CNBC covered an enterprising journey and critically successful steps taken by Hearty Mart by Nadeem Jafri, Ahmedabad. The article is beautifully written giving insightful tips on how to scale retail franchise network.
Step 1: Target Existing Market First– The current market of operations is the best place to look for growth ideas.
Step 2: Integrate Ideas- Devise an effective strategy to tap the market, forward-backward integration, vertical-horizontal growth, same customer-new customers and more.
Step 3: Get The Funding Right- Capital infusion without breaking the bank is need of an hour, for a right business there are many who want to invest and join.
Step 4: Define Roles And Control- Put in place a proper control system that monitors the working and behaviour of different stakeholders.
Step 5: Create A Suitable Legal Contract- legal contract is essential to safeguard business operations and IPR, defining clear role, responsibilities and financial implications.
Growth is achieved only when everyone in the system works in tandem to reach a common goal. James Cash Penney has wonderfully conveyed this thought: “Growth is never by mere chance; it is the result of forces working together.”