Overview with tools, template, software, best practices and alternatives
Why do Franchise Companies do Reports?
Business franchising is considered as one of the safest and least risky method to start and operate a successful business. People can find an increase in the number of emerging business franchises as well as franchising opportunities following the proven success of the business franchising formula and the franchise model.
Franchise companies produce reports so as to provide consolidated and up to date information to the whole team. The report usually contains information revolving on the franchise team’s accomplishments, plans, and problems.
Achievements include positive information to the team. These can be good news such as hitting the target numbers of sales, having increasing numbers of franchisers, and positive feedback by people on the franchise. These things can be simply positive, but they can have a great impact to the team, to the company, as well as to the franchising business itself.
The plan inculcated in the report of the franchising company, serves as a fundamental backbone to the company’s success. The plan is the foundation to the strategies and actions of the franchising company. To add, the plan can be short-term or long-term and it serves as the guide of the franchising team in all its future actions.
The franchising company report also helps the business team raise the actual problems it has encountered as well as the potential problems that it foresees. Information like these will help the team think of applicable actions to counter the existing problems and prevent the incoming ones.
How do Franchise Companies usually do Reports?
Franchise companies prepare reports in order to track their status and progress in the market and essential information is needed to make a substantial report.
In a report centering on a business such as franchise companies, there are three common ideas involved – the company profile, the products and services the company offers, and the sales report.
The company profile reflects the company’s background, including the events that led to its establishment. Its foundation is also followed by its mission and vision statements, which guide its operation. In addition, the company’s values can also be included; as these also help the company and its teams perform the tasks and responsibilities in a righteous manner.
Next to include in the franchise company report are the products and/or services that the company offers to the people. It is best to include the industry where the product or service belongs, in order to secure its place in the market. Also, the franchising team should also include the unique properties about the product or service, to highlight its marketing bullet.
The company’s customer base is also reflected in the report. The team may include the client profile or demographics like age, gender, and socio-economic status. This helps the franchising team identify their target market. For instance, the team can focus only to young people or it can also cover people across the lifespan.
It is easier for a franchising team to write a franchise company report if the members are fully equipped with knowledge about the company’s products and services. Lack of knowledge about these things will make it difficult for a team member to make a report, bringing insufficient data to the report.
Typical questions/metrics/topics that are usually covered in reports Franchise Companies are doing
Reporting for management agencies covers the following:
- What do you think are the franchise’s edge over other franchise companies?
- What product or service are you going to market to the client?
- What marketing activities did you implement today?
- What were the clients’ responses to your offers?
- What things do you view as your marketing strengths and weaknesses?
- Do you see any marketing opportunities open for you as part of the team and the team itself?
- What are the actual marketing threats have you encountered?
- What are the potential marketing threats that you foresee in the future?
- What is your overall marketing plan? Is your plan at par with the business’ vision and mission?
- Based on the team’s plan, what marketing actions and strategies will you implement?
- Did the marketing actions you implemented meet the goal? If not, what necessary changes can you do to meet the goal?
Advantages & Best Practices of doing Reporting for Franchise Companies
Reporting for franchise companies showcase a number of advantages.
First, doing franchise company reports helps the franchising team members communicate with each other. The reports will provide members a summary of what each team member has experienced or what transpired within the team within a specific time frame. Communication is vital in business because it allows team members to know all aspects of the business. Without it, the team and the business will never succeed.
The franchising report contains positive information, such as the team’s accomplishments. These reflect the team’s progress within a specific timeframe and significantly present the team’s milestones. In fact, the good news in the franchise company report can also be an asset to the business or an edge that allows the business to competitively run in the market, along with other franchising companies.
For franchise companies that are already fully operational, the report will also reveal the sales made by an individual, a team, or the whole company itself. Franchising teams will be able to evaluate the trend in sales, whether there is a boost or a decline in sales. This information will help franchising teams devise appropriate plans to maintain their boosted sales or increase their declining sales. The report allows the team think of efficient strategies and actions that they can implement to meet their goals. The sales trends in the report will also help the team monitor its performance in a specific period of time and compare it with its previous results.
Disadvantages & Pitfalls at doing Reporting for Franchise Companies
While reporting for franchise companies has various advantages, it also has some disadvantages.
Doing a report should include complete and accurate details. If team members cannot do it, then it might be a big problem for the team. Failure to include complete and accurate details in the franchise company report may adversely affect the team’s performance, missing important information. In addition, incomplete and inaccurate data both lead to false results during evaluation, which could affect the future plans and actions of the team.
Franchise companies are businesses and businesses include cash flow in their reports. The statement of the cash flow aims to show the changes in the cash balances within a specific period of time. Sometimes, cash flow is not carefully monitored, leading to inaccuracy of information and this again leads to a negative consequence. Incorrect data will affect the planning and decision making of the team. For instance, if the amount of funds the business gained and lost is wrong, then allocation to other departments of the business would be affected.
One reason for the incompleteness and inaccuracy of data is poor communication. If team members do not effectively communicate, then team members may end up sticking with either false or outdated data. Team members with different knowledge of what they think is true can be a big problem for the team, as contrasting ideas will lead to confusion. As a result, the team will be obliged to re-check data, which will consume time.
Why Teamreporter is great in doing Reporting for Franchise Companies?
Teamreporter is an application that utilizes scheduled mail reports to reduce the number of status meetings a team has within a specific time frame. It is easy to register as franchising team members can sign up for only less than a minute. Also, franchising teams with up to four members will be able to to enjoy the application for free.
One of the assets of Teamreporter is its simple and automated interface. Its simplicity makes it easy to use and navigate for franchising team members. Its automaticity also allows team members send and receive information to and from their teammates with ease, allowing them to communicate and know what is happening in the team and the franchise.
Teamreporter is flexible as franchise team members can modify the questions in the application. Aside from changing the queries in Teamreporter, team members can also select the scheduled report mails and adjust the time at par with their workflow. Also, Teamreporter can configure a list of its recipients, allowing the team to select those who need to receive the report and those who should be reminded to submit a report. More than that, Teamreporter can be also integrated to existing applications team members use.
Team leaders can also benefit from Teamreporter, as the application gives an oversight of the team and the project. Also, Teamreporter can help team leaders track the progress of the team as group and the members individually. From there, team members will be able to identify team members who perform well and those who need further assistance.
Overall, Teamreporter serves as an efficient communication tool to franchise company teams.
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Teamreporter is free for small teams (up to 4 members)