It's not likely someone would train long hours every day over several months for a marathon with the hopes of finishing only half the race. They're obviously working to complete the race and run their best possible time. It's not likely someone would work long hours every day running a QSR franchise just to break even, either. It's crucial to be profitable and sustainable.
So, what’s the secret to running a profitable franchise? We say it’s looking at the right data. Here are the top data sources you need to monitor if you want to go for the gold:
Knowing your historical sales numbers for different seasons and holidays helps you have accurate deployment and forecasting. With this information in hand, you will schedule smarter, be better equipped to deliver great customer experiences and keep your food costs and labor costs in check.
Knowing your sales, POS stats, production cost, and other metrics will let you address small issues before they become big problems. A software solution can help you track your most important metrics across multiple locations, like the Locations Dashboard within Delaget Stats.
Speed of service
Similar to daily sales, having an idea of what your speed of service is at each location and by daypart is essential to providing excellent customer experiences, maximizing productivity, and growing your profits. With this information, you can identify breaks and successes in your service. Then, fix the breaks and find ways to amplify the successes.
In most cases, Cost of Goods Sold (COGS) is the most expensive line item on a QSR owner’s profit and loss statement, which makes it the best one to improve. Controlling and monitoring inventory levels and inventory variances is critical to controlling the cost of goods. A web-based solution can help you track the aggregate cost of goods, line item variances, and inventory levels for multiple locations. Knowing these numbers will help you identify gaps early to increase control, improve spending, and set you up for success.
Profit and loss (income) statement
Some location operators in your organization may write off their P&L because there's nothing they can do to improve the numbers. Don’t be one of them. Think of it as a report card, one with data you can use to define a better financial and business strategy moving forward. The financial institutions that work with you find it valuable, too.
Loss prevention platform
Up to 75% of all loss at a QSR comes from employee theft. This makes a loss prevention platform mandatory for running a profitable QSR. The platform ensures cash reaches the register, in turn minimizing loss. This is one of the quickest wins for increasing QSR profits.
Armored car services
OK, this one isn’t technically a data source, but it’s still important for running a profitable franchise. Hiring an armored car service requires a small investment on your part, but it pays for itself by giving you a more efficient way to handle cash at the register level and make daily deposits. It also protects your cash and your team. This investment in your business and your team will pay for itself.
Ready to cross the finish line?
Training for a marathon is a ton of work! Almost as much as running your QSR franchises. Don’t settle for mediocre results. Use all seven of these tools and win the race.