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Franchise operators today face a number of barriers to success, including a growing number of competitors, a tight labor market and rising costs due to inflation. While owning a franchise remains attractive in any economic environment, these factors do make the margin for error smaller.

It’s no surprise, then, that the two most significant business challenges cited by franchise owners in a recent survey¹ were finding and retaining talent, and managing costs and inflation. Operators need the right teams around them doing the right work, and they need to keep a watchful eye on their finances. Success in these areas goes a long way toward ensuring a successful operation overall.

A critical but often overlooked part of this equation is an operation’s cash management strategy. While more and more transactions are being made by card, plenty of sales are still completed with cash, and this means that businesses are often left with a lot of money on hand at the end of the day. Being able to quickly and efficiently process this cash can support your operation’s talent and financial goals.

More time for your people to focus on the right tasks

In a tight labor market, it’s increasingly important to use talent in the right way. If you’re in the restaurant business, for example, you want your team primarily focused on preparing and serving meals — not completing tasks such as balancing drawers, preparing deposits and making trips to the bank. Finding ways to reduce or eliminate these items can free up time for other work. This can also lead to employees who are more engaged with customers and happier in their jobs.

A fast and efficient cash management process promotes employee comfort and safety as well. The longer money sits in an unsecure location or in the hands of an employee during transit, the greater the risk of loss or theft, which is not something you want your team to deal with.

Faster access to funds

Your business may receive a lot of cash in a given day, but until that money is deposited, it can’t really be put to use. A cash management strategy that emphasizes fast deposits can help free up working capital for a number of important projects. Quicker deposits also provide more potential for earning interest income. Simply put, your best bet as a franchise operator is to streamline the process of moving money from your business location into an account.

Look for smart solutions

The Virtual Vault from Bremer allows you to deposit cash into a smart safe at your location, then have those deposits tracked and credited to your business account the next day. Access to a Virtual Vault account allows you to track daily deposits in near real time while also giving you the ability to export data for back-of-office accounting. Virtual Vault can save you time on the front and back end of cash operations, which equates to financial savings.

This type of solution frees up time for your employees because it eliminates the need for them to drive deposits to a bank. It also gives your operation faster access to funds. In the competitive world of franchise ownership, these benefits can go a long way toward your success.