The Challenges & Solution of Managing a Multi Branch Company
The aim of many aspiring entrepreneurs or SME owners around the world is to grow their company into multi branch facilities. Many companies expand by adding offices or stores in different cities or countries. The expansion into new markets provides valuable opportunities to the company while also posing challenges which are necessary to overcome in order to be successful.
“Approximately 543,000 new businesses get started each month but more employer businesses shut down than start up each month”. (Forbes)
This fact alone highlights the volatility of the business environment and for financial businesses they have the added burden of complying with strict regulations imposed by bodies such as The Central Bank and The Financial Conduct Authority. A business opening numerous branches must take into the account the dangers associated with expansion while recognizing the need for the implementation of a system that can successfully manage all their branches details in one centralized view.
One of the top 20 reasons for financial business closures stems from a lack of control in cash flow. This lack of control becomes more difficult to manage depending on the volume of branches within the business network.
Let’s take a look at these challenges in more detail;
- Time Management – Managing various branches from a centralized location can often be a difficult task requiring onsite visits and endless hours chasing up documentation from numerous individuals in the various locations.
- Complicated work assignments– It becomes harder to work on certain types of tasks or to collaborate on them if the employee is based on the other side of the country.
- Project Plan “Amnesia” – It’s easy for managers to forget about tasks due for completion in other branches when work starts to pile up in their own location. This can result in missed deadlines and projects falling behind schedule.
- Recordkeeping and Other Infrastructure Needs – Expanding businesses must establish or update systems for monitoring cash flow, tracking inventories and deliveries, tracking surveillance/alarm tests, updating management & employee coaching sessions, and countless other aspects.
- Compliance & Risk Monitoring – It’s difficult for a company to ensure every branch is operating under the strict guidelines outlined by The Central Bank or The Financial Conduct Authority. Without a system that can track aspects such as staff policy signoffs and risk reporting, the danger of breaching regulatory rules becomes more of a concern.
So now that we have seen the challenges of managing a multi branch company….DON’T PANIC….There are solutions out there that will manage all of these challenges and more in one centralized location.
The Solution – ViClarity Branch Certifications Module
ViClarity Compliance Monitoring Solutions is the vendor whose solution can span the breath of the organization. Its capabilities are so much more than being able to fulfil the needs of one department. The Branch Certifications module is one of many solutions offered by ViClarity, it uses the innovative technology provided to aid managers with the tracking of various items across multiple branches in one centralized location.
Many companies currently still use pen & paper and have big folders for each of their branches which they go to when conducting an audit. The ViClarity Branch Certifications Solutions streamlines this process by taking all this information and holding it in one centralized system which allows reports to be produced for audits at the click of a button. The system lets you compare and contrast data from each of your branches. The ViClarity Solution can scale to all organisations from one branch to multi branch organizations. Some examples of areas it can track include (but are not limited to)
- Cash drawer count
- Operations employee daily work audit
- Branch meetings
- Surveillance/alarm tests/ security lighting tests
- Management and employee coaching sessions
- Visa instant issues
- Branch cash reconciliation/ coin machine CDM or TRC/ vault coins
And much more….
The benefits of the ViClarity Branch Certifications module is that it can be customized to track any area of each individual company’s choice. ViClarity are proven and experienced and will work with each organization to customize their individual challenges with the right solution within the tool. The system has been tried and tested by a number of businesses and a case study on one of these companies Rivermark Credit Union is available here
In conclusion, there are many challenges facing companies who have multiple branches but these challenges can be solved by using ViClarity’s Branch Certifications module. The benefits of such a system are enormous for a company. Multiple branches are successfully managed from a centralized location meaning management will have a full company wide view of how successful each branch is operating.
For more information on ViClarity’s Branch Certifications module or any other solutions contact Neil at firstname.lastname@example.org