According to Michael Gerber in his book: The E-Myth Revisited, “Over the course of one year, Business Format Franchises have reported a success rate of 95% in contrast to the 50+% failure rate of new owned businesses. Where 80% of all business fail in the first five years, 75% of all Business Format Franchises succeed!”
The reason for this success is that Franchises have a proven MPPT (Business Model, Methodology, Process, People and Technology) solution. This MPPT and Franchising is where all assumptions are put to the test to see how well they work before becoming operational in the business. Without this developed, tested MPPT the franchise would be as chaotic and undisciplined as any business. Once having proven the Business Model, Methodology, Process, People and Technology solution a franchisor says to the potential Franchisee: “Let me show you how it all works.”
This Does work! Systems / Process runs the business and People run the systems / processes.
Now if you did not buy a Franchise and have not set up your MPPT you can still do this. It is not rocket science! It is not quick however. It takes time to design, develop, and implement your MPPT while you are running your Business. This is what Business Coaches do for you!
What you need to do is engage one and start to think and act like an Entrepreneur. You see the MPPT is the medium through which the Entrepreneur uses to take the Vision, Mission, Purpose and Values to the real world. To the Manager the MPPT provides the order, predictability and the system / process which is so important to the manager’s life. Lastly to the Technician, the MPPT is the place in which they are free to do the things they love to do – Technical work.
To the Business Owner, an MPPT, provides the means through which the Owner can finally uses the three EYES in a balanced way while creating a business that works.
All this gives the Owner a business, vs. a company with their name on the door. This also allows the Business Owner to Build a business that works while providing, MORE Revenue, MORE Time, MORE Control and the ability to exit on YOUR terms vs. the buyers terms.
Therefore are you ready to Work ON your Business vs. IN your business?