What Do Successful Businesses Have in Common?

By Nabiha Balala posted 02-27-2018 09:49

  

By Nabiha Balala of Naranga

In today’s time, many brands are striving for globalization. It has quickly become the ultimate test of business success and valuation. But how can it not be? With the quick rise and eventual world domination of technology, it is easy to understand why this is the case. We are always connected.

Before we, as entrepreneurs, reach international expansion – what exactly gets us there? What are the various and fundamental aspects that businesses need to master so that they are able to exponentially grow, one location at a time?

There are 6 areas that we have found to be most crucial in the ongoing success of a business.

  1. Strong Concept

Regardless of costs, in order to get an individual to buy in to anything that you are selling, it must be something people can stand behind. Something that people believe in, not only for the sake of a trend but something more – something that simplifies a process, makes their lives easier and solves a problem. Location owner candidates need to be able to simply understand the purpose of your brand and genuinely want to invest in its products or services. Once a strong business concept is established, provide your candidates with a seamless process to follow. This will attract a potential owners.

  1. Scalability

So you have an amazing concept, but truly, what benefit is this unless you are able to share this concept with as many people as possible? Think regionally, nationally and internationally. You must be able to expand your brand all while providing a universal experience at every location. Make it is easy to go from 1 to a 100 locations with proper documentation, communication, support and etc. When doing this through a centralized operations platform you equip yourself for long-term success. By providing easy to follow branding for new business owners – consistency and the ability for continual growth are no longer major challenges.

  1. Proven Track Record

To have someone make an investment in you and your brand, you have to provide proper data to support their decision. People are not going to trust a brand for their own financial security if they have not seen positivity associated with it. Scalability, like mentioned previously, can help an individual see that a business is obviously doing well, and have a following. Also, show off your successful flagship or corporate store; demonstrate what you have done so well and explain how they can to. This true data removes the possibility of any doubt.

  1. Geographic Location

Location is everything. You need to thoroughly understand your personas, you should know the type of lifestyle they live, and where they are typically found. Then you can appropriately cater to the audience around you. Knowing what works well and where, will only help you identify the optimal locations for your business.

  1. Candidate Personality Matching

It does not matter how much money a candidate is ready to put down for your brand, what matters first and foremost is for them to fit your company culture. You want to be able to provide the same excellent and similar service across all locations. One of the crucial ways to do this is by choosing owners with the key fundamental qualities that make your brand unique. Your location owners should fit your brand like a glove.

  1. Community Involvement

There is never enough emphasis on getting involved with your local community. Not only does it feel good to positively impact the neighborhood in which you provide your products or services, but you also gain more personal and brand exposure in front of your most convenient clients. Always give back, whether it be through sponsorship opportunities, youth group support, local kitchens and etc. Stay connected with your consumer base.

As you can imagine, there are a plethora of categories that make a business successful. But we believe if you can capitalize on the six that we’ve shared with you, you’re well on your way towards growth. A strong concept, scalability, proven track records, location intelligence, candidate personality matching and community involvement are the themes we always run into when evaluating the success behind our many valuable clients.

About Naranga 
As one of the largest franchise operations software providers, Naranga's easy-to-use platform simplifies and automates operations across emerging, growing, and mature franchise systems. Franchisors can manage multiple locations from their desktop or mobile device. Naranga's franchise management solutions ensure growth and brand consistency by transforming data into shared knowledge, enhancing lead generation and streamlining operations. To date, over 300 brands have made the decision to switch to Naranga and Simply Succeed. Schedule a demo today at www.naranga.com.  

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