How Your Franchise Business Can Benefit From Scorecards, the Latest Technological Development

How Your Franchise Business Can Benefit From Scorecards, the Latest Technological Development

The business world has shifted significantly over the last year or two. With the pandemic continuing to affect almost everyone around the world, there have been many adjustments that businesses have had to make to the way in which they operate. These adjustments have been particularly necessary for businesses that require frequent interaction with customers. The hospitality industry, the travel industry, the retail industry, the entertainment industry, and much more have been adversely affected by Covid and the need to maintain social distancing practices.

These restrictions have resulted in a need for businesses to adapt and develop innovative ways to continue serving people and making money. For example, home delivery has become an increasingly popular way for hospitality businesses to continue serving their customers. Curbside pickup has also become a popular method of reducing contact yet maintaining service. This innovation has allowed a range of hospitality and retail stores to stay afloat despite challenging times.

Unfortunately, not every business has been able to adapt to the pandemic so quickly and so effectively. Many experienced a loss of income and some even went out of business altogether. For businesses that are continuing to struggle, there are certain technological developments that have occurred that can benefit them greatly. Systems that allow businesses to better monitor their performance across all areas of business have allowed them to identify where they need to improve and adapt in order to stay afloat. These systems can help track operational metrics and performance indicators so that businesses can better respond to change.

What are Franchise Businesses?A woman working at a franchise business and using technological developments scorecards to track her success.

Franchise businesses are becoming increasingly popular in the industry. These chain stores allow customers to gain easier access to the products of a business that they already know and love. Popular franchises include fast food restaurants like McDonald’s or Pizza Hut, retail stores, or even services such as auto repair stores. These franchises all require a sophisticated level of technology in order for them to track their successes and failures and build their business further. An issue that many franchises face is synchronizing the data from all of their franchise locations to create a succinct overview of their performance as a business. They require platforms that will be able to connect their franchises in real-time in relation to information such as top selling benchmarks, KPIs, compliance gaps, price impact, and much more.

What is a Scorecard Solution?

Scorecards have many benefits for franchises as they can measure performance on a quantitative scale. They include highly useful information that can be easily interpreted to measure overall performance and more specific areas of performance. Scorecards can tell a franchise owner how each of their stores is operating both individually, and in relation to the other stores. The best part about these scorecards is that they offer real-time data so that owners know immediately how their stores are tracking. The live business insights are crucial for informing management on areas that they need to improve upon to continue their business’s success. They can be the missing key for owners to understand what they are lacking in their service.

Why Use Franchise Scorecards?

Franchise Scorecards

The use of franchise scorecards from steadily growing business Franchise Scorecards can instigate a significant boost for your business. They can be used by franchisors or multi-unit franchisees and provide crucial insight into how a business operates. Data from the various systems within the franchise, such as point of sale systems, customer loyalty, payroll, HR, and bookkeeping systems, can be monitored and measured in one convenient place. Because of these many systems, data can sometimes be hard to evaluate. Franchise scorecards will allow you to see a clear representation of this data and how it affects your success as a business. They are an innovative and affordable way for smaller businesses, in particular, to take advantage of big data technologies.

Two men from a franchise using scorecard technology to benefit their business.

How Was Franchise Scorecards Developed?

The Franchise Scorecards business is a result of 18 months of careful and extensive research and development. In 2021, it was launched and received extremely well by franchisors who were looking for a way to understand their business and what it needed for success. The real-time insights have allowed franchisors to consider feedback and improve the way that their business operates. Franchises scorecards provide information on every area of business, from sales, to finance, to marketing, and create a succinct overview of how all of this works in individual stores and across the franchise. They allow franchisors to compare their stores and note areas for improvement in each.

Conclusion

The highly informative dashboards and reports provided by Franchise Scorecards are changing the way in which businesses operate. In the current day, it is clear that the need to adapt is more important than ever, and it is essential that businesses take advantage of the latest technological developments in order to do this well. Industries can change at any minute and the valuable insights, paired with real-time alerts, that Franchise Scorecards offer to businesses are invaluable in allowing them to maintain their success.