It is no secret that high-impact franchisee engagement is essential to a franchisor’s success. Franchisors who take the time to set clear expectations and goals for their franchisees are likely to see better results than those who do not. In part two of this series, we will cover some tips for creating an effective engagement program using effective expectation and goal setting.
Ingredient #2: Expectation and Goal Setting
Setting expectations and goals is an important part of the engagement process. Franchisees need to be aware of what is expected of them, as well as what they can expect in terms of support from the franchisor. In order for goals to be effective, they need to be achievable and actionable. Strategic KPIs can be used to help create goal-oriented franchisees who are focused on growth and profitability. However, it's important to note that these KPIs should only be relevant to the franchisee's business and not the franchisor's overall business goals. This helps keep the focus on what is important for each individual business, rather than having a one-size-fits-all approach to goal setting.
The goal-setting process should be an ongoing one, with both the franchisor and franchisees revisiting goals on a regular basis. This allows for course corrections to be made as needed and ensures that everyone is always working towards the same goal. Creating a well-engaged franchisee base is key to the success of any franchising system. By setting expectations and goals appropriately, franchisors can help ensure that their franchisees are invested in the success of their businesses.
When creating goals, it's important to make sure they are achievable and actionable. This means that they need to be realistic and specific enough that they can be accomplished with a defined set of actions. The Franchisee Operational Scorecard is an innovative new way to measure and evaluate your business. It takes the dashboard one step closer towards sophistication, balancing important indicators with franchise-specific ones that help you succeed as a company or return on investment for investors in this rapidly evolving market! Franchisees are now able to track performance across all channels and have access to data that matters most to them - taking the guesswork out of marketing efforts. This creates more engaged franchisees who are working together with the franchisor instead of just being monitored by it!
Technology can play a big role in helping franchisors to better measure the success of their open franchisee units. There are a number of ways that technology can help franchisors to track KPIs, including:
- Tracking sales data and comparing it to the goals set for the franchisee unit
- Tracking customer satisfaction ratings and comparing them to the goals set for the franchisee unit
- Tracking employee satisfaction ratings and comparing them to the goals set for the franchisee unit
- Tracking social media engagement and comparing it to the goals set for the franchisee unit
By tracking KPIs this way, franchisors can get a better understanding of how well their franchisees are performing and make changes as needed to improve the success of the unit. This is a valuable tool for helping to ensure that all franchisees are meeting the standards set by the franchisor and that the brand is being properly represented. It also allows franchisors to identify which franchisees might need more support in order to be more successful. In short, using technology to track KPIs can help franchisors to build a more successful franchise system and ultimately streamline their monitoring.
For more operations-based content for the franchising Chief Operating Officer, check out our all-inclusive Executive’s Guide to Franchising Tech in 2022.