Successful business leaders understand that succession planning entails developing strategies today to provide options and capitalize on opportunities when they occur. Taking your business from one to two units to 5, 10, 50-plus is a transitional process, requiring strong leadership, vision, talented people, and an inspiring, motivational culture. Owners and executives who have invested in succession planning already have options, know what they want, and are putting their growth strategies in place.
Our article focuses on strategies for growth; we discuss the importance of leadership development systems within your organization. After you have developed a training plan that will cultivate the leaders of your future franchises, you need to formulate rock-solid systems for your people to follow as the business grows. The magic of the franchise model is the processes and procedures established by the franchisor that allow you to duplicate and grow a business. You can use this same premise to develop your unique processes for opening successful units in your organization.
According to Aicha Bascaro, founder & CEO of the American Franchise Academy, to have a durable growth system, there are a few things that need to be defined:
Once you can clearly define the strategy for each of these systems, you’ll have the framework that you need to start expanding your multi-unit franchise operation. Keep in mind the critical term here is duplication, so ensuring that these strategies can be duplicated not just once but several times is the key to ensuring the success of your franchise operation unit after unit. Lastly, your first iteration of these strategies is not your end-all-be-all; these are meant to be refined as you learn from your experiences.
Growth is a transitional process because you are changing your company from now to where you want it to be tomorrow. For example, suppose you are planning to expand through acquisitions. In that case, succession strategies are essential to ensure you are not just buying a bigger job but also adding value, scaling effectively, generating revenue, and, eventually, profit. Now get out there and start growing!