Before I became a franchisee my list of “must have’s” included the latest brand of Kardashian handbag, Nine West shoes or Wayne Cooper outfits. My franchisee journey changed this perspective. I was so excited when I began nothing was going to get in my way. I was going to be a business owner! I knew I could do it, be in charge of my business and team, work the hours that suited me and still have an income whilst not […]
Key Performance Indicators are the drivers for your business. There are a lot of similarities between a business journey and a road trip. Every business needs a map, which we call a business plan, directions, which we call the budget, and an idea of your current location, which we call Key Performance Indicators. Key Performance Indicators, or KPIs, essentially become the GPS of your business.
Do you struggle with your team’s productivity? One of the most common complaints I get from my clients is “My team just does not do what it is supposed to do!” I used to own a hospitality/retail business, a franchise actually, and I never had a moment to myself. I was always at the store making sure everyone did what they were supposed to do. Is this something you have said? It certainly is frustrating when things go wrong constantly […]
When you own a business it’s all too easy to be caught up in the day-to-day running of the business. You find yourself working in the business, not on the business. It is tempting to stay in the comfort zone of the day-to-day rather than face the reality of the business by researching your reports. But the only way you can truly know how your business is going is by checking your back-of-house reports to find your Key Performance Indicators. […]
Being in business means that you are always budgeting. This includes forecasting your sales and identifying your Key Performance Indicators (KPIs) so that you can start to prepare the budget. Good news though: once you have your budget, you have targets for your team to meet so it is worth the pain. But, boy, oh boy – where do you start? Here is a three-step method to predicting your sales.
Way back when I started in business, I figured that if I was taking in money and only spending the money I had then I was in a profit situation, right? After all, my accountant seemed happy. Then accounting software took the world by storm and bookkeeping got easier. At about that time I started working with McDonalds franchisees. Wow, these guys were really smart! They knew how to read a Profit & Loss (P&L) report; they drilled down into […]
Increasing your Average Transaction Value (ATV) is the quickest and easiest way for you to increase your turnover. Boost your bottom line by increasing each customer’s spend with each purchase. If upselling is done correctly, it can be seen as a way to surprise and delight your customer. It can be seen as offering excellent customer service. But are your staff capable of upselling? Are they scared to upsell? Confused on what to upsell? Or, simply not trained to upsell? […]
I meet with a lot of franchisees. Some happily married to their franchisor and some who are disgruntled divorcees. It makes me wonder… “What makes the perfect franchise marriage?” Franchisees buy into a franchise system, a system that is proven. A system that has support mechanisms built into it to help them along the way. So why is it that some people earn a respectable living and some don’t? Why is it that some franchisees feel they need to […]
Before the global financial crisis, getting a loan was pretty easy. There was some documentation, but really all you had to do was give your accountant-prepared financials to the bank and the loan was approved. As I said, that was before the GFC. Sometime in mid-2009, I found myself requiring an overdraft, so off to the bank I went to ask for a loan. And that was when the fun started. There were all these questions to answer and profitability […]
The first thing that my franchisor asked me for was a budget and I hadn’t even signed the franchise agreement yet. Budgeting is one of the hardest things you will be required to do, yet once you have done your first budget, it is very easy to update this budget every year, year after year. As always the hardest step is the first step, in my experience I have also learned to KISS it – “keep it simple sweetheart”. 1. […]