Ensuring You Have The Leaders To Grow
Individuals with an entrepreneurial bent are inherently drawn to franchising. Multi-unit franchise owners benefit from the backing of brand names and support systems. However, multi-unit franchisees are on their own for developing growth and succession strategies.
Aicha Bascaro, Founder & CEO of the American Franchise Academy, shares insight from operational expertise on building your infrastructure for growth. She says it’s essential to develop a leadership development system to grow; the one thing that can hold you back is the lack of leadership ready to take over the new units. To ensure that you have the leaders to grow, here are the steps Bascaro shares to follow:
1. Identify untapped internal potential – Too many times, franchisees and business owners ignore the people inside their business when looking for leaders. Instead, they spend time and money recruiting leaders unfamiliar with their business and who have not bought into their culture. Promoting and developing from within has a higher level of success than bringing in someone from outside the organization.
2. Create a leadership development program – Create a development curriculum based upon the Knowledge, Skills, and Attitudes essential for growing into leadership roles within your organization. A structure for development is necessary to create an organizational standard, giving you control over the quality and execution of the training. You can develop programs internally and incorporate programs and resources from places such as Franchising.com, the Multi-Unit Franchising Conference, the American Franchise Academy, or the International Franchise Association.
3. Track the people in the program – As your people are going through the program, follow-up closely on the progress. This way, you can see first-hand the leaders thriving and outperforming the group. Keeping track of each of them not only tells them how much you care, but their commitment to excellence will increase to the level that you are committed to them.
4. Promote the ready ones – You can build your leadership bench by developing a structured development program and monitoring progress. Recognize milestones and acknowledge those who have fulfilled and exceeded expectations. Promote those who can take it to the next level and increase your odds of success.
By focusing on leadership development you are in a power position for growth, whether through consecutive successful openings or acquisitions. Also, the more you do, the easier and better they will become.
Leadership bench strength is essential for successfully scaling your business from today to where you want to be tomorrow. Many don’t consider “succession planning” part of the growth discussion; however, those multi-unit franchisee owners who have engaged in succession planning are already implementing their growth strategies. They have identified and developed the resources, infrastructure, vision, and process to get them to where they want to go. Whether you are looking to grow now or in the future, leadership development is critical.
We thank Aicha Bascaro for her insight into the importance of developing people as an essential strategy for growth. Another excellent opportunity for growing your business is attending the upcoming Multi-Unit Franchising Conference at the end of March. Stop by our booth #342 to discuss strategies for achieving your vision. Our next article will share Bascaro’s strategies for building growth systems in your multi-unit franchise operations.
Kendall Rawls knows and understands the challenges that impact the success of an entrepreneurial-owned business. Her unique perspective comes not only from her educational background but, more importantly, from her experience as a second-generation family member employee of The Rawls Group - Business Succession Planners. For more information, visit www.rawlsgroup.com or email firstname.lastname@example.org
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