The leadership style you choose to adopt when taking advantage of franchise opportunities in South Africa will help determine your business success. It is a dynamic profession and you will need to experiment with your leadership strategies to find what works best for the franchise opportunities you have bought into as well as for your employees.
The most commonly studied forms of leadership when it comes to the entrepreneurial industry are transactional and transformational leadership. These are not set in stone but understanding their similarities and differences can help you strike the perfect balance needed to turn your franchise opportunity into a franchising success story.
Transactional leadership is based on the idea of a transaction whereby the leader rewards performance. It is a goal orientated approach whereby if goals are met the team is rewarded, and if they are not there are no rewards to give. This means the leader must strive to not only inspire the team but give initiative in the form of rewards.
These rewards can come in any form you may think of. A popular option many industries use is recognition and praise. This can be done through nominating an employee of the month or rewarding a free lunch for outstanding performance. Rewards do not have to be physical but must inspire others to strive to achieve the same and encourage those who perform well to keep up the good work.
A transactional leadership style focuses heavily on supervising a group with great organisational skills. If you adopt this style you need to be heavily involved to truly know what is going on at all times and function as much as a member of the team as its leader.
This form of leadership is heavily based in motivation for a fruitful future. This is perfect for those who have bought into franchises for sale, because if you believe in the business model and its success you can inspire your employees. This is a popular form of leadership among natural born “people persons” who thrive when working with others. Charisma will get you far and a high emotional intelligence will mean you know how to handle different situations involving different personalities. This is especially helpful when running a Cash Converters franchise because every day is different and presents new challenges.
Again, great organisation and involvement are a prerequisite of any leader. You are driving the team with your enthusiasm and passion. As the leader you need to make your team believe they will soon reach great success and establish a level of trust where they have faith in you to lead them there.
If you find yourself asking how to buy a Cash Converters franchise after reading this you are most likely a natural born leader. Natural born leaders do well when taking advantage of Cash Converters franchise opportunities. With our extensive training programmes your natural leadership talents will surface in no time to carry you and your team to success.
Visit our website to find out how to buy a Cash Converters franchise and reach your wildest entrepreneurial dreams!