Running a successful franchise business is no easy thing. But at the same time, it can be a massive opportunity. To put things into a better perspective, the franchise industry generates more than $2.1 trillion each year. During this hard covid impact it is more important to revise & fine tune your business processes with right franchise management techniques.
According to the International Franchise Association, almost 5% of all small businesses in the US are part of some franchise. Furthermore, there are over 900,000 franchise businesses across the country that employ over 18 million people.
However, there are as many new franchise businesses as there are those that close shop permanently. There can be various reasons why some franchise businesses thrive, and others fail.
The one thing that stands as a common denominator for all successful franchise businesses is a great franchise management solution. According to a survey run by the International Franchise Association, more than two-thirds of all surveyed franchise businesses said that they couldn’t be as efficient as they were without their software management solution.
In that survey, they have listed some of the best features of the franchise management solution they are using. Here they are:
This feature enables you to always be on top of things and have all data easily accessed. It is the core feature of many franchise management solutions out there. Ideally, it integrates data from all outlets, branches, and territories.
Plus, the data is presented in a way that you can easily recognize trends, patterns, and performances. The best solutions have a centralized control that features a user-friendly UI. That’s not all; it also covers all business processes related to your franchise business.
This is all about being able to analyze the process and optimize it. Every top-rated software management solution is built on the premise of continuous improvement. A big part of workflow optimization is workflow automation. That way, it is possible to convert some of the repetitive workloads into free-running operations for increased efficiency. By doing so, the user can spend less time on repetitive work and focus on other, more critical aspects of the business.
All the best software management solutions offer excellent inventory management that can automate ordering, tracking, supply, and storing inventory. That way, all of your franchisees are always well-supplied, you can keep track of their performances, and you can make supply plans. Logistic play a big part in every franchise business. The better this feature, the easier it gets to optimize your supply chain, all goes smoothly, and most important of all, uninterrupted.
Integration can additionally help optimize your workflow, smarter use of available data, increased BI, and so on. The list of benefits can be quite extensive and can vary from case to case.
Cloud integration is also recommended. That way, your franchisees can also have access to some of the features and data. As a result, they can also take advantage of that to improve their internal processes and workflow.
Once everything is in the cloud, they can access it easier from any place or device.
Nothing will matter much if your franchise management solution doesn’t come with good reporting. Reports can and should bring you insights into how each franchise outlet is doing, are they lagging in some area, how are their sales, revenue, customer lows and highs, and so on.
The reporting tool should be easy to use and very comprehendible on both sides, the side that makes the report, and the end-user. At the same time, it needs to contain top data and metrics. All of which are essential in making business decisions that will help you run a profitable franchise business.
Based on those reports, franchise owners and managers can analyze key metrics, and send recommendations to their franchisees.
Thorough reports and the metrics derived from there can be of great help. However, sometimes we can’t see the entire picture from all that data. That is when the analytics tools come in place. They can reveal something that went under the radar, yet it can be a game-changer or a hint to some new trend. Sometimes it can be a positive trend, other times a negative trend.
But in any case, it will help you be ahead of the curve and prepare a strategy that addresses the issue promptly. To that end, many franchise software management tools leverage powerful BI and AI algorithms.
In Conclusion Franchise Management Solution
All of the features above are designed to help you reach new goals and make better business decisions. But even the most powerful features won’t be worth much to you unless you put your heart and mind in it. It is only when you combine your business intelligence with the power of the software solution when the best results are achieved.
BillberryPOS is a power packed franchise management solution platform where we provide custom solution as per customer’s needs. If you like this article, please share to others for Affordable Franchises Management Solution.