Following the impacts of the pandemic, our country is beginning to reopen and businesses will soon continue to grow. In particular, worthy franchises will continue to grow, welcoming new franchise owners who are ready to take an entrepreneurial leap into a proven business model. While franchises expand, they should use this economic upheaval as a chance to take a microscope to their operations, observing what runs efficiently and what does not. Smart brands are making the most of what they have and doing more with less in order to save time, money and resources for maximized expansion.
Making Room For What’s Important
First, you’ll want to take a look at your internal teams and determine if they have the tools to take on the growth to come. In particular, does your franchise sales team have the resources they need to prioritize what matters most? Your team should never have to sacrifice client interactions and relationship building because of tedious administrative duties such as with the time-consuming information verification processes. Outsourcing the cumbersome but important franchise sales activities of securing the data needed for making smart development decisions allows your team to be focused on their future franchise partners. By doing so, sales teams can stay focused on driving growth through development and building strong connections with the right candidates while knowing their efforts are backed by proven, trusted data. I’ve been in the business of helping businesses grow since 2009 and through my company, BoeFly, we do just that as an outsourced partner, streamlining efforts for productive development.
Building A Network
We all know the expression, “it takes a village”, and that sentiment rings true in franchising as well. Our networks provide resources we’d otherwise be unaware of, offering outside insight into what our business could be doing differently. That is why outsourcing administrative tasks as suggested above is always an attractive option, with or without the pandemic, allowing brands to collaborate with a partner who has the capabilities to help them achieve their goals more efficiently and effectively. Outsourced partners, such as BoeFly and FranConnect, the franchise management software, or even associations, such as IFA, provide an umbrella of assets that brands would not otherwise find in-house. With technology integrated at the core of our business, we find ways to embed ancillary benefits into business operations. We do so leading by example, continuing to grow our own network with companies like FranConnect and integrating our technology into their platform so brands can do more right within their core operating system.
Leveraging Data to Drive Results
For high potential, emerging brands who are experiencing limited resources, every move is vital. Actions should be driven by data, backed up with reasoning behind each activity to justify the investment of time and money. For instance, consider vetting new franchisees, the activity of determining if a franchise applicant is fit to join the brand. Having a robust, data driven process to vet franchise applicants is more important than ever, and should be a priority for any strategic development effort. Securing objective data such as verified liquidity, net worth, credit and a background check is crucial for ensuring that any potential franchise candidate is a serious applicant and will have the wherewithal to open and succeed. Utilizing third party providers who can give the franchise applicant a seamless process while delivering objective data faster can streamline the processes. Technology empowered workflows allow brands to make smarter decisions, accelerate the timeline from signing to opening, organize growth, and optimize operations through existing information. Franchisors of all sizes rely on BoeFly’s solutions in this area, particularly bVerify, a tool which streamlines the vetting process into an easily digestible report for the brand’s sales team. bVerify can also be used for new franchisees to expedite their financing, ultimately making sure that the right franchisees are up-and-running faster than ever.