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Valuing the fundamentals of a business is necessary, but neglecting one’s self is not allowed, as it works for the organization’s long-term success.
Here is what a franchisor could do to ensure a successful business in the new world of entrepreneurship:
Timing your moves
Business is a playground for the braves. Franchisors need to stay abreast and fasten their pace, moving swiftly, mastering their business skills. Timing the moves is an essential factor, reducing risk, and enhancing the chance of success.
Avoid taking wrong decisions, and also making the right decision at the wrong time, which can cost loss to the business.
Scott Adams, Creator of Dilbert said, “Your best work involves timing. If someone wrote the best hip-hop song of all time in the Middle Ages, he had bad timing.”
Adhere to law
Obeying the law is one success mantra for both business and personal life. But, as an organization grows, decision making becomes fast, trying to make money quickly. In this process, many franchisors sometimes break the law, resulting in trouble for the business.
Making staffs work longer than allowed, underpaying them, failure in health and safety legislation are the most common mistakes committed by the franchisors. Avoid them to retain happy employees, contributing to the business.
Nurture mental health
Experts say that business requires great decision making, for which it’s essential to have a proper mental health.
According to a research, 49 percent of entrepreneurs are believed to suffer from various mental health conditions like ADD, depression, etc. Thus, franchisors need to stabilize their mental health, in order to avoid a collapsing business.
