4 Sins that can break Your Business, How to Avoid Them?

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4 Sins that can break Your Business, How to
Avoid Them?
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• By giving you a proven model to work with,
  Franchising takes some of the risks out of the
  equation. It doesnt mean youre suddenly
  bulletproof or immune to the laws of economics
  but is a franchisor with a proven model under
  your arm. Youre going to fail if you start
  making unforced errors.
• Most people fail as the owner of a franchise. To
  avoid these deadly sins at all costs here are the
  four reasons

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Sin 1 Financial complacency

• You likely take a hands-on approach to finances,
  in your personal life. You can set, dont get
  complacent, and dont assume that just because
  money is coming into your business requires the
  same attention.

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Sin 2 Operational obtuseness

• You need to know your business inside and out. It
  means knowing how to recognize if somethings off
  and how the business operates. If theres
  variance in inventory, you need to know exactly
  where to look to find the discrepancy, if the
  cost of goods is supposed to be 23 but its
  showing 40.

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Sin 3 Poor hiring choices

• Surprisingly, it bears mentioning, this next
  tidbit might seem obvious but Hire good people.
  This means you should hire the absolute best
  people to run it if you want it to succeed. Dont
  hire the first person who applies for the job
  that passes a background check and has a pulse,
  this is your business.

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Sin 4 Myopic risk management

• Franchisees need to be like chess players, beyond
  having contingency plans in place in the event of
  a natural disaster, or some other issue, a
  pandemic, a supply chain disruption. Think
  multiple moves ahead, and imagine multiple
  possible scenarios that might come to pass, they
  need to see the entire board.

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THANK YOU
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