mastering-uncertainty

Mastering Uncertainty

There’s plenty of uncertainty in the world right now.  We’re experiencing higher inflation, and rising interest rates.  The war in Ukraine is continuing, tension with China is simmering, and Covid is still hanging around.

With all this uncertainty, it’s no wonder some franchise owners are feeling anxious, which is causing them to be inactive.  The positive news is that you don’t have to let this uncertainty act like a handbrake on the success of your franchise. Please don’t misinterpret what I’m saying. I’m not saying any of the forementioned events are good, because they’re not.  What I am saying is to start by accepting that uncertainty is certain.  

There will always be something external that has the potential to impact a franchise’s performance, therefore regardless of what’s happening locally, nationally, or internationally, franchise business owners have the choice of what they do next.  

Most people would describe this as managing uncertainty, although I want to take it to the next level and teach you how to ‘master’ uncertainty.  The word ‘Master’ is defined as ‘to gain control of, or overcome’.  In this article I want to share 5 strategies to help you master uncertainty and ensure that your franchise continues to thrive.

1) Control The Controllables

All the events I mentioned earlier are out of your control. Rising costs, wars, and pandemics are beyond most people’s control, yet why do so many of us get caught up in something that we can’t change? The answer lies in our psychology. Everyone’s mind has a primary role, and that’s survival through life. As a result, our minds are constantly scanning for dangerous or painful situations. 

When one of these situations occurs, our mind uses the emotion of fear or anxiety as a mechanism to get us to avoid it and stay safe.   What we do have control over are our thoughts, responses, actions, and behaviours.  Essentially, we only have control over ourselves.  It’s important to recognise that we have no control over our staff, suppliers, franchisors, family, and so on.

 Whilst we can persuade, influence, or negotiate, we have zero control over these people, events, and circumstances.  Next time you find yourself being held back by an external event or person, ask yourself what can I do that’s within my control?  If you come up with an answer, then do that. If there’s nothing you can do, then accept it, and look for something else that is within your control.

2) Get Clear on What You Want

Most franchise owners aren’t clear on what they want. They know what they don’t want, which in business, is to not fail, but they’re not clear on what they actually want, ie. a clearly defined franchise goal.   I believe that franchise owners can achieve whatever goal they want, provided they are committed to making it happen, and the best way to get clear on what they want is to set it. 

The goal setting methodology my clients and I use is S.M.A.R.T., which stands for Specific, Measurable, Achievable, Relevant, and Timed. Setting a clearly defined goal is the first step in bringing your franchise goal to life.

Just because your environment is filled with uncertainty, is no reason to lose sight of your goals. In addition, the power of goals is to make sure that you have something to move towards, instead of away from.  Given the focus of this magazine edition is on health, fitness, and beauty, let me describe this positive psychology approach in relation to weight loss. If you’re wanting to lose weight, instead of focusing on not being overweight (moving away from), you need to focus on being fit and healthy (moving towards).  Get clear on what you want your franchise business to look like, then commit to working towards this vision consistently.

3) Be Prepared

Being prepared for a worst-case scenario is a good risk mitigation approach. Alexander Graham Bell, inventor of the telephone, said, “Before anything else, preparation is the key to success.” You don’t want to ignore rising costs, pandemics, wars, etc, and think it’ll never affect me or my franchise.  Instead, take the time to prepare for contingencies before they’re required.

 Develop a plan, then put that plan away for a ‘rainy day’, hoping that day never comes. It’s like conducting a fire drill. No one wants there to be a fire, but in the rare event of it occurring, the team are well prepared for what to do next because of conducting fire drills and having a contingency.

4) Build A Growth Mindset

Your mindset is the largest contributing factor to your success as a franchise business owner, specifically a growth mindset. Having a growth mindset means that you’re prepared to tackle challenges and learn from them, therefore improving your skills, talents, and intelligence over time.  

A characteristic of a person with a growth mindset is that they see opportunities everywhere. Even in times that seem dire and catastrophic, having a growth mindset will enable you to have a different perspective. Viewing mistakes as feedback is another characteristic of a growth mindset. Every time you make a mistake you learn something, which is feedback. 

The more you try new things, the more mistakes you will make, but the closer you will be to getting it right. One of the many benefits of being involved in a franchise, is that a lot of the mistakes have been made for you by the franchisors or earlier franchisees. Resourcefulness is also a key characteristic of a person with a growth mindset. Regardless of where you are or what’s happening, always look for a solution by asking, “What else can I do?”

5) Practice Mindfulness

When we look too far into the future, we can get fearful and anxious about upcoming events.  Conversely, when we look too far behind, we can get upset and depressed about missed opportunities.

To overcome this, it’s important to be centred and focused on the here and now.  In other words, being mindful.  The practice of mindfulness is about being present, and focusing on this moment.  To change any outcome in your franchise, it starts with what you chose to do at this present moment.

In summary, change is inevitable, and uncertainty is certain.  Even in situations that appear dire, you still have the power to implement these strategies: Control what you can control; Set a clearly defined goal; Prepare for contingencies; Build a growth mindset; and, Practice mindfulness.  These 5 strategies will ensure that you master uncertainty, and enable you and your franchise to thrive.    

Learn how to master uncertainty by choosing the right business coach today. Contact the team at Brisbane executive coaching. Specialists in individual business coachinggroup business coaching and online business coaching.

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Bio of Tony Meredith

Tony Meredith, Director and Head Coach at Tony Meredith Coaching, has over 25 years’ experience working for some of the world’s largest corporations in a variety of senior sales and leadership roles.

Tony Meredith Coaching started in 2018 and works with hundreds of small-medium businesses across Australia, in the areas of Franchising, Retail, Services, Manufacturing, and Property.  Tony Meredith Coaching focuses on helping business owners Grow Sales, Increase Profits, and Regain Time.