Whether you’ve run your restaurant franchise for one year or 10, it’s always good to have specific goals you’re working toward. And the start of a new year is the perfect time to set those goals. With fresh motivation, you can look at the year ahead and identify the areas you want to improve to better support your long-term objectives. So, if you’ve never taken the time to create new year’s goals for your franchise, it’s time to begin!
There are a few things to keep in mind when you are setting goals for your franchise. The first is knowing where you’re starting!
Do a Performance Audit
You can’t track your progress if you don’t know your starting place, so take the time to do a full audit of your franchise business. Many franchisees do this at the end of the year, and it’s easy to tackle this alongside tax preparation and financial reports. Spend a few hours going through not just your finances, but also things like:
- Staff/employee performance
- Daily operation efficiency
- Customer loyalty
- Store cleanliness and organization
- Inventory
- Your own work/life balance
Once you have an idea of your current metrics, you can identify areas where you have the potential for growth or change.
Set SMART goals
Whether you want to improve daily efficiency, overall sales, or something else, it’s important to find the right levers to pull so you can make changes in a deliberate manner. Business consultants often refer to the acronym SMART when setting goals. This stands for:
- Specific– What exactly are you changing and how?
- Measurable– How will you measure or quantify your progress?
- Achievable– Is this goal reasonable and do you have the resources to reach it?
- Relevant– Is this goal in line with your larger business objectives?
- Time-bound– What is your time frame for accomplishing your goal?
When you plan ahead and get clear on the specifics of how you’ll reach your goals, you can set yourself up for a successful year!
Want more information on how to be a successful franchise owner? Reach out to us at Rosati’s Pizza Franchise today!