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10 top tips for business success

Written by Dorian Gonsalves on Wednesday, 03 March 2021. Posted in Analysis

In my last column we looked at reasons why some new franchisees become more successful than others, and how they sustain their enthusiasm and momentum. This month I am sharing my top 10 secrets of success…

10 top tips for business success

In my last column we looked at reasons why some new franchisees become more successful than others, and how they sustain their enthusiasm and momentum. This month I am sharing my top 10 secrets of success…

Adapt

We live in a fast-moving world, and in the past year business owners have faced unprecedented challenges. Belvoir did very well in 2020, with the Group outperforming its achievements of the previous year, helped by the fact that the property industry was brought out of lockdown early, and franchisees benefited from excellent business support. Franchisees also showed a willingness to adapt to their changing circumstances and in many cases, expanded on the services they offered through increased residential sales or diversifying into financial services. The ability to develop, grow and diversify is key to success.

Expansion

Acquisition is without doubt the quickest way to grow your business - sometimes doubling or tripling your turnover overnight. Many independent business owners are currently looking for an exit strategy, either by deciding to franchise their business, or selling in order to realise their assets. Belvoir has a dedicated acquisition team who offer financial and practical support, plus a database of franchisees who are looking to expand through acquisition. If you are considering buying a franchise, always ask about acquisition opportunities before you commit to investing.

Reputation

Successful business owners spend an inordinate amount of time ensuring that their online reputation is as good as it can be. Requesting reviews, posting outstanding reviews on social media, and generally making it known that customer reviews matter is an excellent and cost-effective way to attract new business.

Customer service

In a world where personal interaction is at an all-time low, there has never been a better time to review your customer service skills. People remember businesses that appear to care about them, providing a personal touch where possible, delivering services that are above and beyond their expectations.

Team work

The team you put together is crucial to success. It is usually your team that will be on the frontline of dealing with the public and providing the standards of service that your business offers. As a franchise owner, you should aim to inspire, motivate, offer training opportunities and encourage career development, all of which will benefit your business in the long-term.

Proptech

Regular reviews of technology, and increased investment in Proptech will enable your business to operate to its maximum capacity, particularly if your franchise is in the category of non-essential services and people have to work from home. Clients should be able to contact your business during working hours and quickly be put through to relevant colleagues just as if everyone was in the same office. 

Community spirit

Successful franchisees recognise the value of ensuring their business is known and respected for its willingness to become part of the local community. There may be opportunities to sponsor events or charities, organise competitions, offer help to key workers, or participate in initiatives that will of real help to people. This can also help to create content for your social media pages, and be of interest to the local press, which in turn will raise your business profile and potentially result in new clients.

Business model

One of the reasons for buying a franchise is that you are able to hit the ground running by following a proven and successful business model. Franchising works as a concept because it relies on the success of the franchisor and the franchisee, so compliance with the tried and tested methods you have bought into will help to maximise the potential of your investment.

Awards

Research any industry awards you can enter on a national or local level. Demonstrating your success by winning an award can really help to raise your business profile. Belvoir encourages best performance with an annual awards ceremony, which is always popular and a great opportunity for networking.

Delegate

Most importantly, once your franchise is up and running and you have a great team in place, be willing to ‘let go’ and allow them to do their jobs. The most successful franchisees recognise at an early stage the importance of stepping away from day to day operational tasks, so that they can concentrate on business development, networking and creativity.

About the Author

Dorian Gonsalves

Dorian Gonsalves

Dorian has extensive experience in the property industry having spent seven years with Countrywide before joining Belvoir in 2005, working his way through the ranks to eventually become CEO

 

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