As the number of your franchise units goes up, so does your cost of components. Major components include inventory, labor, overhead, and much more. As a franchise owner, this must be tough work for you to manage. Especially, when you need to manage the records of the workforce, website, and ad builder along with specific details on content management.
How do you raise the profits of your franchise chains if you cannot monitor your performance?
This can be perfectly done using a Franchise management solution across all your location. Either way, it will help you to gain better control over your franchise chains by streamlining operations and capturing market data. Also, it can help you to connect with multiple franchise sites through integrated communications.
Using a franchise management solution for your franchisee will allow you to:
- Automate your accounting needs by 50%
- Automate your sales activities
- Process invoices, purchases, sales order in minutes instead of hectic hours
- Auto-allocate your expenditures across all units
- Automatically generate sales reports, client reports, and others
- Enjoy corporate-level visibility over inventory
- Enhance customer relationship
You still might have doubts and confusion about whether a franchise management solution can hike up the profit levels or not. Let us see how exactly this software can help your business:
- Adjusting stock levels and supply network
Managing the entire inventory system for large franchise chains is almost impossible without a proper franchise management solution.
Suppose you have received a lot of orders for this weekend, but your stock supply is not adequate to fulfill the high demands. How can you increase your profitability then? You simply can’t.
You need to have software that keeps a check on the supplies and automatically replenishes the stock. A good franchise software enables you to access the inventory data that can help you to forecast the inventory levels. As a franchise owner, you can then give purchase order requisitions depending on the minimum and maximum level of stock, while directly contacting the retail vendors. Thus, the software can help the business keep a track of the supply chain process from order placement to stock replenishment, allowing you to foresee and avoid risks or issues that can arise in the process.
2. Increasing Sales
A large chunk of the profits in your franchise business will be generated from the increased sales. But how will your sales increase?
The answer is by building a meaningful and trustworthy connection with your customers. But, here comes another question, what will compel your customers to visit your franchise units again and again, apart from the quality of your product??
It is the quality of your customer service and relations your franchise provides. The more an outlet sells the more revenue you earn thus making large profits. Thus, one vital thing you should focus on is customer retention. A solid franchise management solution can aid customer relationship management by providing features such as customer registration, sales promotions, loyalty programs, customer information, and customer feedback so that you can attract and retain your clients in the long run.
3. Monitoring performance
The key to gaining skyrocketingprofitsis tracking and comparing every vital aspect of your franchise business. But how can you work on improving something, if you can’t track its current position?
A good franchise management solution can help in the inspection of all your franchise outlets guided by certain industry audit standards and checklists. Backed up by the ability to store a plethora of information, a franchise software can provide incredible facilities to boost your profits:
- Tracking sales
- Monitoring personal data
- Monitoring performance
- Managing and tracking inventory data
Such features surely allow a franchise owner to easily map out any inconsistency while keeping a tight control on the processes and operations. Not just that, it can also help you to identify the areas that need improvement and modify your sales and management goals in line with your expected profit margins. A franchise software can store historical data of your outlets which you can use as a benchmark for tracking your profits and inspection.
4. Brand recognition with improved Marketing
Branding is the biggest game played by smart franchise businesses these days. In fact, the brand name is the most important and powerful weapon of the franchisee. Establishing a brand recognition can attract the right profitable clients not just to a single outlet, but to the franchise network as a whole, thereby skyrocketing your profits.
Competition in the marketplace is very high, and differentiating your business can be very critical without great marketing. A standard franchise business solution allows franchisees to conduct their marketing campaign, the schematics of which can be shared through the software with franchise owners.
So, as a franchise business owner, you get more flexibility and creative freedom to monitor, adapt, improve, and tailor your campaign suited to your own franchise needs.
5. Price management
For any franchise business that is lucrative, it is imperative for the business to deliver its customers with consistency in quality, branding, and price. All of these can be achieved using a franchise management solution. The central interface can communicate the product information to the whole franchise chain, which will allow you to create price brackets, price groups, specific discount levels, etc. You can set up a framework where you will be able to set up limits while adjusting their prices and discounts. Hence, all your inventory management needs including point-of-sale, warehouse, logistics, and contact center, will have consistent high-quality data.
Time to get the right help
So, now you know, the ultimate goal of finding the right franchise management solution is an improved profit and ROI. And all businesses promising a drastic growth in ROI may not be trustworthy. But using the right franchise software from a trusted partner could set your franchise apart from the crowd of competitors and quickly bolster a thriving profit.
If you think your franchise management needs some improvement, maybe it’s time to call us. Check out our website www.meetbrandwide.com to know more about how you increase your profit and sales.