It might be that you are looking at the sales figures, customer reviews or daily operations – all of which are playing a vital part in the success of your business. However, also looking at the end result you want to achieve can really shift your perspective and aid your growth mindset. There are numerous benefits of considering what the asset value of your franchise could potentially be in the future. Working backward to create milestone goals and a supporting strategy can propel your levels of focus and drive in line with your bigger picture vision.
The first step is to know your numbers and define an asset value goal for your franchise. What is it that you want to achieve and by when?
With your end value goal in mind, start working backwards. Break down your long term vision into shorter term milestones. These milestones are stepping stones that bridge the gap between where you are now and where you want to be.
Setting your intentions and knowing your numbers is a fabulous start. But without strategy you will be lucky to achieve your end goal. What needs to happen to get you to where you want to be? Do you need to add in a team member (or two or three)? Perhaps you need to expand in your territory to maximise its potential, or maybe you need to work on increasing your business visibility in your location and hone your marketing.
The awesome thing about having a bigger picture goal is that it will keep you motivated when the chips are down. As a business owner you are on the entrepreneurial rollercoaster of highs and lows that can change by the hour. By focussing on the long term as well as the short, you are able to make decisions more quickly and recognise opportunities that are going to take you closer to your end goal.
Adapting your strategy as you go is something that will inevitably happen. External factors will play out, market conditions change and personal challenges arise, but the clarity you have knowing your future goals will drive you forward.
You’re not just building a business as a franchise owner, you’re creating an asset. By recognising this and having your vision firmly in place you are able to create a legacy that can continue to evolve for many years to come.
