As a business owner, how easy is it for you to access your company information? Are you among the many who are still managing their data from numerous spreadsheets scattered across your organization? Businesses in all industries constantly struggle to keep their data organized and easily accessible. Don’t let your organization fall into that trap. Educate yourself on software solutions that can help.
Here are only a few of the critical functions and tasks that business operations managers need to closely oversee in the franchise industry:
- Contract renewals
- Insurance renewals
- Lease renewals
- Licensing
- Vehicle registrations
- Royalties
- Sales data
- Operations manuals
If you overlook any of those areas, it can cause serious problems in your operations – not to mention weigh heavily on your professional state of mind.
For example, contracts are sacred documents for franchisors. If you’re managing the contracts virtually, which you most certainly should be, you need to be able to easily access them in your solutions dashboard area. You need to receive regular contract renewal updates, amendments and deadlines. The last thing a franchisor appreciates is being unaware that an existing franchisee is going out of contract. In such situation, the franchisee is able to legally walk away with knowledge of all brand secrets and strategies, and worst case scenario, take it elsewhere to a competitor. To prevent such an alarming event, it is fundamental that you stay on top of all things operations through an organized and clear dashboard.
Another example is an insurance renewal. As a business owner, you must be aware of all insurance statuses: property, vehicle and healthcare all the way to workers’ compensation. You want to be certain that all your company-provided insurances are in line so you have coverage when you need it. Similarly, you also want to make sure that you are in compliance with the requirements of your policies so you’re always one step ahead of any potential problems.
A particular favorite amongst franchisors are royalties. If you use a finance module that integrates with your store point-of-sale systems, you can attain daily, weekly or monthly sales reports and calculate your royalty percentages per location. That way, you know exactly what to expect in royalty fees from each one of your locations. Such finance modules are truly golden – literally.
Many businesses struggle when it comes to accessing their data, and when organizing data is thrown into the mix, it becomes an even larger ordeal. A software solution that houses all your data and makes it easily accessible is the answer to that struggle. Once you find the perfect fit, you’ll have the peace of mind that comes with seamless delivery of updates and information about finances, locations, renewals and much more.
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