Creating Your Franchise Goals

When purchasing and running a franchise, all franchisees set goals that they would like and hope to achieve. Significantly, setting goals correctly is the most important characteristic in order to avoid disappointment! Clear goals, whether they are financial or quality of life, need to pass certain aspects.

Specific

Goals need to be specific! They should be clearly articulated and written down in detail. “Making plenty of money” is not one of them. Yet, making $200 000 by a certain time period is specific. Goals should be specified and detailed.

Measurable

It is very important that the goals you set are measurable. You need to develop a type of tracking system, one that will enable you to discern whether or not you are on track and have reached your goals. Remember, it is not open to speculation or debate!

Attainable

If the goals you set are not attainable and realistic, you most likely will not achieve them and you will not be motivated to achieve the. Goals must be considered both possible and worthwhile pursuits. As a franchisee, you may experience a 30% increase in sales. However, if you think it is going to require over 90 hours of work a week to achieve that goal, you may not consider it a worthwhile pursuit.

Realistic

Goals need to be realistic! You cannot expect the impossible. If you do, you are heading for serious disappointment. Assess critically whether or not your goals are realistic and chat to friends or family to receive their opinion.

Timetable

If you do not create a specified deadline for each goal, you will lose any commitment you have and will not take any action on anything you desire to achieve. With no deadline, other more urgent activities will take over and your dream will be pushed further and further back. You may have a good intention, but this will not make a difference, only committed action will. Activities with deadlines attached to them grab your attention and create a sense of urgency and action. With franchising, consider setting long-term goals with a 3-5 year time limit.

You will never be moved into committed action without specific, measurable, attainable, realistic and time-limited goals that are worthy of being achieved. Did you notice? Set S-M-A-R-T goals!

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