One of the best parts about running a franchise is that much of the foundation has already been laid out for you. But that doesn’t mean innovation within a franchise is any less important than with any other type of business. You still need to find methods to optimize your business strategy and differentiate yourself from the competition. Technology is generally among the best ways to do so. And you’ll find three methods in particular that can improve your franchise’s operations.
1. Use Video Conferencing
Video conferencing has gone from an occasional novelty to something everyone is familiar with in just the span of a few years. But just because you’re familiar with video conferencing doesn’t mean that you’re getting every possible benefit out of it. Video conferencing isn’t just a way to convey facts. The technology also helps build up a sense of camaraderie with your business associates.
The biggest benefit of video conferencing stems from the fact that franchises can build up collective team efforts together. Body language, tone of voice, and myriad other elements of communication matter nearly as much as raw data when you’re collaborating. Think about how much more you trust people when you’ve spoken to them in comparison to just reading their names on a contract. If you use video conferencing then you have an instant advantage over competitors who don’t.
2. Invest in Franchise Management Software
Franchises are in a unique position where they’re both independent and part of a larger team. You’re free to make your own business decisions within certain pre-defined points of agreement. But there’s usually some level of resource allocation between both parties as well. This can be anything from physical goods to tertiary deals for your franchise’s necessities. Many also provide some form of franchise management software.
Franchise management software varies on a case-by-case basis. But, in general, franchise management software helps to ease elements of shared communication between franchisee and franchisor. It might implement features such as secure or encrypted document sharing, royalty management, or even data analysis to help get a larger picture view of the brand as a whole. Much as with video conferencing, franchise management software can make it easier for people separated by distance to still work as a unified team. Not to mention that it can vastly simplify your own needs for bookkeeping.
3. Stay on the Cutting Edge of POS
Point-of-sale (POS) systems, like franchise management software, come in a multitude of different forms. However, as the name suggests, the primary focus of a POS system is the exact point at which a sale is made. In a modern context, this is usually when a customer’s electronic payments clear and he walks off with his purchase. But over time many related functions have found their way into POS systems. For example, the POS system might tie into your inventory so that a sale of one item will automatically decrease your listed stock. Alerts telling you that it’s time to restock are helpful of course. But POS systems might also let you see trends as certain items become more popular. By catching on to those trends you can ensure that you’re able to properly leverage public interest to increase your sales.
