If you are a franchisor, you sometimes may feel overwhelmed by keeping track not only of your own numbers, but the numbers of your franchisee locations as well. Whether there are 3 or 300 locations, it's important to know how each unit is performing and what their strengths and weaknesses are. Your franchisees may know they are struggling, but they don't understand why and therefore can't articulate what kind of help they need.
Looking at a profit and loss statement for each unit is a start, but it's not going to give you the whole story. The knowledge you get from focusing on specific KPI's (Key Performance Indicators) helps you make informed decisions to ensure the continued success of both yourself and your franchisees.
The types of KPI's that are going to be important depends on the type of business that you run. For restaurants, you are going to want to look at things such as food cost percentages, labor costs, make times, and average tickets. If you run a contractor business, you need to know your labor cost as a percentage of revenue, average dispatch times, and customer satisfaction rates.
As you'll notice, you can't depend on a simple profit and loss report to find these figures. In fact, you may need to pull reports from three to five different locations, and then do the math, in order to get the exact data you're looking for. If you have multiple units, this is simply not a sustainable practice. That's where Fran Metrics comes in.
Fran Metrics will work with you to determine which KPI's are most important to keep an eye on, which in turn gives you actionable data to make good business decisions. We will work with all of your different platforms to pull figures and give you quick visualizations of each KPI on a daily, weekly, or monthly basis. We can even handle the bookkeeping to ensure financial accuracy. You will quickly find where the strengths and weaknesses are of your units, and where to deploy assistance if needed. Our dashboards will allow you to have all of your important information in one place, and will give you quick answers to important questions related to item 19 in your FPR's.
If this is a missing piece of your franchisor's financial puzzle, please navigate here to reach out to us or to schedule a demo.