As the new financial year approaches it’s a good time for a franchisor to review the business and see if it can run more efficiently. 

Franchisors are often willing to take risks that major corporations cannot, which frequently puts them at the forefront of innovation. In addition, close ties to communities through franchise networks means they know what their customers need and want.

Matt Goss, managing director – Australia & New Zealand, Concur, says “Small and medium businesses need to harness their advantages and pair those with emerging technologies to make them faster and more efficient, and keep them ahead of the competition. This will enable them to continue to grow and thrive in the new financial year.

3 things you need to know to stay ahead

1. Mobile isn’t an option, it’s a requirement

No matter the industry, there are apps that promise to help you do your job better and faster, from any location. The truth is, mobile apps are delivering value to small and medium businesses. Mobile functionality is becoming key to every aspect of business, from giving customers more options for communication to using tools that let franchisees and employees work faster and smarter.

Franchisors should look for mobile-ready apps that provide better ways to work, freeing much-needed time and money so resources can be allocated to more important matters. They should also choose products that are easy to use and have a reputation to back up their claims.

2. Networking is key

Focusing on the franchise business is what franchisors do best but sometimes it’s smart to leave the office behind for a while and hear what others are doing. Industry and networking events can be a great place to learn what’s new, and meet people who can help your business to grow.

3. Cloud-based solutions provide an edge

Cloud-based solutions are becoming more robust, more secure, and more vital. Before investing in expensive software or hardware, franchisors should take the time to find out if there is a service in the cloud that will let them skip the headache of managing things on their own. By going through a third party, franchisors can reap all the rewards of services, such as data storage, enterprise resource planning and mobile solutions without taking unnecessary risks.