Most franchise businesses are moving their operations to the cloud. Big or small, companies have unique requirements. Franchise equipment management tools can meet these needs.
Have you found a new franchising opportunity to expand your business? It could be your first time. Or you have done it before and want to switch to a new POS. Whichever the case franchise management software is an excellent choice for your endeavors. An ideal point of sale (POS) system for your franchise venture should be:
Cost-effective, especially for multi-location franchises
Web-based to allow easier sharing of data across stores
Compliant with Euro-pay, MasterCard, and Visa (EMV) to reduce franchisor liability
User-friendly to simplify the training process
Why are Entrepreneurs Switching to Automated Software for Franchise Equipment Management?
The management of franchisor’s inventory is like any other form of business management. There are specific skills that apply across the board. It doesn’t matter whether it’s your own company or you’re operating a franchise for someone.
First of all, you must be good at inventory management. This could be the difference between profit and loss. Many enterprises are failing due to lack of proper inventory management practices. While franchise management requires significant human effort, it pays to integrate relevant technology. Your efforts are far from wasted when you use the following tips.
1. Focus on the Inventory
Would you like to visualize the items or products that are most important in a punch list? Start by organizing the inventory into priority groups. Some products take a lot of time to be delivered when ordered. Always keep tabs on the things you’ve left out.
By creating priority groups, you can hardly run out of products. As such, you will always fulfill orders without disappointing clients. When franchising, prioritizing the inventory is a smart way to order stock in time.
When managing a construction contract, you want to make sure the construction timeline is followed through and this starts with prioritizing the building materials.
2. Regular Audits
Auditing is never a walk in the park, but it’s the right way to monitor the inventory. Through franchise equipment management, you can tell what is in or out. With the right software, you can tell what is selling well and what’s not.
If something is out of stock, you can make the necessary orders. Some franchisors make audits after a few months. Weekly audits are the best way to go.
3. Understanding the Supplier
The performance of your suppliers plays an important role in franchise equipment management. If you never get the supplies in time, it’s high time you review the supplier contracts.
You could be the most careful project manager, always adhering to a construction budget, and it would be a big disappointment if the suppliers of the building materials let you down.
4. Staying on Top of Sales and Returns
Tracking sales and returns is not just about adding them up. You need a tool that gives a complete analysis. Some of the questions you need answers for include:
What are the seasonal products?
What are the peak times of specific product sales?
What items sell together most of the time?
Is there enough product in stock to account for a sudden increase in demand?
Invest in the Right Franchise Equipment Management Solution
As your franchise expands, spreadsheets and notebooks become a pain in the neck. It is wiser to adopt a high-tech inventory management system. Do it as early as you can so that your team can learn to use it. Then you can mitigate sudden growth when it happens. A good franchise equipment management solution makes the above steps much easier.