What do franchisors look for in franchise candidates? Trait Two…
Think you need an MBA to impress a franchisor? Not true. In this series, we’ll examine some of the key traits that franchisors seek in potential franchisees, and why those traits are so important.
Trait 2: Self-awareness
Often, franchise business owners are people with a strong sense of self-confidence. However, the most successful franchisees balance that self-confidence with well-developed self-awareness. In owning and operating a business, being able to identify personal weaknesses is a strength.
An ideal franchise candidate is:
1. Open to suggestion
Great leaders are great listeners. An effective business owner knows that being the boss doesn’t mean you always have the best answer. As a franchisee, being open to suggestions from employees, other franchisees and your franchisor allows you to:
- Increase your ability to make more well-informed decisions
- Make your employees part of the direction of the company
- Avoid making the mistakes that others have made
2. Able to Delegate effectively
As a franchisee, your daily tasks center around improving efficiency, growing sales and progressing toward future goals. Franchisees who get bogged down in micro-managing the day-to-day operations aren’t able to do these things, and this can cause business growth to stagnate. Great delegators:
- Recognize their own weaknesses and hire people who can fill in the gaps
- Know their own standards for how work should be accomplished and can successfully communicate those standards to others
- Understand their employees’ capabilities and assign work accordingly
Do you believe that taking an inventory of your strengths and weaknesses can make you a better business leader? Post your questions or comments below.
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