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Franchise Power TipsMonitor, Refine, and Reward Goals

 

Happy New Year

We all know that 2008 will be a challenging year. Yahoo recently said it will be facing “headwinds” in 2008. Franchisors will be competing for their customers’ dwindling discretionary income. To help you better face your “headwinds,” I hope that the goal setting tips I have shared in previous emails are being implemented. If so, you have defined your goal setting language, (worksheet), conducted a goal setting meeting (meeting planner), and communicated your goals. This email concludes the Goal Setting series by focusing on tips to Monitor, Refine, and Reward Goals.

Now the hard work begins.

Establish a process to monitor

Most franchisors today are connected electronically with their franchisees. The depth of available information from your franchisees and office staff varies with each franchise system. However, successful franchise systems exchange information on a daily, weekly, and monthly basis. As results are collected, it becomes easier to monitor progress toward yearly goals. Many successful franchises use the following methods of monitoring their goals:

  • Maintain financial software that gathers and reports important franchisee data automatically
  • Require franchisees to share critical information via email, fax to corporate office, or by way of the franchise system Intranet
  • Monthly meetings are held to review certain milestones which reflect progress toward successful goal achievement (use the Meeting Planner to assist consistent meeting practices).

Remain Flexible and Refine Goals

In this volatile economic environment it is essential to remain open to refining and adjusting goals.

New information arrives everyday that may require an adjustment to a financial measurements or the consideration of a new procedure which would more aggressively impact customer service targets for example. To help you refine your goals:

  • Communicate with your team (franchise board, staff, employees) to keep your pulse on the business and have the ability to refine the goals when necessary.
  • Listen to what your team is experiencing and suggesting. They are your frontline eyes and ears to new trends and changes in customer patterns. (for example: more and more restaurant franchises are offering online ordering capability)
  • Refine the Strategies and Measurements, not the goal itself, but how to achieve it and target (for example, dollars of profit, % increase in sales)

Reward Goals

Rewarding positive behavior has proven effective ever since Dr. Pavlov’s dog showed us how it works. Rewards can be informal or formal.

Informal rewards make more of a positive impact with employees and are cost effective. According to the "People, Performance and Pay" study by Houston, Texas-based American Productivity Center and the American Compensatory Association, it generally takes five to eight percent of an employee's salary to change behavior if the reward is cash and approximately four percent of the employee's salary if the reward is non-cash.

Informal Rewards:

  • Recognize achievement in front of peers at a monthly/yearly meeting or on the franchise Intranet
  • Write personal notes to those with significant accomplishments
  • Hold a morale-building meeting to celebrate success in a special venue

Formal Rewards:

  • A monetary bonus
  • A choice of reward from a pre-determined catalog or online vendor such as Amazon.com
  • A yearly plaque to the best performing franchisee

I hope you have found this series on Goal Setting helpful.

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