Success Requires More Than Operational Knowledge and Capital
Driving value in business is dependent on a variety of factors. Previously, we identified four key areas for building tangible and perceived value in a franchise operations:
All of these are critical but without strong leadership and operations, the ability to receive lending and build relationships will be impacted.
Leadership in today's organizations is drastically different than in prior generations. No longer can we rely on how it's been done to keep us moving forward into the future. Rather, there needs to be focused intentionality in areas where franchisees have never really had to pay much attention. Here are three areas in which leadership is changing and how you can set your franchise locations up for success.
With more than 10,000 Baby Boomers retiring every day and the Millennial generation bringing record numbers to the workforce, businesses are seeing up to four and five generations working alongside one another. This creates complexities ranging from differences in leadership style and preferences, to cultural stereotypes and differing perceptions.
To ensure you are successful in managing multiple generations, you have to lead by example. Embrace that each generation brings certain talents and expertise to your franchise operation. Understand that differences are normal and consider some learning and development programs that focus on creating flexibility in communications styles - as the most flexible person controls the room. Do not focus on the differences, but embrace them as a positive to your organization.
Recruiting and Retention
The staggering pace of new generations coming into the workplace creates new and different recruiting and retention challenges. One of the key challenges for today's leaders is focusing on people, and specifically, employee engagement. In fact, employee engagement strategy development has become one of the fastest growing changes in people management across all industries.
This means understanding employee motivation and expectation. As outlined above with generational management, there is an additional layer here to consider in that each generation has differing levels of motivation. Success of your franchise means that leadership needs to be focused on more than just hiring for today, but also for tomorrow.
Successor Identification and Development
The growth and success of your franchise is dependent on your ability to be involved and present. However, it is impossible for you to be in multiple locations, leading multiple initiatives, and continuing to be strategic about your growth plan (both for the franchise, and personally). Being a leader today means that you need to trust in others to lead, so you can continue to grow your business.
Identifying rising stars and stars to lead for you is the key. As the business owner, your job is to ensure the profitability and productivity of your franchise locations. That means you may not have the opportunity to be as present in your locations as you wish to be. Analyze your current team and consider if any of them have manager potential, for a current location, groups of locations, or an entire brand. Offer your people a growth path, which ultimately provides them a reason to stay long-term.
Leadership today is one of the most important attributes to the success of your franchise. It takes more than the operational knowledge and capital to run the business. It takes understanding people and how to develop your team to work more effectively and productively. Even more, it means developing skills and strategies so that you have a workforce that wants to work with and for you for the long-term.
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