3 Keys to Franchise Success and Profitability
3 Keys to Franchise Success and Profitability

3 Keys to Franchise Success and Profitability

All franchisors, regardless of industry, have one thing in common: the need to drive profitability throughout their business entities.

That requires managing a distributed workforce with multiple locations while monitoring efficiency and compliance across franchisees with different systems of organization and leadership.

There are three keys to tightening up your business processes to make your franchise more streamlined, efficient and, of course, profitable:

1. Control what you can control.

With so many volatile factors affecting your business each day, such as the economy and government regulation, successful franchisors control whatever is in their power to control.

For example, use payroll and timekeeping systems that allow you to track labor costs and determine real resource needs. Do you need as many people behind the counter as you’ve scheduled? Little errors can add up over time to major losses. The first step to fixing such problems is identifying them.

2. Commit to checklists.

Once you’ve assessed your gaps and found solutions, stay on track by using checklists. Lists make sure nothing falls through the cracks, whether it’s stock level, cash control or job duties.

To augment your checklists, use a web-based reporting tool to collect and analyze data—keeping information from franchisees consistent and centralized so you know you have real information on which to base decisions.

Broad-based reporting will allow you to detect anomalies or site-specific needs across your business units. Seeing those nuances takes the guesswork out of decision-making, which boosts your credibility when you communicate changes to policy or practice with your franchisees. When they know your decisions are founded in accurate numbers and good data, the trust factor goes up—and so do the acceptance and adoption of your plan.

3. Be flexible and be prepared for change.

Trust is critical, because change is inevitable—no matter how strong your systems and processes are. The key is for those systems and processes to also be nimble and scalable so your business efficiency never suffers, even due to circumstances outside your control. If you run your business consistently internally, the external should have minimal effect.

Training plays a pivotal role here, from franchisors to franchisees and from franchisees to frontline managers. From the top down, the importance of consistent systems must be stressed, to ensure a uniform brand experience for customers and to maintain a standard of efficiency across the board.

Using a web-based HR information system, or HRIS, streamlines corporate processes and enables training and communication throughout the business. Franchisors and store owners can monitor training and certification for franchisees and new hires, in addition to managing a consistent performance evaluation process across all entities.

Are you maximizing your profitability by employing best practices throughout your franchise business? For more tips on increasing efficiency, download this free whitepaper. Then view this 2-minute demo to see how Paycor’s Perform platform offers everything you need—from payroll and time to HR and custom reporting—to stay in control of your business and your brand.


Source: QSR Magazine

More to Discover

Paycor's COVID-19 Command Center

Paycor's COVID-19 Command Center

We're excited to announce the release of Paycor's COVID-19 Command Center, a new analytics solution that delivers instant insights for crisis management. With the COVID-19 Command Center, you'll be able to: Prepare with real time insights Plan with actionable data Respond with the help of HR experts Recover quickly by playing the long game now Discover how your organization can make the best possible decisions with real time data, actionable insights and expert HR counsel.

Webinar: COVID-19 Summit - Why Leaders Need Technology More than Ever - 4/23/20 @12pm ET

Webinar: COVID-19 Summit - Why Leaders Need Technology More than Ever - 4/23/20 @12pm ET

The HCM industry has reached a fundamental crossroads. Now more than ever, leaders need HCM technology to help them see around corners. They also need to harness the power of their people for growth, but they lack the right tools. Join Paycor’s Chief Product Officer, Ryan Bergstrom, to get an insightful deep dive into the evolution of HCM technology and why the moment where in right now is such a critical time for SMB leaders. Speaker: Ryan Bergstrom Ryan is the Chief Product Officer for Payor and is responsible for setting the strategy for Paycor’s HCM suite to meet SMB market needs. Ryan spent 7 years at Ultimate Software, where he served as VP of Product Management. Prior to Ultimate Software, Bergstrom held manager and director...

Webinar: COVID-19 Summit: (KEYNOTE) How HR & Finance Can Reduce Costs - 4/23/20 @11am ET

Webinar: COVID-19 Summit: (KEYNOTE) How HR & Finance Can Reduce Costs - 4/23/20 @11am ET

Businesses are facing the difficult task of sustaining operations and serving customers while also limiting expenses during this crisis. Join Paycor’s Chief Human Resources Officer, Karen Crone and Chief Financial Officer, Adam Ante, to discover the top ways SMBs can reduce short-term costs and prepare to return to future growth. Speakers: Karen Crone and Adam Ante For today’s speaker, we have Karen Crone, Chief Human Resources Officer at Paycor. Karen is responsible for scaling Paycor’s people practices in support of its rapid growth and for reinforcing its strong culture across an evolving geographic footprint. Over the last nine years, Karen has helped Paycor grow from 400 to over 1,800 associates. Her current focus is on enhancing...

Coronavirus Aid Relief & Economic Security Act: What SMBs Need to Know

Coronavirus Aid Relief & Economic Security Act: What SMBs Need to Know

On March 27th, the Coronavirus Aid Relief and Economic Security Act (CARES Act) was enacted to provide financial relief to those impacted economically as a result of the Coronavirus pandemic.Paycor is waiting for additional guidance from the IRS and the Department of Labor to determine how we can best support our clients. We will communicate more information once guidance becomes available.The CARES Act keeps in place the credits established in the Families First Coronavirus Response Act, enacted March 18, 2020. View an infographic with the details here. Below is a list of additional details released as part of the CARES Act. Advance Payment of Payroll Credit Under the CARES Act, employers could get the payroll tax credit in advance....