6 Actions Every Entrepreneur Should Implement to Succeed
Jun 18, 2024
Activity does not equal results. Therefore, entrepreneurs must focus on the things that produce results, and leave aside what doesn’t bring productivity. That was a valuable lesson I learned from Cheryl Bachelder, former CEO of Popeyes, during the seven years I was in charge of this fast-food franchise brand.
Throughout my career, I have been exposed to people like her and that is why in this blog post I want to share what the top executives of big brands do to control their business and their lives, be healthy, and obtain incredible results.
With these tips you will be able to refocus on what is really important for your business, decide what is truly urgent, and what you can delegate, so then, you can achieve your goals.
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Action #1: Keep a calendar
You probably don't have time to spare, so you must make every minute count. My recommendation: don't put anything on your calendar that isn't fully aligned with the company's goals or your objectives.
- Make this planning for the whole year, or at least for the next six months.
I can assure you that the CEOs of large companies have their activity plan starting January 1st, with all the conferences they'll attend, the critical meetings they must have, the trips they want to make, and other important dates they have to consider during the year. Plus, they know exactly what their plan is for every week and every month.
Do you use a calendar or do you get up every morning not knowing what you'll do? Your answer determines how effective you are at your job and how easily you will be able to achieve your annual goals.
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Action #2: Have an annual business plan
This planning begins between September and October of the previous year. Thus, by January 1st., the annual plan is drafted, approved, and budgeted. This business plan must include clear goals for staffing, revenue, and marketing efforts.
It should also detail the specific projects that will be executed throughout the year, such as unit openings or remodeling. That way, your leaders will know exactly what they need to achieve from the very first day of the new year.
Action #3: Establish no more than two annual strategies
While it is important to design a plan to increase sales, reinforce human resources, and have healthy finances, there should only be one, or two key strategies, at the most.
Whatever you decide to focus on will govern the company's actions, investments, and goals throughout the year to get the business to the next level.
Keep learning: 6 Infallible Tips to Increase Sales in Your Franchise
Action #4: Define tactics in great detail
It is necessary to detail how each plan will be implemented, what will be done, when, and who will carry it out. This will not only give clarity, but accountability to those in charge, and help entrepreneurs follow up.
I leveraged this action a lot while I was Regional Director of Domino's Pizza in Atlanta, as I was in charge of 63 units. To keep track, I had my calendar and my plan, and once every week, I joined my district managers to do the store visits with them.
During these inspections, I verified that the key indicators were in order. If they were on the right path, it meant that the goals set in my region would be achieved, which would also benefit the employees.
Action #5: Execute leadership
In my experience, the CEOs of big brands do two things to execute their leadership:
- Constant monitoring of the plan to identify the status of the key business indicators. They also study the reports daily and, if their analysis detects a negative change, they act immediately to comply with the annual plan.
- They take care of their team, especially of those leaders who report directly to them. They clearly know what the job of each manager is, and train and guide them so they can achieve their goals. They also make them accountable for their results and, of course, recognize them for a job well done.
Must see: Actions of a Great Leader - Parts 1 & 2
Action #6: Maintain personal well-being
I traveled many times with these senior executives and one of their frequent requests was to have a gym at the hotel so they could exercise and keep a good energy level, so they could do their jobs better. They also mind what they eat, how much water they drink, and how much sleep they get.
- They're quite right: if you don't take care of yourself, how can you expect to have optimal results?
Maybe you can fake it for a few days or months, but if you don't have good health, you'll eventually collapse.
These CEOs also take care of their relationship with their families and friends and try to balance their personal lives with their business agenda. This helps them focus and think properly, which is crucial for intelligent decision-making.
The most important message I want to leave you with is that you must be very jealous of your time. If an activity or event is not on your calendar or something that will help you achieve your desired business results, ditch it. Focus only on those activities that will leave you with positive things and delegate what is not so important.
- The American Franchise Academy can help you determine what to prioritize and how to delegate to become a successful business owner!
We have a training program for developing multi-unit franchisees, and others for unit managers and district managers, and we can support you in your journey of achieving your highest potential.
Reflections:
- Do you have your calendar planned ahead of time or do you react as events and needs arise?
- Do you have an annual business plan and review your reports constantly?
- What kind of leader are you for your employees?
- What can you improve in your life and in your business to be more effective?
