With the new year here, it is time to reflect back on the wins and losses of 2018 and to start looking forward to 2019. This equates to looking at where improvements and adjustments may need to be made. It could also mean that it’s time to keep things as they are or whether you should expand your operations.
In this article, we pinpoint some things you can look at now to help get your franchise business ready for a successful 2019.
Reviewing Sales Trends
It’s never too soon to start looking at sales trends. They are a clear window into what happened with your business over a certain period of time.
If you’re looking at the last 12 months, you can gather some keen insight into the trends that affected you and how they could impact you in the future. Was there a time when your business did really well? Did you experience months where sales were lower than others?
While some businesses are seasonal, others may notice that there’s a clear trend of when people are flocking to their business. Having this knowledge means that you can plan ahead. You can ensure that your locations are stocked with inventory and that you have enough staff to handle customer traffic. On the other side, it can also help you know when to scale back and save on unnecessary expenses when things slow down.
Consider Opening Additional Franchises
Reviewing overall sales trends can also help you determine if your franchise business is ready to expand.
Are your sales steadily increasing? Have your customers expressed a desire to visit you in a specific area where you aren’t located? Is there a market that your business could serve but hasn’t yet? Answers to these questions could help you decide your next steps.
The great thing about having a franchise business is that your franchisees take on most of the work when you expand. However, that isn’t a sole indicator of whether you should add on more locations. It’s an important decision just like any other, and it requires careful consideration.
In fact, you may decide that you’re not ready for more locations at this time. You may want to invest more resources in your existing stores. You could upgrade equipment, or you could give locations a facelift.
Regardless of what you decide, make sure that it’s not only in your best interest but also that of your customers. Any changes or additions to your franchise business should be geared toward generating more business and boosting your revenue.
Build a Stronger Franchise Business in 2019 & Beyond
At Big Sky Franchise Team, we wish you a Happy New Year, and want to ensure you have a successful 2019!
We’re also here to partner with you if you’re interested in discovering how you can build a stronger franchise business now and into the future. We offer a wide variety of services including marketing plans, consultations, and strategic planning designed exclusively for franchise businesses.
To learn more, contact us today or call us at 855-824-4759 to set up a free consultation with a member of our team.