Oil tycoon, Paul Getty, was famous for quoting,
“If it appreciates, buy it. If it depreciates, lease it.”
This can easily be translated for small business owners:
- If a task repeats: Automate it.
- If a task requires specific expertise: Outsource it.
- If a task is a routine: Streamline it.
If a task repeats: Automate it.
According to the US Small Business Administration, small businesses that implement automation processes can save an average of 28 hours of work per week, allowing owners to focus more time on other important aspects of their business.
Financial technology is a simple place to start. Utilizing software like Jirav.com or other financial automation technology is a must. Having the real-time power of your franchise’s financial health at your fingertips will put you in a proactive strategic position to make quick decisions.
If a task requires specific expertise: Outsource it.
Outsourced accounting services can save businesses up to 50% of the cost of employing a full-time accountant. This can free up resources to invest in other areas of the business, allowing for greater growth potential.
There are three key instances that may encourage you to consider outsourced accounting:
- Loss of a key employee or understaffed finance department
- Experience recent growth
- Struggling to generate reports
If a task is a routine: Streamline it.
Small business owners who streamline their processes report significant improvements in their productivity, resulting in higher profits and reduced costs.
Think back to your initial “discovery day” and what it felt like to have the playbook to open your new franchise. It was exciting and seemed easy enough to simply “follow the process.”
When a franchise business is showing downward trends, we can often time track the issues down to a few foundational elements:
- Straying away from a proven streamlined process
- Lack of owner-delegated tasks and team empowerment
- Fear of technology and attachment to manual processes and procedures
Understanding which lever to pull at the exact right time to grow your business can feel like more “art” than “science”. Knowing when to automate, outsource, or streamline is a key differentiator that can add the necessary rocket fuel to differentiate your business from the competition.
At BerganKDV, we partner with franchise owners to enhance and evolve various areas of their business, from streamlining internal processes, tax and audit needs, business advisory, financial analytics and more. We would be happy to assist you with tackling your franchise goals and overcoming whatever business challenges you have in front of you.
If you have any questions about what our franchise team can do for you and your business, contact us today! Let’s talk!
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