Top priorities for 2010 (and every year for that matter!)

 Are you fed up with all those "top ten" things to do next year or "best ten" lists of the year just past?

Well I'm not because it has always made sense to assess goals for the short, medium and long term and to review them regularly.

So what better time than the New Year to prioritize and launch collaborative efforts with your channel?

Emerging from the festive season the folks at Franchise Business Review http://www.franchisebusinessreview.com/ are saying that Franchisors should be focused on driving unit-level economics... revenue / profitability for franchisees in 2010.

Here are their key priority areas for 2010, and they just happen to be ten ...

1.) Clearly defined and MEASURABLE business goals centered on the business's key performance indicators (ie. new customers, average ticket price, customer visits, etc.) and broken down into actionable goals... hourly, daily, weekly, monthly and quarterly activities.

2.) Research/development/testing of new and improved products/services that fit within your core business offering. (Primary goal of increasing revenues from existing clients and customers)

3.) Better training and education of both new and existing franchisees and their staff focused on making the business more efficient and profitable, improved marketing/sales techniques, and better customer service.

4.) Improving and/or providing a better internal communications platform to foster more interaction between franchisees with the goal of sharing more business best-practices.

5.) Provide franchisees with the knowledge and tools to accurately and consistently measure customer satisfaction system-wide, with the goal of making small but meaningful improvements in customer loyalty. (a small, 5% improvement in customer loyalty can drive a 95%+ improvement in revenue)

6.) Get franchisees more involved! If you don't have a franchisee advisory council (FAC), create one. If you already have an FAC, brainstorm with franchisees on how to make it more effective. And make sure FAC members communicate regularly with their fellow franchisees on progress of various projects and priorities.

7.) Start a mentor program... where your more senior franchisees provide coaching to your newer franchisees.

8.) Survey every one of your franchisees and ask them the top three things the corporate office could do to help them grow and be more successful... and then follow up and do those 3 things!

9.) Get to know your franchisees better on a personal level. What are their goals, dreams, challenges... both in and outside the business? Take every franchisee out for lunch... call them personally on their birthday... invite spouses and children to your annual convention... send them a hand-written note to let them know that you care. You would be amazed at the huge impact a small, inexpensive gesture can have on franchise relations and ultimately business profitability.

10.) Cut your 2010 franchise marketing budget by 50% and reallocate those resources to services for your franchisees designed to increase unit-level performance and profitability. Any reduction in franchisee candidate inquiries will be more than offset long term by franchisee referrals and improved unit performance.

What would be in your list of key areas to focus on for 2010?

This article was written by David Phillips.