Following up on something I talked about in my most recent exponential growth tip regarding knowing your most important KPIs and knowing how to impact them. Let’s dig a bit deeper and also talk about the frequency of monitoring franchisee KPIs and the Keeping It Simple Stupid rule (classic KISS rule :)!
Franchisees have a LOT going on in their business. They joined a franchise so they could get business support to grow faster and with less time in trial and error mode. So let’s give them the support they deserve, and keep it simple for them! Help them understand the importance of monitoring those three most important KPIs I’m not saying to ignore all the other KPI’s. Sure, if they are business-savvy and really understand their numbers, great, let’s look at all of the KPIs, but if not, this really helps franchisees who come without business experience to start to focus on what’s actually making their money!
So… I talked last time about the importance of knowing what are the most important KPIs driving your business. And that it’s one thing to know them, but it’s another thing to know how to impact them. I highly recommend as operations support that we look at our franchisees’ KPIs at least once a week. Make it possible to easily pull up their KPIs at the local level for the franchisee. Part of the equation is knowing which are most important, and the other part is clarifying with franchisees how to improve them!!
We need to make sure our franchisees are not overwhelmed. Keep it simple – we need to make sure they know they can improve their profitability by having clarity on these KPIs, and if they’re overwhelmed with that, you can even dial it back to one KPI, and for example, say, “For the next month, we’re going to really focus on this KPI…”
So, my exponential growth tip for today is:
Ensure your franchisees KNOW the top three KPIs, HOW to improve them, and they do this consistently (at least once a week!).
If you’d like more tips on how to help your franchisees with profitability, I’m here for you! I would love to hear from you, and in the meantime, go be awesome.