The decision to invest in a franchise was a good one. Now you want to investigate resources that will make managing the franchise simpler. The right type of franchise software will include a lot of features that you can put to good use. Here are a few examples of the more important features that the software should provide.
Easy Communication Between Franchisees and Franchisors
Making it easier to communicate and share data with the franchisor is a must. Make sure any software that you consider will support interaction that’s satisfactory for both parties. Doing so will go a long way toward keeping the relationship between you and the franchisor productive and cordial.
Ideally, you should be able to receive communications of all sorts from the franchisor and acknowledge them with ease. At the same time, you should be able to initiate contacts and receive confirmations that the data was received. That type of efficiency will make it all the easier to ensure nothing is left undone.
Management of Sales and Accounting Functions
Sales activity is crucial to the success of the franchise. Whether you sell goods or offer services, tracking generated revenue, sales that are in progress, and orders that were just delivered is key to determining how well the franchise is doing. The right software allows you to view data in a real-time fashion, something that comes in handy when you need to review progress at the end of the week.
Accounting should integrate with sales data with ease. Even if you invoice clients rather than receive payments immediately, it’s important to be up to date on what was just issued, which invoices are paid, and what may be outstanding after thirty days. This is especially important if your payments to the franchisor are based on collected revenue rather than generated revenue.
Inventory Management
There will be things that you need to operate the franchise. If you sell goods, that means being up to date on what is available for sale and whether it’s time to reorder certain items. When you offer services, there are still supplies and equipment that must be kept in stock. This means the franchise software should allow you to track the inventory, know when to reorder, and always be aware of what you do and do not have on hand.
Keep in mind that you may be required to pay taxes on what you have in inventory. With that in mind, you may try to operate with the lowest inventory possible, reordering in a way that allows you to meet customer needs without keeping much on hand. The software should allow you to set up ordering criteria that keep the inventory as lean as possible.
Supporting Professional Customer Relationship Management
One of your most valuable assets is the client base. It makes sense that you want to make sure they are happy with the goods or services that you provide. Make sure your choice of software includes the ability to manage customer relationships with relative ease.
It’s not just tracking orders. The software should make it easy to schedule upcoming activities related to each client, ensure that phone calls are returned in a timely manner and that customers are made aware of any new product offerings that you release. Even little things like reminders to send birthday or holiday greetings can be part of the functions included.
Remember that not all software designed for franchise use is equal. Choose wisely, and you will have a resource that works well for a long time.
