Congratulations! Your model is rising — you’re including franchisees and models, and possibly you’ve obtained some funding funding.
As you develop, you might be on the lookout for alternatives to scale, or enhance income at the next charge than prices. Franchise know-how will help you do this. So, on this put up, we’ll break down some must-have franchise know-how that your small business ought to contemplate this yr.
However first, let’s dive a bit deeper into why you want this tech.
Free: The Franchisors Handbook for Success
Why do you want franchise know-how?
Franchise know-how helps a few of your rising model’s operational challenges — resembling standardizing the shopper expertise in each location and understanding system-wide monetary and gross sales information.
Franchise know-how instruments aid you achieve new franchisees. In a FranConnect examine, 50% of franchisees mentioned know-how instruments have been vital in figuring out the worth franchisors present. The examine additionally confirmed know-how’s significance for franchisors.
Franchises are recognizing there could also be limits to their growth except they preserve tempo with know-how wants.
That mentioned, franchisees don’t need to spend so much of time and vitality studying a wide range of totally different know-how instruments. And franchisors don’t need to spend a lot time conducting that coaching, both.
The very best-case state of affairs is to seek out a number of efficient franchise tech instruments which can be simple to implement.
Lastly, it’s sensible to include your franchisees in your franchise know-how funding choices. Their enter and buy-in will decide how profitable you’re in deploying any new franchise know-how.
3 Franchise Expertise Instruments for SMBs
Whenever you’re able to get began, contemplate these three forms of beneficial franchise know-how instruments.
1. Venture Administration
Whereas each franchise model offers franchisees an operations guide, some franchisors have taken operational procedures a step additional.
Brett Payne, founder and CEO of Contender eSports social gaming venues, is a robust believer in supplementing operations manuals with extra detailed documentation on the right way to run a Contender eSports franchise.
These extra procedures are embedded inside the franchise’s cloud-based undertaking administration system, which he and each franchisee use.
“For instance, we’ve got common pointers on the right way to run birthday events in our operations guide, however in our undertaking administration device, we are able to checklist each exercise related to operating a birthday celebration,” he says.
“Which may embrace the telephone quantity you possibly can name Domino’s to order a pizza, what number of pizzas you order, that is the place the desk goes, did you place the tablecloth on, and the opposite 10,000 issues you could do,” he explains.
One of many undertaking administration device’s most vital advantages, Payne says, is the flexibility to trace franchisee compliance. It helps him see in the event that they examine “accomplished” for every exercise.
2. Digital Funds
The pandemic elevated the exercise of all issues digital, together with funds. In truth, 60% of shoppers use extra contactless cost choices since 2020, in keeping with Thryv’s 2022 Consumer Payments Survey.
Digital funds embrace:
- Digital wallets — PayPal, Google Pay, Apple Pay, Venmo and Zelle are a number of examples. Every digital wallet shops bank card and checking account data, in addition to pockets balances, to facilitate cost.
- Contactless funds — Inserting a bank card right into a machine? That’s so 2019. As a substitute, many consumers favor to pay by putting their card or telephone (with a digital pockets or QR code) close to a point-of-sale terminal.
- Installment funds — Consumers pays over time, typically with no or little curiosity, utilizing “Purchase Now Pay Later” platforms.
Whether or not your franchisees settle for funds in individual or on-line, they should settle for as many digital cost sorts as potential. Present them the know-how to do this by a funds processor like ThryvPay.®
3. Buyer Relationship Administration (CRM)
Final however not least, a CRM system can function the know-how basis for many franchise operations. You’ll be able to join a CRM to your undertaking administration software program in addition to digital cost portals.
A CRM’s complete prospect and buyer database can work in live performance with different instruments as effectively — resembling appointment scheduling, estimating and invoicing, automated marketing e mail and textual content messages, online review requests and administration and in-person or digital payment processing.
Making a franchise know-how hub brings out one of the best in a CRM. By connecting varied franchise tech instruments to the CRM, you possibly can see every location’s real-time actions and efficiency aligned with its buyer base.
This data helps you, as franchisor, decide which location is struggling or doing effectively. Armed with that data, you possibly can then share finest practices system-wide.
Combine Your Franchise Expertise
Put collectively, these three instruments present constant, repeatable processes and methods for franchisees to make use of and observe. In addition they present you quick access to each location’s vital monetary and gross sales information.
If constructing your personal franchise platform feels like an excessive amount of work, contemplate Hub by Thryv.
Designed particularly for franchisors, franchisees and multi-location companies, Hub by Thryv consolidates every bit of know-how wanted to run a franchise. With just one login, you will discover all the knowledge essential to scale and develop your franchise.
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