8 Skills That Executives Can Use in Their Franchise Business

Running a business as the CEO is not much different from actually owning the business. Executives take on responsibility for creating teams and running strategies that will be successful and that will drive the overall business to grow and prosper. So which of the skills that Executives have are important for running a Franchise?

Executives demonstrate exceptional business and people skills, but also have a strong work ethic and are hard workers. They are visionaries who can share the big picture when needed but are also aware of the importance of paying attention to the details.

Between being a great Executive and running a Franchise, these are the 8 skills that are present in both and are essential to being successful.

1. Know How to Run a Complex Business

Being in the Executive position of any business, regardless of its size, comes with immense complexities and many moving parts. Successful Franchisees, like Executives, appreciate that every part needs to be efficient and work well in order for the whole business to prosper.

From running a small shop to directing a national corporation, the challenges for Executives are complex and multi-dimensional. From managing suppliers and employees to driving marketing strategies to spread the word, as an Executive, you have to be on top of all parts of the business and not lose track. Having the skills to multitask while clearly envisioning the links between the departments, is essential to managing a successful Franchise.

2. Be a Great Team Leader

All Executives are team members who have consistently demonstrated exceptional stakeholder management skills. Today, they can lead and manage any team they need to, a skill that is extremely important in running a successful Franchise.

It is not uncommon or surprising to see Executives move from one industry to another and more often than not, they move on to run their own businesses or Franchise. One of the key components that makes them successful as Franchisees is exactly their skill to manage teams of any size and capability and be able to bring out the best in them every time.

3. Have Strong Financial Acumen

Top Tier Executives are frequently presented with ambitious targets that have a dollar value next to them. They are in that position because they possess financial acumen and a deep understanding of how value is measured in businesses; this is no different in the world of Franchises.

Financial acumen is as much about being able to read financial records, as much as it is to know what to do with them. Executives are creative individuals who are not afraid to see numbers and challenge them or use them as an opportunity to improve a business. In a Franchise, financial acumen is the skill leaders use to both assess the health of their business and drive growth, especially when in a competitive market.

4. Know How to Hire the Right Talent

Good Executives do not have to be extremely sociable, but they are definitely good at assessing people. Because of their ability to identify talent and the right personality, they are able to surround themselves with a winning team that will lead them to success.

The most successful Franchises have a carefully curated team of individuals who are responsible for key decisions. For Executives who decide to start their own Franchise business, this will be easy since they already have experience in identifying and hiring the best people for each role they require.

5. Maintain a Strong Work Ethic

Executive roles are not suited for all people, they require a strong work ethic and demonstration of high quality of work at all times. Executives are individuals who believe and demonstrate that showing up at your best every time, is a sign of dedication and loyalty to the work you do.

In order to be successful as a Franchisee, you have to couple your ambition with a strong work ethic. Showing up on time, being always prepared, and paying attention to the needs of your team, are all signs of a great leader who will lead a successful Franchise.

6. Be Ready to Work Hard

When we hear about Executive positions and salaries, we immediately might think of glamor and luxury, but this is not the case. Being an Executive requires resilience to keep up with hard work, long hours, and a lot of responsibility.

Running your own Franchise, just like any other business, will not always be easy. Franchisees will often be faced with challenges, tight deadlines, and unexpected events that will make their work hard. Similar to Executives, only the successful Franchisees are able to tackle the pressure, take on the challenges, and push through to see their business prosper, no matter how hard the work seems to be.

7. See the Big Picture

A big part of an Executive’s role is to align with the organization’s owners or stakeholders. To do this, Executives have to demonstrate the ability to clearly share the vision and strategy of the business and maintain a focus on the big picture.

A Franchise, even though it is independently run, it is still part of a bigger vision and brand which needs to always be aligned. By having the Executive experience, Franchisees can easily communicate how their own plans are, not only aligned with the brand’s vision but will support it and grow it even further in the market.

8. But Also Pay Attention to the Details

If the big picture is the captain of the boat, then attention to detail is the boat, the crew, and all their supplies. Good Executives know that, in order to meet their goals, they need to ensure their teams and operations are always improved and perfected and they do this by paying attention to the details.

Both successful Executives and Franchisees know how to read into the details of their business in order to find new opportunities for improvement and growth. They are meticulous when it comes to having their facts right before making decisions or making changes to the business because they know that details have the potential of becoming the beginning of a success story.

Most Executives working in others’ businesses are aware of their own capabilities and ambition, otherwise, they would not have been able to have such positions at all. For that reason, being in this role is only the last stepping stone in their preparation for starting their own business or Franchise and enjoying the rewards of their career and personal development journey.