Franchising in the UK is a way to grow your brand in a cost-efficient manner followed by minimum risk. It’s an attractive option for several business who are looking to expand their business because it helps to save you capital, time and resources while allowing you to find additional opportunities for revenue. This is where emerging franchisors find it difficult to offer any kind of support, mostly when financial is not accurate and inaccessible. Thus, in the absence of the right data, it becomes difficult for the franchisor to evaluate and offer proper suggestions to the franchisee as to what steps they can take to improve their business. To solve this problem, franchise organizations should turn to an efficient cloud-based franchise software system for managing their accounting practices.
What are the benefits of developing a cloud-based franchise software system?
The cloud-based franchise software solution can be managed from a single access point and source.
Access to secure franchise intranet program of management software that offers a central source for all management activities.
As you move to a cloud-based system, accessing financial data becomes easy from any device, any time.
Transactions are automated through linked bank accounts or POS systems, which indicates information is updated in real-time.
Easy monitoring of business and employee performance.
One of the major pain points between franchisor and franchisee understanding is the lack of appropriate financial reporting which is the ultimate key to the successful running of a business. The cloud-based franchise software system reduces these pain points by offering instant access to financial data. Also, the book keeping feature helps to make sure that redundancy is reduced and inaccuracies are identified.
Why is the franchise software system important?
The objective of any cloud-based software is to solve a problem. A Cloud-based franchise software platform serves as a tool for communication between franchisor and franchisee when required. A streamlined software is necessary to maintain communication between them.
A franchise management platform always requires integration to the database management system to store data, generate reports, and predict market trends. A franchise software system allows the franchise representatives to be on top of developments in their locations. As well as franchise communications are streamlined, and it becomes stress-free. The end-to-end solution of a franchise software system provides management of invoices, contracts, and purchasing orders. As a result, franchisees can stay well organized and gets more out of their software integration competencies.
A universal franchise software system makes monitoring existing franchise units by location easy. Franchisors can take complete advantage of prior planning of payments as well as clearance of dues. Hence anyone who understands that poor time comes from disorganized work will surely appreciate the tool.
Four important components serve as a support system for a franchise software solution. These four components comprise the entire franchise operations. Let’s have a look at how those components help franchise business:
Data Auditing and Reporting
Franchisors and franchisees understand the importance of data auditing and reporting. Business intelligence tools such as reporting are used to support operations improvement, market prediction, and trend evaluation. Cloud franchise software offers data and helps to keep the data secured and compliant within the franchise network.
Optimized inventory and supply chain
A franchise software solution enables the franchisor to have a corporate level of insight into the inventory. At the same time, you can buy the orders based on the min and max levels of inventory wherein connect directly to the supply chain. The automatic stock replacement tool is utilized across the franchise chain giving the franchisees historical data and seasonal predictions. On a whole, it means that franchisors can be completely aware of the happenings of the franchisees. Also, they can have an idea of the supply chain. Thus, everyone will have an idea of how much stock they have and if there is any issue concerned with shortages.
Management operation and marketing solution
Franchises are often energetic about getting support with operational management and marketing. Franchise software system offers support for operational planning and helps to increase sales through marketing. It is a centralized franchise platform that helps to accommodate all kinds of requests. That mainly deals with funnel marketing, customer data, lead nurturing, and implementation.
The software also offers sales and marketing analytics support. The return of a customer to an individual outlet depends on the quality of customer service a franchise offers. The more a unit sells, the more the revenue for all the parties. Customer loyalty and sales promotional tools are offered by a franchise software system to drive more customers to the units. However, the final in-store customer communication is the role of the franchisee but an effective software can help to boost the sales of the outlets aggressively.
Having control over marketing collateral, distribution, and launches across all franchisees are important for promoting. It enables the franchise owners to order signage and other decorations to the public and help to build brand recognition. A rightly chosen franchise software system can help franchisees to carry out their limited marketing. This allows the business owner with more freedom and flexibility. If you do not have a great idea on how it helps, take a look at the benefits it offers in marketing:
Adopting a franchise software system helps the franchisor to increase sales by bringing customers to the franchisee.
Using a custom enterprise franchise software, a business can easily increase sales through marketing automation tools. You can have complete access to new customer data and historical communication record with customers, that helps to strengthen customer loyalty thus driving sales.
A franchise software enables franchisees to run their limited individual marketing while allowing them to share the schematics of the campaign with the head branch.
It allows the franchisor to adopt, tract, and customize a marketing campaign in real-time and enhance its effectiveness.
A franchise software also helps to easily access sales data to modify the marketing campaigns in real-time.
On the whole, the software system offers an individual organization management interface, that lets you run your outlet the way you see it and compare it with other outlets to check how they are performing. This sense of competition can encourage franchisors to stay ahead of the crowd. At BrandWide, we are happy to assist you with your franchise operational needs. Don’t hesitate to call us for more details and request a demo of our franchise software.
At BrandWide, we offer a software platform to grow franchise businesses. BrandWide is a product specifically designed for Franchise success. We have been serving our valued customers for 25 + years. BrandWide includes best in class CRM for franchise development, franchise marketing to ensure brand consistency across the entire franchise, and franchise management tools and dashboards to manage and help franchisees grow.