Franchisors have a lot on their plate. They keep track of each location’s performance, train new franchisees, check in with each location’s staff, and drive business strategy.
With so many factors weighing in on success, franchisors need data to back up every decision, and continually monitor where stores are succeeding or failing. But, how can they possibly do that in between visiting stores, meetings and other responsibilities?
The solution is simple. With a mobile data visualization tool, franchise owners can track performance on-the-go. Read on for 3 ways franchisors can monitor locations’ sales performance in real time from anywhere.
1. Gather performance indicators with field audits.
Whether a franchisor is just beginning and only has one location, or he or she has a well-established model with locations all over the globe, gauging the health of each store is critical. Consider sending a field auditor to each location to execute a performance checkup.
Auditors should review a laundry list of factors during each audit. This will help gauge performance, but often creates a mess of data when multiplied by each location. Equip field auditors with a mobile data visualization tool to make it easy to organize, visualize and interpret the collected data.
With a business-ready app, auditors can benchmark performance and averages in real time, rather than taking senseless notes then inputting each location’s performance metrics.
2. Understand financial metrics for actionable insights.
Each franchise location collects a magnitude of data from multiple sources, including POS systems, sales spreadsheets and inventory lists. Understanding financial metrics for each location enables owners to make clear, data-driven decisions based on location performance metrics.
Owners can integrate those metrics and reporting systems with a mobile app, so they’re available no matter their location. Plus, since owners can access these metrics from anywhere on their mobile device, they can share insights with each franchisee for complete transparency to drive performance.
The best data visualization tools let anyone, from the franchise owner to the local store manager:
- Compare sales numbers by region or location.
- Track performance against benchmarks and averages.
- Include factors like repeat customers and customer service success.
3. Identify strengths and weakness.
It’s a fact of the retail world that sometimes, certain locations will fail. And, if you’re a franchise owner or manager, you need to immediately know which locations are the lowest performers.
Compare each location’s strengths and weaknesses with data from cash flow, inventory, payroll and employee efficiencies to quickly take action. Pair that data with a mobile app, and owners can deal with poor performers while on-site, rather than waiting to go back to the office and analyze.
Franchise owners, how do you use data visualization? Use the comment field below to share your tips.
Photo credit: Pixabay, CC0 Public Domain