PROVEN STRATEGIES FOR DRIVING FRANCHISE BRAND PROFITABILITY ................. .

PROVEN STRATEGIES FOR DRIVING FRANCHISE BRAND PROFITABILITY ................. .

The key to accelerating brand growth within the hyper-competitive franchise landscape is to drive profitability. But, as most franchise brands know all too well, this can be an excruciating challenge. Especially when regularly facing obstacles such as: Skepticism on the part of franchise owners toward franchisors Difficulty of franchise owners understanding traditional financials and location metrics Lack of franchisors knowing what metrics to monitor or even how to access them in a timely and efficient way The great news is there are proven strategies to obliterate these barriers holding you back from amplifying your profitability. It all comes down to utilizing a high-tech, holistic franchise management solution that: Fosters collaborative relationships between franchisors and franchise owners while promoting coaching for performance Delivers financial data consolidation, automated reporting, workflow management, and advanced business intelligence Grows an organization-wide culture of performance, compliance, and expansive growth Scaling profitability starts with access to accurate and timely franchise location data. This is because operations teams can spend countless wasted hours each month manually collecting, consolidating, and mapping location data, and preparing financial reports and business intelligence for their own use just to meet requirements. Also, as franchises scale, these already cumbersome processes and workflows become even more complex, especially when they’re bogged down by outdated manual processes that stunt the speed of brand growth. The remedy for these bottlenecks is a financial data collection, consolidation, and account mapping solution that provides near real-time access to franchise location data mapped directly to your brand-defined standard chart of accounts. Add the ability to create customized KPIs, peer benchmarking, ranking, and trending comparisons across a brand’s ecosystem that are easily understandable and actionable, and profitability will course-correct upward. Lastly, simple-to-use technology that provides franchise brands with a cost-effective, ERP-like solution, slashes wasted work hours, and causes zero disruption to the organization to implement is a key differentiator between average performance and accelerated profitability. Timeliness, efficiency, and accuracy are the essentials. So, for franchise brands to truly drive profitability, they need: Franchise performance management dashboards that allow for a complete drill-down into location-specific, franchise owner data and metrics Ready-to-use or customizable business intelligence, predictive analytics, cashflow forecasting, and financial reporting unencumbered by the usual complex, time-consuming manual processes Metrics to compare one franchise owner’s performance to that of others to establish organization-wide best practices Introducing your competitive advantage, Qvinci’s suite of profitability-driving franchise management tools. Wellness Dashboard A user-friendly portal that allows franchisors to clearly see which locations are trending favorably/unfavorably (GREEN/RED numbers & percentages), as well as determine in seconds exactly which locations do not have their books up to date. Empowers operations to effectively coach franchise owners on corrective action to increase profitability. KPI Scorecards Create custom KPIs (key performance indicators) based on ecosystem metrics, consolidate KPIs across locations, and run comparisons based on your ideal range of values. This way franchisors can gauge a location’s performance against the brand’s profitability standards and other locations within their ecosystem and collaborate with owners on how to redirect efforts for highly improved outcomes. What If Forecasting A robust cashflow forecasting solution for defining future goals and monitoring progress while eliminating risky guesswork. Create a virtually unlimited number of What If forecast scenarios to show the ongoing granular impact of financial decisions on a location’s income, expense, profitability, and cash over time. And over 150 financial reporting and business intelligence templates to choose from or customize to fit your brand’s needs! According to Wanda Hoegren, Business Operations Manager for Homewatch CareGivers, “From a Franchisor standpoint, Qvinci has provided us the ability to see measured performance and allows us to dive into each FO’s metrics and help them drive their profitability in a positive direction.”