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If your business is selling businesses, how would you keep track? The modern world is hectic as it is, so if you are the owner of a successful franchising venture, you need to have a firm grasp on the franchises. Imagine, if you will, that the franchise opportunity you sell has achieved national success. How would you go about tracking who is doing what, where the products are selling best, or how much stock you need to supply your many outlets?
Managing multiple franchises can easily become overwhelming. However, you are where the proverbial buck stops. You are the last port of call for every franchise owner that invests. If something goes wrong, you are the one who steps in and handles it. But, where do you begin?
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Top Tips to Make Handling Multiple Franchises Easier
So, before you rush off and sell ten versions of your outlet to ten different purveyors, here are some top tips to help you keep track of it all.
1. Franchise Management Software
By using franchise management software you can enter your specifications and sit back to watch. You can see who needs what at a glance, track when stock levels are running low at individual outlets, and allow each outlet to self-report on the day-to-day.
Franchise management software gives you better levels of control over what is going on in your company. It allows for better transparency and communication between existing sites. It also makes it simple to add new sites, should your portfolio increase.
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2. Video Chat Franchises Often
Checking in with remote workers and checking in with franchises is the same thing. We also do it for the same reasons. When left alone for too long, your franchise partners start to feel neglected, out of touch, and isolated. When this happens, we notice standards begin to slip. The franchise becomes more and more autonomous, maybe even ditching some of your standard procedures or products to be replaced with their own.
Obviously, this isn’t good enough. It also doesn’t reflect your brand, but if you haven’t stayed in touch with your managers, who is really to blame? Franchise owners join your business to take advantage of your skills and expertise. So spread them around.
3. Consider Stacking
If you have a particularly successful franchise branch and that owner would like to stack up multiple units, why not let them? Having one person in charge of more multiple franchises is easier on your end. You have one less person to communicate with and one less person to worry about explaining the rules to. They already know what’s happening, so they don’t need new training. Allow franchise stacking to save yourself time and energy.
Owning a Franchise Business Is Worthwhile
If you can juggle all of the franchisees you have and sell multiple units to invite various locations, being a franchise owner isn’t bad. As long as you can get the organization right things can run smoothly.
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