When COVID first hit, dining rooms closed, and businesses dropped 60-70% below where they would normally sit, operators panicked. They were forced to pick up the pieces of their operations and determine their next moves to stay open, yet still remain in compliance with constantly changing restrictions. While the independent restaurants have been faced with massive hurdles, there’s been spectacular growth in creativity and grit as they continue to find new ways to build revenue. On the quick-service side, while not out of the woods entirely, franchisees have found a small space of breathing room being able to heavily operate through their drive-throughs.
In this episode of The Tip Share, RASI Director of Partnerships, Brad Bertram, sat down with RASI Partner, Delaget’s Don Kreye, Director Of Partnerships, and Don Bye, Client Success Manager to discuss the ways in which QSR’s have been able to find success during the pandemic, beyond the drive-throughs, via outsourced accounting and payroll solutions.
TOP 3 REASONS WHY OUTSOURCING ACCOUNTING & PAYROLL CAN HELP A QSR BRAND FIND SUCCESS – DURING AND AFTER THE PANDEMIC:
1) TIMELINESS: Operators have a much bigger edge when they’re proactive instead of reactive – especially when unanticipated challenges are thrown their way. It’s incredibly difficult for an operator to make a change six weeks after the end of a period and then have to retroactively react to something that’s been going on for the last 10 weeks.
Conversely, having the ability to view areas of opportunity, implement a change, and immediately see how it impacts financials provides operators with the critical information they need to run their businesses successfully. When decreased sales and increased above store expenses are hitting the table, being able to make the right decision at the right time is paramount to success, growth, and true profitability.
2) ACCURACY: Right now, it’s vital for owners to stay deeply involved in the operations; there’s an increased need for guest confidence and comfort, and there’s a need to show up for the employees showing that it’s still safe to work. QSR’s are in a unique position where the opportunity for drive-through operations allows for increased sales as compared to the independent operator, but ultimately having a better understanding of the business and its financial position will enable operators to focus their attention where it’s truly needed – with their guests and team.
Having accurate and up-to-date financials is imperative when operators need to spend more time on the floor and allowing an outsourced accounting company to take care of the books provides peace of mind for operators to do just that; it allows that extra room for owners to remain involved with their business on an interpersonal level, while ensuring their financial state is stable and accurate, carving the path for a more sustainable and profitable business model.
WATCH THE FULL VIDEO BELOW TO HEAR SUCCESS STORIES FROM QSR BRANDS:
3) KNOWLEDGE: Utilizing data to back decisions provides a backbone for operators to ensure they’re on the right track. The biggest problem operators have is either no data, or “data overload.” In order for operators set themselves up for success and truly understand the picture of their business as a whole, they must have streamlined data that’s simple and organized.
With organized data, operators can set KPI’s (key performance indicators) and performance thresholds that can be measured. Now more than ever, operators simply don’t have time to spend hours each week analyzing disorganized data or toggling back-and-forth between numerous reports and spreadsheets to figure out how their business is performing and where the issues and opportunities lie.
With the RASI and Delaget partnership, operators receive a total financial and operational look at their business; translate that weekly P&L into an operational tool so you can coach your store-level managers to make better decisions.