One of the main reasons franchises perform differently is that they all face unique challenges. Perhaps the most important aspect of all is location:
- Does the franchise receive a lot of traffic?
- Is it in a desirable area?
- Are there a lot of competitors nearby?
- Does the store have good access and adequate parking?
These will all have a direct impact on how your business performs. With franchise POS software, you’ll be able to optimize each location to achieve the highest profit levels possible.
In order for a business to grow, it’s important to understand how it’s performing over time:
By monitoring performance, you can compare data from similar time periods to identify sales trends. This allows you to asses your franchise’s strengths and weaknesses. Retail software contains powerful reporting capabilities that will give you the insight you need to analyze your operation to build on those strengths and address any weaknesses.
There’s nothing wrong with a little healthy competition between franchises. Once you’ve benchmarked each store’s performance, it’s easy to introduce some employee incentives to boost sales.
You could either make it a company-wide challenge, or do it on a store-by-store basis. Best of all, you can use your franchise POS system to track the progress in real-time to see which locations are responding.
Optimize Stock Levels
Proper inventor control is critical to any retail business. For companies with multiple locations, you can actually make this work in your favour with a little cooperation. For instance, if one of your outlets is out of a particular item, they might be able to request it from another branch.
Conversely, if a store has too much of something, they can balance the stock level by distributing the excess. This has a number of benefits:
- Reduces overhead
- Increases inventory turnover
- Reduces out-of-stock items
- Improves customer relations
In order to perform, your employees need the right tools and resources to engage customers and generate sales. In many retail settings, franchises are turning to mobile POS systems because they allow employees to:
- Sell anywhere in the store
- Provide customers with product information
- Instantly perform stock checks
To learn more about mobile point of sale systems, check out our post: Why More Companies Are Including Mobile POS for Retail.
Keeping a customer committed to the sale is a lot easier when you have the support of integrated franchise POS software. It provides many useful features like:
- On-account sales
- Store credits
- Gift cards
If you need franchise POS to operate your business more efficiently, call Windward Software. Our System Five platform comes loaded with the modules you need to oversee every aspect of your operation.