What you need to know about expanding your small business
The start of a new year is a time for reflection. To look at what systems worked in your franchise last year, and to think about what you might like to change this year.
Rapid technology advances will continue to impact customer buying patterns. To stay relevant, franchises need to adopt emerging low-cost technology solutions.
These technology systems can help streamline processes, reduce costs, improve customer service and ultimately increase profits from productivity gains.
Strong business systems
Small businesses are benefiting from advanced in technology, including cloud and mobile solutions, point-of-sale systems, mobile apps and payment solutions. But franchising has been slower to adopt due to lengthy vetting process for vendors and long-term contracts.
While everything from a consumer perspective needs to be easy to use this day in age, often everything inside a franchise can be hard. With systems operating in silos and disaggregation across a franchise network, customer information can be sitting across a wide range of platforms.
Innovations such as cloud based systems, mobile apps and even digital signboards are transforming the way franchises operate.
With millennials making up 75% of the working population in less than a decade, to attract new franchise owners and employees, it is important to evolve to ensure you cater to what drives them.
Let’s take a look at the systems franchise are changing up this year.
What is “the cloud”?
Cloud based software does away with files being stored on hard drives and individual computers, making information sharing across the entire franchise network secure and easy.
Simply put, it is a collection of software services that are hosted on the web rather than on individual computers.
By installing software in the cloud, authorised users can access the same information from different locations and on different devices. Resulting in efficiencies across the network, making it easier for everyone to access the most up to date documents and information wherever you are.
Cloud-based POS systems
Your Point of Sale system is the engine room of your franchise business, and is one of the most important pieces to get right. Choosing the right POS system will save you time, money and ultimately make your employees jobs simpler and more effective.
Most successful franchises are looking to move or have moved their Point of Sale to the cloud. Franchises have unique POS requirements and the latest cloud-based POS systems provide:
- Real-time web-based reporting for sales data across different stores
- An easy to use interface reducing training time
- A scalable design to add or remove features as your business requires them
- Compliant credit card processing
Some cloud-based POS choices that are excellent for franchises include Lightspeed Kounta POS, Vend, Revel Systems and ERPLY.
Choosing the one that is right for you will depend on your budget as well as what features are most important to you.
You will want to do your own research, but some features to look for include:
- unlimited number of stores
- eCommerce integration
- in-house loyalty programs
- inventory and customer management
- real-time view of sales and inventory across the franchise network.
All of these cloud-based systems integrate seamlessly with Tyro EFTPOS.
Your payment system also forms a vital part of your business.
Tyro provides Australian businesses with fast and integrated EFTPOS. Keep your queues short with speedy transactions and reduce training time with an easy set up and local Australian support.
Tyro are happy to work with Franchise Groups to develop bespoke features for your network.
There are lots of other emerging technologies that can positively impact your franchise business, including:
- Benie which offers a digital signage solution in order to display dynamic content on for things such as menu boards, directional signage and in-store advertising.
- HR Central and Tanda which offer HR management solutions for recruitment, time and attendance, leave and payroll to name a few.
- Apps that allow you to take a customer phone number and text them when their table or item is ready as opposed to them waiting for it.
There is no question that new technology is allowing today’s franchise business to operate faster and more effectively. As we begin this year, it can be a great time to review your current systems and ensuring you have the right systems in place to help you to continue to grow and thrive in the years to come.