If there is one thing that can be summarily learned from the previous 12 months around the world, we need to look at ways of adapting, and adapting fast. The almost instantaneous changes that came into effect throughout 2020 has brought a certain air of unpreparedness to for forefront. The phenomenon itself sounded like something out of a film in its infantile stages, before quickly snowballing into full-scale lockdowns and many crossroads, for businesses especially.
When it comes to businesses in 2020, it’s fair to say that there were some hiccups along the way, especially as restrictions became the new norm. Industries such as hospitality, restaurants, tourism, brick and mortar, movie theaters, retail, live music, and entertainment venues were struck with a harsh and unforgiving blow due to the lack of physical patronage.
For businesses to survive, adaptation was required.
There are some notable examples of businesses picking up the slack and taking on the challenges to great success. Grocery stores for instance had to deal with the loss of physical revenue by thinking quickly and adapting. The successful ones were able to implement an online shopping system that was based around the notion of curbside pickup. Allowing the continuation of essential and general grocery shopping was picked up by supermarket chains around the country rather fast.
Through this adaptation, the business that adopted were the ones who survived. In fact, there were some reports of business growth throughout the pandemic, all due to agility and lateral thinking. Businesses that neglected to change their ways felt the pinch and eventually went out of businesses or are still reeling from financial debilitation.
If there is one key takeaway, an ability to keep track of all simultaneous workings efficiently and comprehensively in the business such as KPIs and operational metrics is essential for adaptation potential. An awareness and filtered focus are key ingredients to ensuring survival in an ever-changing environment.
As one of the more dominant disciplines of modern businesses, the franchise has been adopted around the world by some of the largest companies imaginable. McDonalds is an excellent example as a service restaurant franchise, there are also many local franchises like pizzerias or auto-repair businesses that have multiple locations under the same umbrella.
One inherent challenge for the smaller franchises that don’t have the big tech money and unlimited funds at their disposal, is the implementation of an effective and trustworthy infrastructure that allows connectivity and real-time data collation for further analysis. This can include important aspects to be comparable across multiple locations such as financial KPIs and labor costs for instance.
The Franchise Scorecard Method
Franchise Scorecards is the solution for these smaller businesses looking for that ‘big tech’ energy. Being an all-encompassing monitor for various systems related to a franchise business from point-of-sale data, customer loyalty, payroll, HR & bookkeeping systems. This data is consolidated and is able to be viewed across multiple platforms by different franchisors, franchisees, and the unit manager for further analysis.
Not only does this cut excess costs in terms of multiple programs being implemented and correlated, it also has the extended bonus of having an encompassing and intelligent business system threaded through for easy access and simpler data. Allowing multiple franchises to have their own distinct score based on all current factors and trends allows for an easier understanding of how businesses are reacting, as well as have all available information be accessible for all involved in the franchise.
Advantages of The Scorecard System
Determining performance using a quantitative scale is a concise and easily understood method that has great benefits to the bottom line. The straightforward and uniform nature of having a universal rating system in place that can be accessed and studied wholly is the difference between an adaptive franchise, and one that is destined for confusion.
Franchise Scorecards are presented in a powerful visual format for all involved in the franchise with live insights being presented almost immediately after implementation. This presents the unique opportunity for smaller franchises to notice trends quickly, determine the right paths forward, and be prepared for any eventuality in a more evidence-based manner.
A Little Background on Franchise Scorecards
Franchise Scorecards was launched in the spring of 2021 after an exhaustive 18 months of research and development. Not only providing insightful data streams for all involved in a franchise, but also an ability to work cohesively with other franchisees with benchmarks being set and monitored across the board, an ability to garner real-time insights as well as maintain a sense of communication and feedback for all. An ability to keep track of important indexes like sales, marketing, finance, and compliance, and stack up each franchises strengths and weaknesses is invaluable to maintaining a strong and healthy bottom line for all.
Effective and concise franchise reporting and innovative dashboards are the only way forward for any franchise that wants to see successful growth in an ever-changing and unfamiliar landscape. If the pandemic has taught us anything, it is that there is no telling what could occur in the foreseeable, keeping a steady eye on the present is the only logical way forward.
We are never sure of when the next round of restrictions came come into effect, or whether there will be a need to implement new changes in a fast and effective manner. One thing is certain, utilising Franchise Scorecards is invaluable for keeping track of the present, so that we can adapt as the future unfolds in unexpected ways.