The following is a two section excerpt from Chapter 5 of my new book 5 Pennies of Profit: 10 Road Rules of Becoming a Franchise Mega-Brand! due to be published this Winter.
To frame exactly what a best practice is – one of them that we as consumers use in our everyday lives are “business hours”.
At some point in business history, a merchant, probably at the urging of his customers, posted his business hours on the front door or window of his shop to inform everyone when he was open for business.
No doubt another business owner saw that sign and thinking what a clever idea it was, took it one step further by putting up a sign that said “open” in addition to his business hours. Before you know it, every business had an open sign and posted their business hours.
Today we take those two best practices for granted, but at one time in business history they were an “aha” moment. The same goes for making a motel reservation, point of sale systems, the Big Mac, and more recently fast food dollar value menus.
All of these examples were ideas at one time - and are now required business practices in franchise systems.
Creating a Best Practices Clock
One of the reasons business format franchising has catapulted to the success levels of today is because of the capturing, systematization, and sharing of best practices throughout an entire franchise system.
Franchise Mega-Brands instill a culture of continuous improvement with their franchisees and manage it by creating best practices programs and communication channels for sharing them.
In short – “they process the creation of process”.
In the book Built to Last, Jim Collins discusses the concept of clock building - which is about building a company than can tick along on its own momentum.
Having formal programs that plant, grow and cultivate best practices within a franchise system creates a clock of continuous brand improvement and dispels stagnation from setting in.
No doubt another business owner saw that sign and thinking what a clever idea it was, took it one step further by putting up a sign that said “open” in addition to his business hours. Before you know it, every business had an open sign and posted their business hours.
Today we take those two best practices for granted, but at one time in business history they were an “aha” moment. The same goes for making a motel reservation, point of sale systems, the Big Mac, and more recently fast food dollar value menus.
All of these examples were ideas at one time - and are now required business practices in franchise systems.
Creating a Best Practices Clock
One of the reasons business format franchising has catapulted to the success levels of today is because of the capturing, systematization, and sharing of best practices throughout an entire franchise system.
Franchise Mega-Brands instill a culture of continuous improvement with their franchisees and manage it by creating best practices programs and communication channels for sharing them.
In short – “they process the creation of process”.
In the book Built to Last, Jim Collins discusses the concept of clock building - which is about building a company than can tick along on its own momentum.
Having formal programs that plant, grow and cultivate best practices within a franchise system creates a clock of continuous brand improvement and dispels stagnation from setting in.
Till next time... Be Bullish on Profits!
So what does your franchise system do to promote best practices? Email me your tips for a chance to be included in upcoming articles.
Helping franchise brands, entrepreneurs, and small business owners grow and achieve! How can I help you and your business grow? Contact me today for a free consultation!
So what does your franchise system do to promote best practices? Email me your tips for a chance to be included in upcoming articles.
Helping franchise brands, entrepreneurs, and small business owners grow and achieve! How can I help you and your business grow? Contact me today for a free consultation!
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