Any experienced business owner can tell you the important role goal setting plays in business growth, and owning a restaurant franchise is no different. Ideally, you should have a few goals in mind before you take over the operation of a restaurant franchise. Once you do take over, you’ll have to establish specific, attainable, short and long-term goals to help you and your team stay on track and keep your HoneyBaked restaurant franchise thriving. Here are a few tips to get the ball rolling.
Rely on Your Support System
After 60+ years in business, HoneyBaked franchise support runs deep. We know what it takes to succeed in owning a restaurant franchise because we’ve done it and seen it done 400+ times over. When you become a HoneyBaked franchisee, you can trust in our expertise as you create goals for yourself and your business. Your dedicated Franchise Business Leader can play a crucial role in your goal setting process—they’re there to help!
Set Business Goals
Owning a restaurant franchise requires a range of skills and experience because you play such a crucial role in each facet of your business. That means you’ll have to assess and set goals in each of these areas.
Sales/Financial Goals:
How much product will you sell in each quarter of the year?
What products should you focus on selling?
How much of your revenue can you expect to see as profit?
How quickly can you reasonably pay down business loans?
Marketing Goals:
How many new customers can you reach this quarter?
What alternative methods of marketing can you test?
How can you make the most efficient use of your marketing budget?
Operational Goals:
Where and how can customer service be improved?
How can you increase kitchen efficiency?
How can you help mitigate customer waiting time?
Team Management:
How many new employees do you need or will you hire?
What do your employees need to accomplish to achieve promotions?
What can you do to improve your employees’ work experience?
Your Business Goals Don’t Have to Be All Business
As a business owner, your business is often also your job. That means, while it’s important to establish clear goals for your business’ team, sales, marketing, operational and financial performance, owning a restaurant franchise also means making note of income and lifestyle goals you want to achieve with your business’ help. How much can you potentially make this year? How many days of vacation do you deserve? How much work will you have to do to achieve it? What can you improve to make those goals more achievable?
Make Your Goals Timely
Successful HoneyBaked franchisees set goals for themselves and their business for the short-term and the long-term. Your business and quality of life will benefit from setting daily, weekly, monthly, quarterly and yearly goals—plus very long-term 3-5-year goals. You can rely on the HoneyBaked franchise system to help you establish realistic and achievable goals as near or as far as you can possibly plan.
Ready to own a business that can help you achieve your goals? Learn more about franchising with HoneyBaked.
