When technology advances, our professional lives become easier. Processes and assignments that could once only be done manually are now automated. CRMs keep you up-to-date with your clients, business intelligence platforms assist you in making the most educated decisions, accounting solutions help manage your finances and much more.
Similarly, technology for franchise operations has come a long way, too, particularly when it comes to such franchisor challenges as ensuring compliance, standardizing processes and keeping track of sales and royalty fees.
As a business owner, you need to have your franchisees comply with all relevant laws and business regulations. To ensure compliance, it’s essential that franchisees don’t fall out of franchise contracts. The last thing an owner wants is for a franchisee to have access to all private and confidential business branding and processes without being tied in through the franchise organization’s contract.
Franchisors also want to track leasing records and they must be able to access leasing documents and contracts for information on expiration dates and more. Centrally locating vehicle registrations is another fundamental element in maintaining compliance, as is keeping track of all associated insurance policies – not only for vehicles, but also for health and property/location insurances.
Franchise contracts, leasing contracts, registration forms and insurances: all are crucial to organize and track. It can be extremely challenging to do so if you don’t have the proper technology operations solution to manage them for you.
One of technology’s biggest benefits is its ability to help standardize processes and make them easier. When ticketing support is built into an automated platform, for example, it allows for seamless assistance and monitoring of the requests you’ve submitted. Standardized and documented processes also create independence and autonomy for business owners; people might come and go, but operational knowledge doesn’t need to go out the door with them.
Technology also can improve training and communications. When training – videos, learning modules, tests and more – is standardized, franchisees receive a uniform and universal learning experience. And communications both upward and downward are streamlined and documented for future reference.
Tracking Sales and Royalties
Royalties are the largest monetary benefit of being a franchisor. Making sure that you receive them in a timely manner is sometimes more complicated than you might imagine. Advanced operations management solutions can do the hard work of tracking sales and royalties for you and keeping your finances organized.
Staying up-to-date with technology is the only proven solution to these and other franchise operations challenges. If your processes are inefficient or inconsistent, it’s time for you to educate yourself about the technology options available today. Both your peace of mind and the success of your business depend upon it.
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