Business reports are invaluable if you want to increase profitability, productivity, and efficiency.
MyTime’s franchise management software offers access to over 70 key business reports. These insights are invaluable for making data-driven decisions and developing effective strategies to guide the future of your franchise.
How can you access MyTime reports?
All reports are available under the “Reports” section of the dashboard. From there, you can select the category you wish to analyze, including:
- Company
- Booking
- Client
- Staff
- Point of Sale (POS)
Where should you start?
Let’s explore five essential reports that service-based franchises use to enhance management, boost client satisfaction, and grow their business.
#1 Business Snapshot Report
This report provides an overview of various metrics across multiple locations. It enables you to compare revenue based on:
- Locations (all or specific sites)
- Staff (all or a chosen few)
- Date (from-to)
- Services
In MyTime, this is called the Business Snapshot Report. You can select the metrics you want to analyze and assess the revenue generated by specific locations within a chosen time frame. Reports can be viewed in MyTime or downloaded as a PDF.
#2 Real-Time Revenue Report
Maintaining a clear understanding of your profitability is essential for any business. To effectively monitor this, it’s crucial to regularly assess your profits and losses. MyTime simplifies this process by calculating net profit based on total revenue and expenses.
Within the MyTime software, the Profit and Loss report provides real-time updates from the POS module, enabling you to track the earnings of each location as they happen.
For franchisors, the report can be filtered by ticket status (open or closed), specific locations, staff, and timeframe. This functionality allows for a detailed comparison of profitability across various sites, helping you identify locations that may require additional support.
Important Note: The Profit and Loss report does not account for tips and taxes.
#3 Booking Reports by Time of Day
MyTime software offers comprehensive booking analytics, allowing you to track booking trends by specific days of the week and times of day.
This data is invaluable for forecasting slower periods and identifying less popular appointment times. Franchisees can leverage this information to promote these times through MyTime’s marketing module, offering discounts to boost bookings during these off-peak hours.
The By Time of Day booking report allows franchisors to:
- Filter data by location, staff, and date
- Identify peak booking times for specific locations
- Analyze the ratio of completed versus canceled appointments
- Compare revenue across different locations
This report provides crucial insights into the most profitable hours for each location, helping you optimize scheduling and maximize revenue.
#4 Lapsed Client Report
For service-based franchises like hair salons, spas, or barbershops, maintaining a loyal client base is crucial for consistent revenue.
Do you know how many clients never return to your salon?
The Lapsed Client report in MyTime allows you to track:
- The time elapsed since a client’s last booking
- Clients without upcoming appointments
- The ratio between new and returning clients
This data helps you identify which services are in high demand, assess your client retention rate, and uncover patterns in client behavior. Understanding these trends allows you to tailor your strategies for better client retention.
Marketing managers can leverage this information to create targeted campaigns that encourage lapsed clients to return and book services again.
#5 Inventory Report
Poorly managed inventory can lead to product waste, overstocking, and understocking. These common errors are the result of inaccurate forecasting of how many items you need in stock at all times.
In MyTime’s Inventory report, you can track:
- Brands
- Products
- Cost of item
- Retail price of an item
- Vendor
- Retail stock
- Back bar stock
- Cost value for back bar items
- Cost value for retail items
For better organization, back bar and retail inventories are tracked separately.
Franchisors can easily assess whether they are maximizing the return on their inventory investment, as well as identify opportunities for cost savings through bulk ordering or negotiating better prices.
Pro Tip: Check how many items every location uses per month and restock accordingly.
Big Picture Analytics Made Effortless With MyTime
Achieving relevant and accurate insights begins with tailoring MyTime software to meet the specific needs of your business. By continuously updating the necessary data, you ensure access to the most current and actionable reports.
MyTime management software is designed to seamlessly integrate every critical aspect of your business operations, from booking and transactions to marketing and customer relations.
The comprehensive analytics provided by MyTime go beyond surface-level data, offering a holistic view of how different elements of your business are interconnected—demonstrating, for instance, how booking trends and inventory management directly impact overall profitability.
This interconnected analysis empowers you to make informed decisions, optimize resource allocation, and strategically plan for growth. Whether you’re managing a single location or overseeing multiple franchises, MyTime’s analytics provide the clarity needed to drive success.
Want to access vital data for your service-based franchise
Book a free demo and get started today.
