Michelle Rowan

speaker

294 appearances 1 recordings 1 series first heard Nov 2014 last heard Nov 2014

Michelle Rowan’s voice in public audio — every appearance, attributed to the second.

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Franchise Today · Satisfaction & Validation - Key Components to Franchise Success · 12 Nov 2014 podcast

And that's the saddest franchisee story is when they just don't have enough money set aside to help support them as they ramp up their business.

Right.

So I

has a lot to do with financial performance.

It's not necessarily – what we look at is we look at the current – we ask, you know, currently, how are you doing?

Are you exceeding or under at expectation?

But also, what's the long-term growth potential you see for your business?

So hopefully that's still positive for the emerging brands, but I think –

The most information you can give to a franchisee to make sure their eyes are very wide open on that financial piece is crucial.

Because once you are wrong about that, it kind of sets a level of distrust or angst in that relationship.

Like, why am I going to buy into anything you say when this is so far off for me?

Yeah, and

that it doesn't stop once they buy in.

If you have metrics where you can measure for a franchisee, if they're on track to do what their expectations are, and that means that you have a franchisee that has a P&L and understands a business plan, which a lot of franchisees don't necessarily come in knowing.

Hopefully they've prepared something as they're researching your business.

But if you can give them targets and say, you know what, you're off, so what are we going to do to get you back on track?

Or just making sure that if you have these smaller milestones that they can hit, they feel good knowing that they're on track or they see very early on that they're off track and that they need to engage with the franchisor, with other franchisees to figure out what pieces they're missing to get to where they want to be.

Thank you.

And the other, I know that it's probably been read by a lot of the listeners today, but Shelley Sun's Grow Smart, Risk Less book, I think outlines very well the support staff ratio to growth for the steps that Bright Star went through, which grew very quickly.

So I think that if anybody is kind of wondering, you know, how do I plan with a lean and mean staff to grow, I think she has a good layout of what positions were added and at what point, what size the system was.

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