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I've found that a certain malady can infect many small business owners and it's called Lackoffocus. Business owners infected by this virus may find it difficult to concentrate on important tasks and goals. This problem can manifest itself in a number of ways. Some of the symptons include moving from one project to another, not keeping good financial records and ignoring important parts of the business. A possible cure for this problem can be learned from the franchise industry.
Franchising Can Cure a Major Problem of Small Business Owners
Posted by Ed Teixeira
A small business owner needs to focus on key areas of their business. These areas include: management, marketing, business operations, sales and finance. If you were a franchisee you'd have a number of these functions presented to you in an organized fashion. Typically, in a franchise operations manual. As a business owner you can view your business as if it were a franchise. This excercise can assist in gaining focus on the key components of the business operation.
- Make sure key functions of the business are documented.
- Identify or hire someone you can delegate certain responsibilies to.
- Impliment written procedures for sales and financial transactions.
- Make sure each of your employees are properly trained and understand their job.
- Where possible break down important activities into key steps.
- Consider using a business coach to analyze your business operations. A third party can often see things that the owner may miss.
- Look at franchises comparable businesses.You may learn a lot about how that business is organized.
Its not unusual for a small business owner to lose focus. A solution to this problem can be found in the way franchises are structured and operate.
Posted on March 7, 2011 at 5:02 PM
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