Are you looking to find success in your business by leveraging multi-unit benefits? Or, maybe, more importantly, more success in your business, period. You have accomplished the first phase of developing a solid business, you have growth in your revenues but, you could be more efficient and profitable. In order to grow, you opened a second location. But, it isn’t as good as you think it can be.
You are not alone.
Once you find the right solution, you can replicate the model and grow even further. Many business owners, whether in the areas of service or retail or restaurant have the ability to build on their base and expand, opening a second, third or even more locations. Doing so the right way is imperative.
Once you decide to expand, but before you do, creating as much efficiency and effective processes are the right first steps. After all, opening subsequent locations may mean you have to bring in managers to replace your day to day role in the business. Making sure that they are following your lead is essential to remaining successful. Giving them the tools to create efficiency will help you earn more in retained earnings, bringing better profitability to the bottom line.
In working with aspiring multi-unit owners, or ones who have already opened subsequent units, we focus on the systems, the tools and the processes that will allow better margins from the services and products you already offer to clients and customers. Adding better Point-of-Sale systems, leveraging the reporting, adding online payment tools that are consistent from location to location and from office to office are simple ways to do this.
Trust in the process.
Recently, we assisted an existing business owner, with nearly 20 locations create a streamlined process that also eliminated several areas of security vulnerabilities. This not only brought in more revenue, closing the loop in accounts receivable being paid faster, it reduced the overall expenses of processing credit card payments and eliminated unnecessary fees. On top of that our team helped to implement simple training methods, adding step-by-step approval processes and initiating manager and shift leader controls. They were able to reduce the number of refunds and increased transaction amounts. In a short period of time, the business added over $10,000 in retained earnings that more than covered the initial investment.
Not bad, right?
The right systems and the right processes can help you grow. You might just have to be willing to consider doing things a little differently, but overall, it will be better at the end of the day. As a multi-unit owner, or an aspiring once, we can help. Let us know when you are ready to chat.