Franchise Software That Helps Your Franchise System’s Performance
FranchiseSoft is franchise software that helps franchisors manage the performance of their franchise system, which is called “Franchise Performance Management“. Franchise performance management seems like a complicated topic, because there are many components that contribute to its success. Franchisors invest time and money into their franchise systems how can they know if it’s working?
What Is Franchise Performance Management (FPM)?
Franchise Performance Management is the way in which franchisors collect, analyze, and distribute data about all aspects of their brand. This includes information on franchise operations, finance, human resources, marketing initiatives, community outreach efforts, territory management, etc. The goal of this process is to identify key areas in need of improvement – but also areas where you’re doing well so you can continue with your current strategies.
FranchiseSoft is a franchise software that provides the following services to Franchisors:
- Simple management of processing of royalties and other fees
- ACH integration in processing royalties
- Management of Franchise Count for Item 20 in the FDD
- Easy management of franchise areas and territories
- Collection of P&L data
Key Success Metrics For FPM
There are several ways that successful performance management, through franchise software FranchiseSoft, can help your franchise. It can show where your marketing dollars are best used, identify areas where the franchisor-franchisee relationship needs improvement, and identify trends in franchise satisfaction.
How Is FPM Used?
FranchiseSoft’s franchise software takes raw data from disparate sources within the organization, puts it into something meaningful that they can study together, then produces reports that will allow them to take action or make corrections. These reports may be distributed internally or externally – depending on whether you’re measuring internal satisfaction of employees/vendors, external customer happiness, etc. The franchise software report may also include detailed analysis of financial information, highlighting variances than may be cause for concern.
Having access to this information, from our franchise software, allows you to make better decisions for your franchise growth. You can ask yourself questions like “Are our marketing dollars being used wisely?” or “Are our customers happy?” If the answer is yes, come up with more strategies for reaching even higher levels of satisfaction. If the answer is no, you have a basis to fix these issues and see an increase in franchisee happiness.
Another big piece of FPM is benchmarking. FranchiseSoft’s franchise software allows you to compare your numbers against industry standards, as well as past performance. By looking at the franchise software data, you understand what’s working for other organizations, and you’ll be able to apply those lessons to your own brand – resulting in higher profits.
While having access to this information is important, it’s only the first step. How you use this data will make or break your franchise performance management efforts.
How Can Franchise Performance Management From Our Franchise Software Help Your Franchise?
As mentioned above, there are several ways that FPM can help your brand. The most obvious of these is identifying underperforming franchisees, as well as those who fall short of industry standards for their respective business types. You may identify trends in any or all of the metrics we’ve discussed: marketing effectiveness, employee happiness, and customer satisfaction. This allows you to hone in on causes and implement strategies to solve these problems – allowing franchises that need improvement to thrive and grow.
The Benchmarking tools found in FranchiseSoft’s franchise software will show you where your organization stands against. If your numbers aren’t as good as they could be, don’t panic. It’s not always easy to pinpoint what exactly is going wrong at first, but with time and the help of franchise performance management it will become much more manageable. In fact, there are several steps you can take right now to help identify problems.
The Franchise Performance Management tools in our franchise software allow franchisors to monitor the health of their brand from many different angles. With access to information on how their franchises are performing in terms of operational metrics, customer satisfaction
Franchise performance management allows franchisors to identify problem areas, as well as those areas where they’re doing well. This information is invaluable for deciding the future of your organization and making strategic changes that will result in a better brand image and financial gain.
Let Our Franchise Software Improve Your Franchise System
To learn more about Franchise Performance Management, visit FranchiseSoft.com and try a free demo today! You can also check out the Franchise Performance Management Blog. It’s full of valuable information on how to use FPM to create a thriving franchise network.
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