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- Vince Poscente is one of the most in-demand speakers today. An expert on Resiliency, Vince has the keen ability to help you and your franchise system overcome.
- The Strategic Mind provides a framework for developing a deeper, more holistic form of thinking using seven core disciplines. Packed with examples and case studies, the book provides both theoretical insight and practical guidance for the 21st-century manager. 'The Strategic Mind is unique in its class and should be on the list of essential.
One example: What's your end plan for this business?
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Recently, I was sitting, drinking an iced latte macchiato at a well-known chain, when my wife said to me, 'We spend so much time in here that maybe we should think of starting one ourselves.'
Related: What You Need To Know Before Starting A Franchise Business
Which she promptly followed up with, 'I've always wanted to run my own business, and let's face it: How hard can making lattes be? Everywhere we go, [this chain is] opening a new franchise. So, it's got to be an easier option than starting my own business right?'
Well, not exactly.
My wife is not the only one to think the way she does, given that franchise-growth rates in 2016 again exceeded non-granchise business growth rates and continue to increase by 2.6 percent per year. There's reason for this, specifically the 300 franchise business lines that already cover ten distinct business areas (automotive, , commercial and residential services, lodging, personal services, quick service restaurants, real estate, retail food, retail products and services and table/full-service restaurants.
So, not only are there a lot of franchise categories and companies to choose among, but there are advantages to opening a franchise as opposed to starting your own business from scratch.
Still, those choices and advantages don't mean a franchise is a guaranteed success. To get to that point, you still need to do your to increase your chances of making it work.
To better grasp the challenges of running a franchise, I met with Tom Portesy, CEO of MVF Expositions, which runs franchise expositions around the world. I asked Portesy his thoughts on what a new entrepreneur should know before taking on this challenge.
Here are the seven things he said to be aware of before you dive into that franchise opportunity.
1. How much will it cost?
The first thing to know is the total investment to get your franchise up and running. This should include the purchase costs, your opening inventory and the amount of working capital you are going to need before you break even. Understanding these costs is crucial, as you don't want to run out of money when you are on the verge of success.
In addition, you also need to know how you are going to finance the business, as many people can actually afford a bigger franchise opportunity than they think.
2. What are you good at, and what are you passionate about?
You don't have to love coffee to open your own franchise coffee shop. Nor do you have to do all the work.
Related: Why Opening A Franchise Business Is Better Than Starting Your Own
When it comes to running that shop, you're actually the business owner and can hire people to deliver the service or sell the products; you don't have to do all of that yourself. Sucess is dependent on how well you work on the business, not just in the business.
Still, not everyone is cut out to be a franchisee, to thrive within someone else's system. 'Before buying a franchise,' Portesy told me, 'one of the most important questions to ask yourself is, “Do I have the right personality to be a franchisee? People are all different, and so are .
'As a result, one of the worst mistakes you can make is buying a franchise when you are not suited to be a franchisee, or compatible with the business.'
3. How much time do you need to invest?
While starting a franchise is different from starting your own business, it is still a business, and you won't be the first person who's traded a 10-hour-a-day job he (or she) hated for a 16-hour-a-day job he hates.
So, make sure you understand what's involved. There are seasonal franchises that require you to work especially hard at certain times of the year; but it's still your business that you're going to be running, and you need to be clear about how much time you will need to invest to make it a success.
4. What is the franchisor like?
Not all franchisors are the same, so you need to do your research and get to know everything you can about the franchisor. This includes things such as how long has this company been in business, what is its average success rate and how long do stay on average.
Just because a franchisor is new doesn't mean it's not a great opportunity, but the more you know, the better informed your decision can be.
5. What does it take to run a successful franchise?
When you do your due diligence, make sure that you speak to other franchisees and not just the most successful ones. Ask them:
- What were the key success factors they found?
- What were some of the challenges, and how'd they overcome then?
- If they were starting today, knowing what they now know, what would they do differently?
- For those that failed, what were the factors that caused that to happen, e.g. poor location, weak , etc?
- How long did it take for them to start to make a profit?
It's great to learn from your mistakes. It's even better if you can learn from those of others so that you don't repeat them.
6. What kind of help does the franchisor provide?
When you take on a franchise, unlike starting your own business, you're not alone, and that can be a great comfort. Just make sure you know how much support you will get from the franchisor, what other people's experiences were and how much help the company offered those people when the going got tough. How much support did those other franchisees receive, or were they left to their own devices?
One of the hardest things is asking for help when things are going wrong. But if you know that the support will be there and that the franchisor is willing to help, the process will be a little easier.
7. What's your end game?
I am a big fan of Stephen Covey's 'second habit' of highly successful people: Start with the end in mind.
Related: Why You Should Buy a Franchise Instead of Starting Your Own
This applies to franchising. Before you take up your franchise, know and understand what your exit strategy is going to be. Are you planning to leave the franchise to your children, are you looking sell it or do you plan to just run it for a couple of years and then get out?
The better you know and understand your end game, the easier time you'll have selecting the right kind of franchise opportunity, which fits you in the short term, and supports your long-term objectives.
Running a franchise can be a great way to start running your own business, but you need to understand why you are getting into it, what you are getting into, whom you're getting into it with and of course how you plan to get out of it. The better you understand the answers to these questions, the better your probability of selecting the franchise segment and company with the best potential for you.
Multipart article
People are the most valued assets of any organization because they individually and collectively contribute to achieving objectives. But in a time of rapid change, how do you plan and make strategic human resources choices that will propel your organization toward its goals?
In this article, we define and discuss the roles and significance of strategic human resource management. In addition, three experts, including a business owner with HR expertise, an academic, and a specialist in organizational design, share their perspectives on the value of strategic human resource management, its function in change management, and best practices to help you continually improve and gain a competitive edge.
What Is Strategic Human Resource Management?
Strategic human resource management is an approach to the practice of human resources that addresses business challenges and makes a direct contribution to long-term objectives. The primary principle of strategic human resource management is to improve business performance and uphold a culture that inspires innovation and works unremittingly to gain a competitive advantage. It’s a step above traditional human resources and has a wider reach throughout the organization.
Strategic human resource management has no set definition nor one specific model that practitioners follow. There are organizations, like the American College of Healthcare Executives (ACHE), that suggest best practices for their own profession.
The framework that does apply universally to the discipline of strategic human resource management is the link between it and the overall business strategy.
Strategic Human Resource Management’s Relationship to Business Strategy
Reaching ultimate business goals requires leadership. Strategic human resource management encompasses the traditional human resources functions of recruiting, screening, interviewing, and hiring employees, but also works with the overall organizational strategy to achieve success.
The Roots of Strategic Human Resource Management
Mitchell Langbert, Ph.D., is Associate Professor of Business at Brooklyn College. Langbert’s experience includes positions with Fortune-ranked firms and the New York State Assembly Ways and Means Committee. His areas of expertise and research focus on human resource management, business ethics, and higher education issues. Widely published, Langbert has been an expert witness in human resource legal cases, including In re Tittle et. al. v. Enron et. al.
Langbert says that strategic human resource management grew out of important social and historical events: “Industrial psychologists and reformers laid the groundwork for human resource management in the early twentieth century. A few of the developments that led to an interest in Human Resource Management include the development of psychological, especially IQ testing during World War I, the social work and YMCA movements that helped immigrant workers adjust to industrial life, and the threat of labor unions and strikes.”
HR managers saw themselves as having a unique role. “They often viewed themselves as psychologists, or as specialists outside the mainstream of the business” says Langbert. “Recall, in the 1947 film Miracle on 34th Street, the HR manager who fancies himself a psychologist and ham-handedly attempts to commit Santa Claus.”
Langbert continues, “In his classic book on business strategy, Competitive Strategy, Michael Porter points out that in the development of strategic advantage, human resources is an essential element. Take, for example, Japanese auto companies. They rose to ascendancy in the 1970s through long-term thinking about human resource management (e.g., lifetime employment). They continued to rise in the 1980s and 90s through the total quality management movement as well as through the use of organizational culture that had become dominant.”
How did we get to strategic human resource management? Langbert says, “The increasing emphasis on technology and services has further enhanced the importance of HR as a strategic variable.”
Strategic Human Resource Management Is About Working Hand in Hand with the C-Suite
Kimmie Marek is Chief Creative Officer and Co-Owner of 7 Charming Sisters, a jewelry company. She uses her Professional in Human Resources (PHR) degree to grow her business. In her view, “Strategic human resources management is all about forecasting and partnering with other departments to get ahead of current operations.”
She adds, “Historically, HR has been reactive. Directives would come from the top and HR would need to adjust accordingly. In Strategic Human Resource Management, HR has a seat at the table and works hand in hand with Chief Operations Executives to forecast staffing needs, pipeline succession, and other HR wheelhouses to determine how to support the organization proactively.”
Growth Mindset Framework and Strategic Human Resource Management
Reed Deshler, a former HR executive, is an Organization Design and Change Leader with AlignOrg Solutions and author of Mastering the Cube: Overcoming Stumbling Blocks and Building an Organization That Works. Reed has facilitated many companies’ strategic plans. These plans have led to greater operational efficiencies and cost savings.
In his article, “How HR Executives Can Enhance Strategic Management Processes,” Deshler writes, “Effective HR executives should be growth mindset catalysts and multiply such thinking wherever they are involved. In many ways, HR executives can ‘set the perfect stage’ for the organization to realize the most meaningful change.” He adds, “Done right, their conscious structuring of the perfect environment can lead a team to greater overall success.”
Efficient HR Functions Support Strategic Human Resource Management
Managing basic human resources functions is an essential element of overall organizational success and an indispensable component of effective strategic human resource management. For information and free templates to keep your human resources running smoothly, read Top Excel Templates for Human Resources. The article includes useful tools, like the one below, concerning a staffing/recruiting plan:
Strategic Planning in Human Resource Management
HR leaders in successful international companies, like Starbucks and Coca-Cola, make proactive decisions and are an integral part of the organization's strategy team. A majority of these leaders state that strategic planning is part of their role. Deshler notes that startups and smaller organizations should pay attention: If big players use the strategic human resource management approach, they too may want to use strategic human resource management to help their businesses thrive.
Creating your strategic human resource management approach begins with writing a plan based on your organization’s strategic goal. Start with a SWOT analysis (strengths, weaknesses, opportunities, and threats).
SWOT Analysis Strategy Template
Understanding strengths, weaknesses, opportunities, and threats is the basis of every strategic plan. Seeing these factors side by side clarifies what to address to formulate a powerful strategic human resource management plan.
As you continue to work on your written plan, focus on gaps that exist in the organization’s current situation, and create your strategy with a focus on your mission and an eye toward the future. For best results, involve line managers in the process.
Strategic Human Resource Management Plan Template
Organize your strategic HR plan and share it with team members for their input. Add your completed SWOT analysis. Use the template as is, or modify it based on your requirements, and translate your strategies into measurable action plans. This simple layout makes it easy for stakeholders to review critical information.
Roles in Strategic Resource Management and the New Economy
“In Human Resource Champions (1996), David Ulrich argues that there are four HR roles: strategic player, administrative expert, employee champion, and change agent,” says Langbert. “The traditional psychologist and union avoidance are implied in the administrative expert and employee champion roles.”
According to Langbert, in the new economy, there are different considerations: “The strategic player and change agent roles suggest that HR managers need to collaborate with both line managers and employees. They need to think about and design HR systems that match culture, technological process, and organizational structure with the aim of supporting top management’s strategic thinking.”
Langbert provides examples: “In cost-competitive firms like Wal-Mart, HR needs to think about cost minimization. In the differentiation and focus companies of the new economy (businesses that Warren Buffett would say have a wide moat), HR needs to help identify training, selection, and performance management systems that support top management’s objectives to innovate, focus on customer needs, improve processes, and improve service.”
The Benefits and Competitive Advantages of Strategic Human Resource Management
The greatest benefit of strategic human resource management is also its purpose: to improve organizational performance by integrating and aligning with business strategy.
“Strategic human resource management is certainly a competitive advantage. In manufacturing firms, quality processes depend on stable HR systems. In service companies, HR provides training, rewards, performance management, and employee selection support that enable businesses to serve customers best. Great hotels, whether high-end ones like the Four Seasons chain or more modest ones like Hampton Inn, utilize quality processes that depend on training, support, employee selection, and rewards,” says Lambert.
By creating systems to achieve better organizational performance, strategic human resource management promotes the following benefits:
- HR-Related Outcomes: Lower turnover, reduced absenteeism, increased job satisfaction, and higher employee commitment
- Organizational Outcomes: Heightened productivity, quality, service, efficiencies, and customer satisfaction
- Financial Outcomes: Higher profits, sales, return on assets, and return on investment
- Capital Market Outcomes: Increased market share, stock price, and growth
Deshler says that a company can achieve these benefits only if the strategic human resource management aligns with the business strategy. “Strategic human resource management by itself is not a competitive advantage for most organizations — in fact, this is where I believe we sometimes go wrong. Strategic human resource management work is strategic when it enables the strategy of the business. Too many HR executives have pursued programs and HR capabilities that the company didn’t want or need. Of course, we are well-intended as we recommend and build strategic human resource management capabilities, but a careful eye must be kept on how these capabilities will enable business strategy,” he emphasizes.
Research (The Impact of Strategic Human Resource Management on Organizational Performance, The Importance of Human Resource Management in Strategic Sustainability: An Art and Science Perspective, and The Role of Strategic Human Resource Management in Creation of Competitive Advantages) offers evidence that using progressive HR approaches achieves significantly better financial results.
Research (The Impact of Strategic Human Resource Management on Organizational Performance, The Importance of Human Resource Management in Strategic Sustainability: An Art and Science Perspective, and The Role of Strategic Human Resource Management in Creation of Competitive Advantages) offers evidence that using progressive HR approaches achieves significantly better financial results.
The Role of Strategic Human Resource Management in Strategic Change
The primary goal of change management is to successfully implement new processes, products, and business strategies while minimizing adverse outcomes. Strategic human resource management and strategic change are tightly interconnected.
“Changes in policies, process, products, markets, culture, or mission depend on HR on many levels. New approaches often require new ways of thinking about compensation and rewards, for instance,” says Langbert. “A shift to a more dynamic style of doing business might demand the implementation of at-risk pay. New technologies require training programs. Top management needs to think about cultural issues, impacts on employee morale, how layoffs will affect the culture and morale, and similar problems.”
Deshler offers his perspective on what it takes to move change forward: “Change is constantly happening in every organization, but most organizations lack robust organizational capabilities around change. Yes, there might be some change experts on the team, or there might be some tools lying around, but to build a truly strategic change capability, HR leaders need to be thinking about how they will create a change platform that combines traditional change management and program management. A change platform not only has a model for change and some tools, but also has a mechanism for training leaders and practitioners, temporary structures and roles to drive the change, project timelines and risks/issues, and means of measuring progress. Without all of these elements, strategic change results can be spotty.”
Deshler offers his perspective on what it takes to move change forward: “Change is constantly happening in every organization, but most organizations lack robust organizational capabilities around change. Yes, there might be some change experts on the team, or there might be some tools lying around, but to build a truly strategic change capability, HR leaders need to be thinking about how they will create a change platform that combines traditional change management and program management. A change platform not only has a model for change and some tools, but also has a mechanism for training leaders and practitioners, temporary structures and roles to drive the change, project timelines and risks/issues, and means of measuring progress. Without all of these elements, strategic change results can be spotty.”
Organizational Change Management Communications Plan
Keeping team members informed about impending changes makes transitions smoother and less stressful. Use this template to keep track of the communications process and ensure that you stay on schedule.
![Strategic Strategic](/uploads/1/3/4/8/134805215/904671825.jpg)
Change Impact Assessment Template
Every change impacts team members and business performance. Before you initiate changes, impact assessment will help you determine how alterations may affect team members, processes, and systems. Examine impact timing, risks to consider, and actions that may help mitigate the impact. Use this template on its own to assess changes, or add it to an overall HR plan.
Download Change Impact Assessment Template
Excel | Smartsheet
Change Management Policy Template
This template provides an outline for change management, from clarifying the type and scope of changes, to identifying the roles and responsibilities for affected team members, to assessing risk factors. Include detailed information on the control process you will employ and the procedures to follow.
Transition Plan Template
When moving team members to fill different roles in your organization, a written transition plan can reduce information loss. This template helps the person previously in the role connect with and train the new team member. Input start and end dates, tasks, goals, assumptions, and more.
Download Transition Plan Excel Template
Excel | Smartsheet
Barriers to Strategic Human Resource Management
HR departments may need to overcome their ideas and discomfort to achieve long-term goals. As Deshler notes, “Change is difficult. Strategic human resource management has been trending upward for decades but continues to challenge HR professionals due to their resistance and other forces.”
Here are the resistance factors you may encounter:
Here are the resistance factors you may encounter:
- Fear of Failure: Strategic human resource management is a significant shift for the people in organizations, particularly because of metrics and the need for transparency. Senior-level managers may resist taking strategic steps because of a fear of incompetence. There may also be a fear of victimization in the wake of potential failure.
- Lack of Commitment/Cooperation: A status-quo approach from employees is a barrier to change. You may not have buy-in from all of the senior management team. Unresolved interdepartmental conflicts may make it difficult to adopt a new approach. There may also be leadership conflict over the question of authority.
- Resource Challenges: There may be real or perceived time and resource limits.
- Outside Pressures: Immediate economic and market pressures may prevent the adoption of strategic human resource management. The organization may be vulnerable to legislative changes. The resistance may also come from labor unions.
How can you overcome these barriers? Effectively communicating the benefits and strong leadership from senior management can remove the fear of failure and lack of commitment and cooperation. To deal with resource challenges, senior management can provide appropriate budgets and reassign tasks to make strategic human resource management feasible. It may not be possible to mitigate outside pressures immediately, but planning can take place to set up for the future.
You can also overcome the resistance to change through the use of best practices discussed in the following section.
You can also overcome the resistance to change through the use of best practices discussed in the following section.
Best Practices in Strategic Human Resource Management
Every organization needs to create its own detailed best practices since, by its very nature, strategic human resource management planning should be tailored to each specific organization.
Marek believes that metrics are a must: “Some key metrics a strategic HR professional must always analyze are turnover, available workforce, growth needs, current staffing needs, and at-risk employee positions. In the event of a turnover, at-risk employee groups must always have a pipeline succession in place to fill key positions.”
To help provide a framework, here are actions to consider as you refine your process:
Retention and Onboarding in Strategic Human Resource Management
Hiring the right team members is time consuming and expensive, so retention is a major factor in meeting business goals. Onboarding, or organizational socialization, is a best practice that helps new hires at all levels learn the ropes. Learn more by reading Employee Onboarding Processes: Plans, Best Practices, Flowcharts.
Onboarding Plan Template
Use this template to generate an overall plan for activities to complete at each stage of onboarding. Note contacts in the far-left column. The remainder of the spreadsheet shows the onboarding tasks assigned to each contact throughout the year. Add or remove columns as needed to create your comprehensive onboarding plan.
Download Onboarding Plan Template
Excel | Smartsheet
Executive Onboarding Template
While it’s important for an executive in a new position to hit the ground running, their onboarding process is often more complex and individualized than that for a new hourly employee. Due to the potential financial risk an organization faces if the hire doesn’t work out, it’s essential to follow a careful onboarding process. Based on skills, goals, and identified areas for growth, this template includes input from the individual to help tailor the onboarding process.
Onboarding Feedback Form
For many processes, honest feedback provides the best path to continuous improvement. An onboarding survey will provide insights on what is and isn’t working in your existing process and will help you reach your goals for productivity, performance, and employee retention.
Trends and Predictions for the Future of Strategic Human Resource Management
Deshler says, “There are two trends I see in strategic human resource management. The first is that strategic change is occurring more often and in more areas simultaneously. HR executives and practitioners need to think about how they lead when there are numerous simultaneous changes. The second is that organizations are adopting more agile ways of working — a great opportunity. It means that HR leaders and practitioners think differently about the speed at which they design and implement strategic human resource management programs. They will have to get used to less precision and have more comfort with delivering ‘minimally viable products.'
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Where is strategic human resource management headed? Langbert predicts, “Technological innovation will continue apace, as will the need for training. Diversity has many benefits, but it also requires management and support. Employee benefits will remain a sensitive area as the aging population makes increasing demands on firms’ benefits programs. The economy will be a competitive place, and customer service and interpersonal skills training will be in demand. Back in the early days of the internet, some of my students thought that technology would reduce the need for interpersonal and other management skills. The reverse is true. As technology becomes ever more sophisticated, the need for technologically adept, highly motivated workers will become even greater. Managers will need to grapple with discontinuity and change, and HR will continue to play an increasingly sophisticated role.”
Strategic Human Resource Management Leadership Skills Can Take Professionals to a New Level
Being a Chief Human Resources Officer requires a high level of sophistication and a wide variety of skills: commercial acumen, comprehension of cultural differences, awareness of shifting demographics, change management talents, and the ability to act as an advisor to executives and the board. These capabilities are vital in the new economy and are more frequently leading to president and CEO roles. A Harvard Business Review article, “The New Path to the C-Suite,” notes that CHROs have what it takes to make it to the top office in the company, and research by Korn-Ferry found that strategic human resource management skills may be the future’s professional stepping stone to the top business leadership roles.
Strategic Human Resource Management Leadership Skills Can Take Professionals to a New Level
Being a Chief Human Resources Officer requires a high level of sophistication and a wide variety of skills: commercial acumen, comprehension of cultural differences, awareness of shifting demographics, change management talents, and the ability to act as an advisor to executives and the board. These capabilities are vital in the new economy and are more frequently leading to president and CEO roles. A Harvard Business Review article, “The New Path to the C-Suite,” notes that CHROs have what it takes to make it to the top office in the company, and research by Korn-Ferry found that strategic human resource management skills may be the future’s professional stepping stone to the top business leadership roles.
Improve Your Strategic Human Resource Management Skills with Smartsheet for Human Resources
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