From Expert To Execution: Franchise Performance Group’s Joe Mathews Talks Goal Setting in the Time of COVID-19

As we prepare for a new quarter in 2021, it’s a good idea to begin looking ahead and start planning for how you’re going to navigate your business. Ask yourself what a successful remainder of the year will look like and what steps you need to take in order to see that success come to fruition.

Joe Mathews, CEO of Franchise Performance Group, a leading franchise consulting and development firm, shares what he feels is most important to keep in mind when planning for the second year in the time of COVID-19.

Set Actionable Goals

Any goal you’re aiming to actually achieve should be broken down into action steps and slated on a calendar. If it’s not clearly written out, it won’t happen.

Furthermore, the goals you’re setting should be as specific as possible. It’s much simpler to be motivated to hit goals that are easy to visualize and easy to understand. Instead of speaking broadly and aiming to “achieve higher sales,” set benchmarks and measurables that you can hold yourself accountable to.

Now that there is light at the end of the COVID-19 tunnel, many franchisors are eager to make up for lost time. But now more than ever, it’s important to set both realistic expectations and expand goals — with the full understanding that the economic fallout from the pandemic will likely continue to take shape for months and maybe even years.

Remember to refrain from reaching beyond what’s realistic — that will only create resistance around what you set out to do — and set very clear goals for yourself and your business.

Prioritize Operations and Development

From an operational standpoint, what’s most important now is to focus on protecting your base. If you’re experiencing a dip in interest from prospective franchisees, take this extra time to identify gaps in the system, work to improve them and relay to your franchisees how they should expect to execute them. In terms of marketing, list all of the things you can do and break them down into what you want to do. Build a calendar of campaigns and share it with franchisees. This helps them to focus on actionable items that will support their own goals and those of the brand more broadly.

In terms of development, look for creative ways to incentivize existing franchisees to expand, and find new and creative ways to attract new franchisees into the system. Get more aggressive when it comes to things like rebates, financial incentives and royalty rates during a ramp-up period. Consider alternative models instead of just pure franchise models.

“We need to upgrade the way we think about franchise sales. Instead of a transaction, it should be a strategy to profitably grow, change and increase enterprise value,” said Mathews.

Be In Constant Communication With Your Team

When identifying those who can help you achieve the goals you’ve set out to achieve, don’t count out your franchisees. They’re the ones who make your business what it is, and without constant communication around what’s going on at a higher level they may begin to worry.

“The way that humans are wired to think in the face of the unknown often leaves them to imagine the worst-case scenario and mistake it for truth,” said Mathews. “If they don’t know that the franchisor is financially healthy they might jump ship. Open-book management is the best way to make your team feel supported and help inch you toward your goals.”

For more information on Franchise Performance Group, visit https://franchiseperformancegroup.com/.