways to help your new friend. The following 5 proven strategies elevate your networking skills.” – Excerpt from Chapter 16

4. Hire for Cultural Fit:

"Hiring for cultural fit is key over hiring someone for their abilities. Skills can be taught, but aligning with your company's values and culture is paramount for long-term success." – Excerpt from Chapter 13

5. Continuous Improvement:

"Continuous improvement isn't just a buzzword; it's a mindset. Regularly review and refine your strategies to ensure sustained growth and adaptability in a competitive market." – Excerpt from Chapter 17

Save the date: August 30, 2024, for the eBook release on Amazon. Leave your comments and experiences so others can learn, and let's make the journey to franchise success together!

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