Hi Sophia. Do you have a Business Plan? A Marketing Plan? Financial projections? This will help you with your expansion vision, as well as good insight for potential investors. A Business Plan will help you increase the level of growth, profitability and cashflow in your business; support you to unlock your business potential; provide you with a clear outline of what you need to do to unlock this potential; provide you with a document against which to measure your progress; and importantly will be more appealing to potential investors as they will see a clear vision of where you're wanting to take the business and what they'll actually be investing in. We run business planning sessions and cover some key issues including discussing and setting both personal and business goals for the next 12 months, discussing and agreeing on an action plan with strategies to support achievement of goals, identifying gross revenue targets and key performance indicators, identifying opportunities and vulnerabilities in your business that need to be managed, and establishing a 90 day action plan to address immediate critical issues. We offer business development services, including Business Planning. If you'd like to discuss further, I'm happy to have a chat with you. Kind regards, Sarah Stein. Mobile: 0402 811 088. www.missefficiency.com.au
Hey Sophie - you have many things to do. I suggest 1. dont rely on your franchisor as they are most interested in your monthly fees. Leverage the fall in sales as a call to action to the franchisor to come to the coal face of your business and spend say 4 hours, twice a week for four weeks. 2. Reach out to the those clients you have lost and discover why they have chosen another supplier. 3. Connect with relevant local business groups and ( as suggested) do some cross promotion or joint complimentary campaign with a local business to share the costs and drive new business. 4. When employing new staff contact Centrelink to discuss traineeships and employee subsidised incentives and support. I once owned a Registered Training organisation and there are many motivated local training orgs that need small business will help you to take on new staff. You have your hands full and likely working long days. Seperate the critical growth strategies from your day to day and DO NOT get caught up with the mundane tasks that you can employ someone to do. You are your best asset and spokesperson of the business so focus your energy on driving new business. Keep your money for selected consultants who can truly add value at a time when the foundation of the business and key staff are set. Good luck and keep the franchisor attentive to your needs. Terry
Hi Sophia, I can fully understand your frustration as to what has happened in this situation. My brother had 2 franchises in the food industry so I know quite a lot about what goes on. I understand your current staff are not as good as the previous staff . I found it hard to believe revenue has dropped from $20k to $10k per week and you have lost 80% of your clients. My advice would be as follows -: 1. You must do whatever it takes to get as many good staff as possible and this could include offering staff currently working in the industry a good offer to come and work for you even if it costs a fair bit more. If your franchisor won't assist with training you need to find good training services. Once you have good staff again you have to do something about getting new clients to replace the ones that left. You will need a Mentor in the area of marketing as there are so many ways now to promote your business. One very good option is to do a Cross Promotion. It is very low cost and works really well. Ideal for your industry, hair dressers, beauty salons etc. If you are interested I can email how it works and a case study of how a hairdresser made $65k from one Cross Promotion. All the best. Regards Jeff Gordon, Financial Accounting Advisor, Prestige SME Business Solutions, firstname.lastname@example.org
Hi Sophia, what a pickle! I would be looking at your franchise model and see what they have to offer you in regards to new staff training and it may be a good idea for a lawyer to review it to. As for building up your business you will need to find staff that are on the ball straight away and who will need minimal training and who also see themselves sticking around for the long term to help get the customers back in the door and keep staff turnover to a minimum. Can you do half day training days for staff until they are 100% up to speed or is this not in your cash-flow to conduct this? The key is continuity and as you said you have a high staff turnover at the moment and have lost customers so trying to get that continuity back is vital. Have amazing customer service and be the best of the best. Review your numbers and see if you are able to get a marketing person to assist you in getting the right message out about your business (again check your franchise contract to ensure you can do this). You know what the business is capable of so getting back that original vibe is important.