Multi-unit franchising operations meet essential goals with cloud technology
The right cloud technology solutions can help multi-unit franchising operations run smoothly and support profitability. When you choose the right ERP or accounting system, it will help you meet essential business goals.
Embrace the cloud.
The cloud is the obvious choice for operations with multiple locations, and work settings outside of a traditional office. If you are looking to expand into additional markets but feel overwhelmed, after you see how the cloud supports your current set-up, you’ll feel more confident about growth. It may even seem like anytime, anywhere technology was designed just for multi-unit franchise businesses.
Track and view financials for individual entities and the entire business at once.
Look for software that allows you to track activity at the store or location level and roll up. Dimensional accounting, for example, is an industry favorite for organizations with multiple entities. Insist on this degree of visibility. That way, you will be able to easily analyze trends and construct well-informed plans.
Communicate easily between locations.
Make sure individual entity managers can seamlessly share daily intelligence such as changes in supply and demand. Collaboration provides a means for intra-operational support. It also allows you to make smarter decisions that support the greater whole.
Prioritize business intelligence.
Key performance indicators (KPIs) are an important means to analyze income and spending. They are also useful for managing your greatest asset—people. KPIs can help you keep up with employees at each location and provide development benchmarks to hold staff to high standards. Use measurements to set goals to encourage ownership. Review achievement statistics and reward improvements to boost confidence and morale.
Speak the tech language of your future leaders.
You don’t need to allocate your entire budget to software, but be sure to select the tools that generations Y and Z expect. You could lose potential powerhouse employees if you ignore digital natives’ requirements for efficiency. Gen-X and Boomers also rely on mobile technology for personal use and appreciate mobility and smooth workflow. Your technology choices can help you become the organization that attracts and retains the best available workers in the world.
Select integrated solutions.
If you are happy with applications you are currently using, opt for an ERP or accounting solution that will integrate with these tools, preferably with bi-synchronous data communication. Integration prevents your team from manually inputting data into various disparate systems, which saves time and reduces errors. We recommend a best-in-class strategy versus a suite to achieve optimal results with hand-picked, specialty technology.
Lastly, do not be afraid of the cloud! Franchise owners who are ruled by resistance to technology are likely to trudge through each day into the wee hours of the night, juggling spreadsheets with outdated information. Those who embrace cloud technology and integrated software are poised for growth. Contact MicroAccounting to discuss solutions like Sage Intacct that can help your franchise operation thrive!