Regardless of what type of year your franchise had in 2016, there is always room for improvement in the new year. Whether your exceeded your sales goals, or just missed the mark, there is only one direction to go: up. Keep moving forward and ensure that your franchise is successful. Here are a few tips that are sure to make 2017 your most profitable year, yet!
Set Your Income Goals for the Year
You should never start your day, week, month, or year without a clear idea as to what you want to achieve within that time frame. Implementing strategies without setting any specific goals for your business within the year is like driving at night with your headlights out. You’ll find yourself lost and most likely in a ditch somewhere. Before deciding on projects and setting plans in stone, sit down and decide on your exact income goal for the year. Keep in mind, this goal should be attainable and realistic, especially if your business is a start-up. After you’ve decided on a number for both revenue and profit, create an action plan to help guide you toward reaching those numbers or even surpassing them. For tips on creating an action plan, read this article.
Boost Franchise Sales By Helping Customers Spend More Easily
Many businesses turn to discounts when numbers are down. They often forget that there are easy, no cost fixes when it comes to influencing customers to spend on their products. This year, rather than conditioning your customers to rely on sales, concentrate more on why and where people are willing to spend the money. In other words, make it easy and convenient for them to spend. For example, if customers have to wait in a long line to check out with only a few items in their hands, odds are they’d rather walk out than wait in line. On busy days, put two people on the cash registers. Another easy fix includes accepting all types of credit cards. Many companies only take VISA and MasterCard. Consider adding Amex and Discover to your accepted forms of payments list. Making it easy for them to spend means making it easy for you to make more money.
Be a Little Selfish
By selfish, we don’t mean arrogant. In business, it’s important to look out for what you have built. First of all, some of the most successful businesses are built on the virtue and moral of the entrepreneur. Staying true to your values is key. For example, you have created your business on the values of leadership and integrity – it’s okay to demand the same of your employees. If those expectations aren’t met, end the relationship. These people will only limit your ability to grow. Also having pride in your business can often come across as “selfish” and that’s okay. Being proud of the business you own means that you will do whatever it takes to keep it afloat. Sometimes this comes with tough decision-making. You have to be willing to think of yourself and the future of your company more so than the feelings of your employees or those you encounter during business-to-business engagements. Selfishness can truly be a virtue in the business world.