In the beginning of 2020, an unprecedented event unfolded across the world. The COVID-19 pandemic plagued every single country on this planet, wreaking havoc on the health of the population and effectively shutting down the world for months on end. This event was never taken into account when considering risk events for any businesses, and thus the business world took a huge loss when they found their consumers locked in their houses and unwilling or unable to spend. Amongst the various snap lockdowns, stay at home orders, social distancing and patron count laws, business owners found that being able to rapidly respond and make quick changes to their business model was the key to survival in an ever evolving environment.
For example, the groceries industry was initially severely affected by the pandemic due to customers not being able to physically transport themselves to the stores to buy essential items. Grocery businesses were forced to quickly adapt to the changing environment and set up a fast and efficient digital presence in which consumers could purchase products online. This task involved the integration of technology and shopping capabilities with an easy to use UI for the consumer to purchase their products online for pickup or for delivery. This quick decision making and integration helped grocery stores such as Walmart stay afloat despite the effect of the pandemic.
Businesses that were not able to integrate technology and make quick thinking decisions were the most affected by the scourge of the pandemic, and saw significant losses in their day to day revenue. Being able to consistently and effectively monitor the ongoing progress of different aspects of business is a vital component for the agility required during the pandemic, and ensured businesses could thrive through these processes.
The franchise business model is one of the most popular within certain fields of the business world. This is especially true within fast food circles such as McDonalds or other smaller businesses such as auto repair shops and aged care facilities. Often franchises will have no high tech business intelligence systems and infrastructure in place to help them, and run the risk of being affected severely during the pandemic. Having a business intelligence platform allows a franchise to effectively track their stats such as KPIs, price impact, labor costs, marketing factors and so on. All of these contribute to a successful business, and being able to manage these properly through technology is essential.
How a scorecard solution benefits a franchise
Scorecards can be used to track performance quantitatively by utilizing a software platform which can visualize data to make it easy to read, helping business owners to make quick decisions based on this data. Through the use of the scorecards platform, business insights can be revealed in real time as they happen, and in an environment which thrives on quick decision making and is always changing, Franchise Scorecards is essential to visualize data and help business owners make decisions. The initial investment into Franchise Scorecards becomes ultimately worth the price, as the return on investment through survival of the business is significant.
What is Franchise Scorecards?
Franchise Scorecards is a business intelligence platform designed for franchise business owners who want a competitive edge in the visualization of their data to make quick decisions. Data can be monitored through numerous different types of systems, including the point of sale data, customer loyalty, HR, payroll and bookkeeping. All of these systems can already be in place, and Franchise Scorecards can be easily integrated. Big data is a term that is thrown around a lot within the business world, and through Franchise Scorecards, big data can be utilized effectively to help the business owner.
An outline of Franchise Scorecards
Franchise Scorecards was brought to life in 2021 after its initial research and development stages of 18 months. It is considered to be a game changing platform for franchisees who wish to step up their business management level. The real time feedback based on real data is crucial to any franchisee due to the relevant insights it provides which can be used to make effective decisions for the business. The platform can even be used to compare the performance of one franchisee to another, which can be important for setting a standard or benchmark in terms of the performance required to compete. The franchise reporting and dashboards provided are priceless for any franchisee who wants to be able to grow their business while staying afloat during the hard times of the pandemic.
During these times, quick decision making is key due to the fluctuating infection rates and subsequent lockdowns. Being able to track stats and make important changes based on data is the best way to survive and thrive during these unprecedented times. With real time alerts and notifications based on these events, you can’t go wrong with Franchise Scorecards.