Back in 1973 Harvard University did a study on all of the students for that year, only 3% of the attending students had written down their goals. 25 years later in 1998, that same 3% had acquired over 98% of the wealth!

This is not about putting together a detailed ‘business plan’. This is about having a plan you can execute, and monitor your progress on a regular basis. Depending on your business you may want to review and correct daily, weekly or monthly.

Generally, we have been trained in life to look back and then make an assessment, your accountant is a classic example, they are dealing with historical numbers, and at the end of the year will tell you how much profit you made… or… how much you lost! And by that time it is too late to do anything about it. This is why it is vital that you as a business owner understand the ‘mechanics’ of business so you can be the ‘pit crew’ during the race. As a ‘pit crew’ for your business you will know the result before you’re told at the end of the race.

I have personally worked with hundreds of different businesses and can honestly say, the most successful have been those that have been disciplined and created their plan, and also had the consistency and focus to execute it too. After all, a plan will fail if it is executed poorly.

So why is it that so many people fail to plan?

Well, in some cases, it’s just plain laziness, but in a lot of circumstances people don’t know where to start. So what is the best way to go about getting a plan together?

1.   You need to know where you’re going.
If you’re not clear on your vision then you’re never going to arrive, it doesn’t matter how good your plans are… imagine you’re driving to a restaurant, and you didn’t know the name of it, what street it was on, or even what suburb it is in… are you likely to get there?

2.   Break it down.
Goals by nature are high achievements in life, and sometimes it can seem too hard to reach them, we lose motivation and give up! Break your goals into “milestones” so you
can celebrate your wins along the way.

3.    Write it down and make it visual.
By writing your goals down you will be much clearer on where you are heading. Look at it every day, stick it on your fridge, or your computer, it can be a picture, the words, whatever will motivate you to keep striving to achieve your goal.

4.   Tell someone about it.
Telling someone about your goals will create accountability making sure you follow through. If you need someone to help you stay on track and keep focused you my well benefit by using a business coach.

5.   Check your progress and celebrate your wins.
Review your goals on a regular basis and celebrate reaching your milestones. Tracking your progress will keep you motivated!

As for making this all happen, you will need to set aside some time to get clear on your goals and create a plan, once you have your goals worked out you need to ‘reverse engineer’ them starting with the end in mind then working back to the start date.Once you do this you will end up with a daily or weekly set of tasks you need to complete to achieve your goal by the set date. Finally, make sure your goals are S.M.A.R.T.A tested. Specific, Measurable, Achievable, Realistic & Results orientated and Time Framed, and you are ready to take ACTION to make them happen.

This is a repost from Tania Allen’s Vision Alliance Site.

Reality is, the response rate to ‘direct response’ marketing is lower than any of us would care to know. We are optimistic by nature, and when we place an ad, do a flyer drop or run a radio campaign we spend the week leading up to the campaign working out how we are going to handle all the extra business it will create, only to be disappointed when the phone only rings two or three times.

So should you even bother spending your money on marketing? The short answer is a resounding YES  The key is to understand how to make it work for your business.

Have a think about the last time you got so excited about an ad, flyer or radio/TV commercial that you dropped everything in a mad panic to get to the phone and buy whatever it was they were advertising. However, I am sure you could sing a jingle or two of your favorite brands.

Now, I’m not saying that direct marketing doesn’t work, what I am saying is it rarely works as well as we expect. For this reason, it is a trap for any business and to maximize your return on investment there are some important factors to consider before launching any campaign.

There are two very different types of advertising, Brand Building and Direct Response. I’ll kick off by saying that ‘Direct Response’ marketing needs to make you enough profit from the campaign to pay for itself, and also add some profit to your bottom line to be considered a ‘success’. This type of ad is ‘salesmanship in print’ and needs to compel the reader to take action NOW. Don’t expect a high response rate unless you are willing to offer a deal too good to miss. I am sure you’ll remember the classic “but wait, there’s more” ad campaigns, offering a set of steak knives, along with money back guarantees and 2 for 1 deals. Your offer has to invite your market to act NOW

Now let’s take a look at the latter, Brand Building. Brand building is all about ‘Trust’ and ‘Credibility’. You will always feel comfortable buying from someone that you trust and has credibility, no matter how good a deal is, if you do not ‘trust’ the seller then you won’t buy. Marketing guru Seth Godin says it’s about being a “purple cow”. It’s about being the one purple cow in a paddock of brown cows. Also known as your USP (Unique Selling Proposition). If you are not different from your competitors then you’re destined to compete only on price.

Having a strong brand can make the phone ring, can make customers walk into your store, can create loyal customers and can get people to buy from you. Many of the ‘big’ players have proven this time and time again. So how do you go about building your brand?

Make  it unique
You need to be truly unique to position your brand for success. ‘Satisfaction guaranteed’ and ‘friendly service’ are far from unique, and if that’s all you can come up with to clearly define your difference then you’re wasting your time.

Support a cause
Sometimes building your brand can be as simple as supporting a cause, the rock band Midnight Oil did it, as did the ‘Body Shop’ with their policy of ‘no animal testing’ and their ‘save the whales with Greenpeace’ campaign. Studies have shown that people will switch to your brand if you support a good cause.

Create a ‘WOW’ factor
Remember the last really good movie you watched, how many people did you tell about it? Make your business an ‘experience’ your customers will rave about.

Have a clear vision
Your vision needs to enroll and inspire you, your team and your customers. Get everyone excited about your brand.

“The franchising world is fast-paced, dynamic and full of incredible opportunities but there’s a lot of choice out there so you really need to do your homework and search for the right business fit,” Crowe said.

Crowe’s top 10 tips to help find the right franchise:

1.    PEOPLE – are everything. Finding the right people to join the Grill’d family is the most important part of the business. We agree that the customer is king but you need the right people on board to treat the customer like a king. Potential franchisees must be a perfect cultural fit and share the same passion.
2.    BE PREPARED – to go through a rigorous interview process. Maintaining the Grill’d point of difference is paramount.
3.    GET SERIOUS – Going into the franchising industry is not a decision to be made lightly. The set up costs are substantial and you have to be confident that it’s the career for you.
4.    RESEARCH – Do your homework and read up on the company you want to buy into. Fees will vary greatly from business to business but you need to be aware of what you could be up against.
5.    CONFIDENCE – Have confidence. You need to have confidence in the business model as well as the people leading and managing the growth and direction of the business.
6.    ADVICE – Seek out and follow the advice of people already in the business. Make sure you talk to existing franchise owners in the business.
7.    BRAND – Verify values and culture of the business you are looking into. Visit a number of the franchise outlets and take notes about the things you like and don’t like about them. It’s important you believe in the brand.
8.    PATIENCE – Wait for the right opportunity and don’t jump into anything that doesn’t feel 100 percent right. This includes waiting for the right property, partner and business.
9.    ASK QUESTIONS- Is the business profitable? Ensure you speak to existing franchisees in the business you are looking to buy into because it’s important to hear about their personal experiences/challenges firsthand.
10.    LOOK FOR GROWTH – Is the franchise in a growth area? Identify the life cycle of the franchise and look for proven results.

This is a repost from the Vision Alliance Blog

Its very important to start the year off knowing exactly where you finished last year and exactly where you want to be by the end of the year . Without knowing this number if will be almost near impossible to deliberately set your course of action on a weekly, monthly, and quarterly basis.

When we speak of goals we at Vision Alliance speak holistically, so that you include your business and your life. There are six areas in your life for which you must define goals:

Most people don’t achieve the goals they set not because they lack motivation, but because they don’t know how to define attainable goals and keep working consistently to get there. As every successful business coach will tell you, that’s the difference between successful people and the ones who must struggle to survive. Successful people know how to define and attain goals. Surround yourself with successful people and you will see the patterns unfold before you. I am forever remind people that over the past two decades of helping businesses grow, I have found there are two types of people in this world. Those who are committed and those who are just interested. Which one are you? If you haven’d heard me speak of this let me expand on this a little. Those who are interestedwill do what is convenient to them. Those who are committed will do what ever it takes to achieve their outcomes. So are you interested in success in 2011. or are you truly committed?

Goals setting starts with setting SMART –A Goals. Im sure you have heard of SMART goals but how many of you have heard of a SMARTA goal. A SmartA goal is one that is:

• Specific
• Measureable
• Achievable
• Realistic
• Time Bound and Actionable

That’s right it’s absolutely no use setting SMART goals if you don’t take the necessary ACTION to get you closer to where you want to be.

It’s always a good idea to start off small. Remember you eat an elephant the same way – in bite size chunks so don’t start with increasing revenues by 200% when you haven’t yet reached a 25% increase. Once you get to 25% start reaching for 50% and then 100%. Most of us think we have to increase our results by 100% overnight. You can no more double your revenue this year by simply saying you’re going to work harder and sell more than you can lose 10 kilos in a week or two by saying you’re going to eat less and exercise more.

You need a plan and you need to follow that plan daily. By focusing on the small bite size chunks and on improving just 1% every day,  you will dramatically increase your overall results over the course of one year.

As a friend of mine always says, nothing changes if nothing changes. Keep doing the same things you did last year and you will be guaranteed to produce similar results. Do something different, take consistent action, test and measure your results, make changes when and where necessary and you will be guaranteed to close the gap between where you are and where you want to be in a shorter period of time.

Here are the six requisites one of my mentors taught me that every successful person meets to attain his or her goals:

    Know Your Why I added this one in here as it’s so important. Without knowing your why it will be more difficult to align yourself with your overall vision, values and product and or servic offering. Start speaking a different language by communicating Why you do what you do rather than What you do.  You will be amazed how quickly you can affect change in your business.

    Dream big

    Think out of the box and establish ambitious goals. Do not set goals thinking that there is a limit to what you can achieve. The only limit is yourself and the past conditioning you allow to stop you from getting what you want.

    Write down detailed goals

    Successful people know that writing down their goals initiates the process. This is why you have to be specific, because what you write down is what will begin to happen. Your achievements will be as accurate as what you wrote, because you are appealing to the universal laws and are setting your mind to work as focused as possible. So don’t write down that you want a new car; explain that you want a new full extras, silver BMW, with black leather seats, a full warranty and full service for life.

    Your goals must be in harmony with your values

    You will attain your goals easily if you are working on something you value, because it means you are aligned with your purpose in life, your WHY. First, define your WHY, then define your values and thirdly, base your goals on and around them.

    Your goals must include two things:

    a. A specific plan to attain each

    b. The correct beliefs and mindset

    Without these, you will never attain your goals, thus, clarify your beliefs and think about what actions will lead you to attaining your dreams.

    Check your goals daily

    Before you get out of bed, before you eat your breakfast, review your list of goals. Visualize your life having attained them: how does it feel? It’s always a good idea to review your goals also before going to bed at night. What you are doing is programming your brain to work on your goals subconsciously, and to expect them to become a reality.

    Never lose hope- remember everything is possible if you put your mind to it and then take action.

    You never lose, even if you don’t get what you wanted. In case your dream doesn’t become a reality, remember that you still have what you learned in the process. Experience is crucial to advancing in life. As long as you focus on what you want, you will find the way to get there, in spite of the challenges or setbacks you may encounter along the way.

You’ve got to speak to the boss – your better-half, your soul-mate and life partner.

Even if they’re not going to be part of the everyday running of the franchise side of things, their life is undoubtedly going to be affected by whatever decision is made in terms of purchasing a franchise. Many of the most successful franchisees in the market are husband and wife teams, but if you’re one of those couples that enjoy your independence and couldn’t stomach 24 hour contact, still get their buy-in. It is a fact of life that agreements do not last forever. In some cases, a franchise agreement might outlast a personal relationship, including a marriage. The last thing you want is for one to contribute to the other breaking down. So, make sure you have your partner’s support.

The second expert to consult is probably just as important as the first, if not more. Many who have been in business a while, or even for a short-while, may say that your first port of call for help when thinking of starting out in small business ought to be a shrink. And, frankly, they are not far wrong. A psychiatric doctor is probably not necessary, but seeing a GP is definitely a very good idea.

You need to make sure you are fit for the hard work and pressure of starting your own business.

Are you really in as good shape as you think? When was the last time you checked? Find out if you will be able to cope with the stress of running a business. Find out if you will be able to cope without four weeks of guaranteed paid annual leave and sick days.

You have to be ready to understand that the buck will stop with you. No-one else will carry the can for you. You may have employees and maybe even managers to help you, which is great, but even if you do, you might find it is still very difficult to stay away from the front line of the business.

There are many stresses – emotional, physical, without even mentioning financial – that your body will be put under in a new working environment; especially when you’re running the show.

With the all clear you’re now in a position to consult with the best from the business side of things.

Expert advice

If you are in a position to be thinking about purchasing a franchise then you’ve most likely spoken with a bank or some form of finance agent. You need to do as much research in this area as you can before you make a formal pitch for finance. Lenders may well be able to give you some very useful advice, but you need to inspire their confidence in order to get the best help they can offer you in getting your finance approved and putting it to profitable use.

Through the form of a Dunn and Bradstreet company credit report or similar processes of their own, your financial institution will be able to give you a good indication whether or not, financially, the franchise you are looking at is a good investment. This report will complement the disclosure document that the franchisor is obliged to provide you with if you are serious about buying into the brand.

Then, on to your accountant and your lawyer, and just to be clear, you need to speak to professionals that specialise in the franchise sector. Just because you passed Accounting 101 with a distinction at university doesn’t mean you are expert in interpreting the financial forecasts and assumptions in the franchisor’s business plan. There are also other huge considerations including start-up costs, initial expenses to set up your place of business and the upfront and ongoing working capital and other expenses. Speak about all of these considerations with a professional experienced in the franchise sector.

The FCA fields too many phone calls from franchisees who think they might be getting a raw deal on some aspect of their agreement but simply aren’t sure what exactly is in their agreement.

We call this a lack of due diligence. You need to know what the agreement stipulates in terms of the obligations of BOTH parties, franchisor and franchisee. And you need to get professional advice to make sure you accurately understand these obligations. If you don’t, you are flying blind.

It’s a contract

The franchise agreement isn’t a suggestion of how to go about running your franchise, it’s a contract, an enforceable contract. Having a full understanding of everything within its many clauses and sections is essential to getting the best grounding for success in franchising.

Take the disclosure documents and proposed franchise agreements to a good lawyer after you have read them and before you have signed. And make sure it is a good franchising lawyer; not just somebody who has always looked after the family’s affairs.

You’ll find these professionals listed on the FCA website under the member listing. By this stage you will hopefully be well equipped enough to make an educated business decision regarding buying a franchise as an investment. But there is something else you need to do: consult people who are in business in the system you are planning to invest in, and others outside the system in question.

The franchisor will help with the former; the FCA can help with the latter.

It is also highly recommended that you book yourself into one of the FCA’s Eyes Wide Open seminars that are held periodically in your local capital city. These seminars are attended by a franchisor, a franchisee and representatives from state government business development centres and the ACCC.

Making a point to attend one of the franchising expos is also a very positive step. These events are held in Sydney, Perth, Melbourne and Brisbane at least once a year. The expos are a great place to gain more information about the franchising sector and potential franchises or competitors to your chosen franchise.

The ACCC also provides free franchisee pre-entry online education. This is a very good way to learn and test yourself on essential industry knowledge. This facility is provided in concert with Griffith University, one of the most respected teaching and research institutions involved with the franchising sector.

And of course read as much as you can on the web generally.  You are already in the right place by reading this article in this magazine, so well done. Keep at it; it will be well worth your while.

Once you’ve done your due diligence, good luck, enjoy your new business and welcome to the franchise community.

This article was written by Steve Wright  – executive director of Franchise Council of Australia.

Step 1 – Identify the Unique

Think about your business. What is unique about your offering? Some good qualities to start with are robust processes, return on investment, brand awareness or maybe marketing support. The trick is to understand what it is your competitors offer and to differentiate yourself from that. Of course there will be some cross over – but if you can offer multiple benefits, this will all stack up and translate to a unique offering.Vision Alliance adds – be sure you tune into all the real benefits and not just the stand out features that your business offers a potential franchise and also the marketplace.

Step 2 – Proposition your potential franchisees

Now that you have your list, tell everyone about it by printing it on the back of business cards, on company signage, websites, reception counters and directory listings (like FranchiseBusiness.com.au) or memberships (eg. the Franchise Council of Australia). If you have a small budget, you may want to advertise online or in print. The key is to understand where your prospects are looking and the tools they use to find you. This will ensure you spend your marketing dollars where it counts.

Once you have your Unique Selling Proposition, and you have the right presentation packs in place, it’s easy to market your Franchise business opportunity. FranchiseBusiness.com.au has a number of affordable and measurable advertising options for every franchisor.

If you require support in strengthening your core offer, your franchise foundations or your recruitment process, why not call us today on +61 2 8860 9638 and book a Free Consultation or simply click on the link below. We’d be delighted to add value to you.

Step 3 – Selling your competitive advantage

After you’ve identified what you do well and the benefits to prospective franchisees, make a list and consider whether it’s realistic. If you have listed that you have robust processes, ask how this can be easily demonstrated Vision Alliance adds : and also how that will benefit the franchisee as well as the franchisees customer. You want to ensure that if you are promoting this benefit, it’s able to be demonstrated on a consistent daily basis. Aim to list 3-5 points that you can always over-deliver on, and ones that your competitors may not be able to match.

]]> http://franchisetips.com.au/2011/04/29/stand-out-of-the-crowd-to-attract-more-franchisees/feed/ 0 http://franchisetips.com.au/2011/04/29/6-steps-to-achieving-success-with-social-media/ http://franchisetips.com.au/2011/04/29/6-steps-to-achieving-success-with-social-media/#comments Fri, 29 Apr 2011 04:02:05 +0000 admin http://franchisetips.com.au/?p=264 In the last year, social media has become very popular. Everybody is talking about it and almost every online marketer is using it. The experts are getting it however most small business owners either haven’t grasped it, or are just not sure how to get it working effectively for them.

I am about to share with you some of the things I have discovered from my good friend business growth and social media expert and also from observing the activities of many business owners attempting to create success via social media.

1. Be Unique, Create Your Own Following

I see this all the time. Someone takes the time to create a group, sends them great information, and builds a relationship with his followers. Then someone else wants to take advantage of this group that took the owner so much work to put together and starts posting promotional comments about his own company. Needless to say, these comments are always removed and the poster ends up looking like a spammer. If you want to succeed in Social Media, create your own group and post your own content, don’t try to cash on someone else’s efforts.

2. Avoid Self-Promotion

Remember, your prospects are tuned into WIIFM – What’s In It For Me so it’s important to talk about things that will add value to your prospects and not about things that blow your own trumpet. Aim to build a relationship with your fans and followers and you will build longer lasting relationships.

3. First Give, then Ask

Don’t you just hate it when someone sends you an email every other day asking you to do something (check out a website or register to get their free ebook) but they don’t do anything for you? Don’t do what others do, in fact i encourage you to do the exact opposite. If others are self promoting, give more interest about your prospect. If others want leads and are not willing to give leads then go the extra mile to add value and give to your prospects. Share your knowledge, share what you can and it will reward you tenfold and I guarantee that you’ll be noticed.

4. Use Your Real Name

I get about 10 friend requests per day on Facebook and other social networking sites from weird blended names. When surveyed, most said they prefered to ignore requests from identities who did not reveal their name. Success is relationship based. So build a relationship that begins with you

5. Do It Only if You Enjoy It

I love meeting people and networking. I love having conversations with strangers and exchanging ideas. I love the fact I can make a difference to someone just by having a conversation with them. I can guarantee you that it’s not about thinking how I can make money out of the person I am talking to. If you don’t enjoy the process, you are not likely to be successful at it. People can read between lines and they can tell if all you care about is their money.

6. Don’t Annoy Your Followers

Send them a message or a request only if they will be useful to them and don’t do it ten times per week. I immediately unsubscribe from lists that send me more than 3 messages per week. One company just recently sent me an email every day last week. It’s just overkill. Monitor the number of people that unsubscribe from your lists. If that number is too high, revise your strategy.

These are just a few tips that will support your social media strategy. Follow these tips and you’ll have a strong basis in utilising social media for your business!