Business – Process Street

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How Does a Franchise Work? Uncover The Secret Sauce of an American Franchise Giant

how does a franchise work headerThe franchise model of doing business is a decidedly American affair.

The concept marries the power and scale efficiencies of large corporate bodies with the entrepreneurialism and hard work of mom-and-pop small business.

According to the United States International Trade Association:

there are over 780,000 franchise businesses that directly employ over 8.8 million people and account for over $890 billion in direct economic output.

The franchise model is one of the powerhouses of the US economy and features countless household names – McDonald’s being one of its truly global successes.

In this Process Street article, we’ll look at:

  • What a franchise is, and the costs associated with starting one
  • What the 2016 film The Founder tells us about the origin story of McDonald’s
  • The role the Founding Fathers played in the history of franchises
  • What systems McDonald’s used to propel their franchised successes

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9 Lean Manufacturing Principles to Kill the Jargon and Get Quality Results

lean manufacturing principles

If the following benefits sound like something you’d like for your business, you need to use lean manufacturing principles:

  • 80%+ waste reduction
  • 50% lower production costs
  • 80-90% reduction in standing inventory
  • 90% lower cost of quality (it’s 90% cheaper to make quality products)
  • 50% increased labor productivity

Lean is a system, method, school of thought, and even a way of life, all focused on reducing waste. Although it’s usually applied to manufacturing (hence “lean manufacturing principles”), the methods to achieve it can be used to reduce waste while maintaining high quality no matter what operation you’re running.

The key is knowing what each principle involves and how to use it, which is exactly what we’re going to cover today!

Keep reading to get the full rundown on the following lean principles (with two techniques for good measure):

  • Eliminate waste
  • Kaizen (continuous improvement)
  • Respect human elements
  • Heijunka (level production)
  • JIT (Just In Time) production
  • One piece flow
  • Quality built-in
  • Poka-Yoke (mistake proofing)
  • Jidoka (detecting defects through automation)

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An Introduction to Machine Learning in Business: Analyzing Your Success

machine learning in business

While it might seem new and intimidating, machine learning in business is already bringing massive benefits to companies and consumers alike.

From increasingly effective product suggestions to accurate journey time predictions and advanced customer analytics, machine learning is an incredibly powerful tool which lets you analyze every important aspect of your business without wasting human hours on the task.

But what exactly is machine learning, and how do you go from knowing that to actually using it?

Instead of using labels to teach an AI what each object it’s looking at is, this DeepMind project teaches itself because it learns to recognise images and sounds by matching them up with what it can see and hear.

This method of learning is almost exactly like how humans think and learn to understand the world around them.” – Vaughn HighfieldHow Google DeepMind is learning like a child: DeepMind uses videos to teach itself about the world

Keep reading to find out all of this and to see examples (both good and bad) of how companies like Google and YouTube are using machine learning to enhance their business in game-changing ways.

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53 Essential Business Metrics You Need to Be Tracking in 2018

business metrics

It’s impossible to run a successful business without taking the time to track your core business metrics.

If you don’t, then good luck knowing:

  • How much pure profit you’re earning
  • Where costs can be cut
  • Whether you’re selling enough
  • How much debt you have
  • Whether you’ll be bankrupt next quarter

Having said that, where do you start? There are so many metrics you could be tracking that it’s easy to get stuck tracking and recording everything rather than analyzing and acting on your data.

That’s why I’ve collected 53 core business metrics right here to get you started. Stop wasting time wondering what to track or flicking between 20 different posts going over five stats each – every metric here comes with a brief description and formula or method for easily tracking it.

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What is a Business Process Consultant? (And How To Find a Good One)

business process consultant

What do you do if you don’t have the time or know-how to document and improve your processes?

You hire a business process consultant of course!

While we’ve talked endlessly in the past about why processes are important and how to manage your own, hiring a business process consultant lets you reap all the benefits without having to spend an age assessing your organization and talking to every last employee involved.

So, if you want to organize your processes and bring efficiency to your business but don’t have time to do it yourself, read on!

process consultant hired

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17 BPM Statistics to Help You Increase Efficiency in Your Business

increase efficiency - header

Business process management (BPM for short) gets a bad wrap. Some consider it industry jargon, others an ineffective management “hack”, and almost all see it as boring.

However, there is no better way to increase efficiency and consistency in your business than by managing your processes effectively. To prove it, this post will dive into 17 BPM statistics to show:

  • The growing trend of using BPM software
  • How common (and important) documented processes are
  • The importance and benefits of processes
  • The dangers of not managing processes
  • Why everyone in your company needs to be involved with your processes

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12 HR Management Tips to Run an Effective Business (and Prevent Total Chaos)

hr management tips - header

Effective human resources management prevents company-wide anarchy.

From solving internal disputes, to presenting a united front to customers, to just plain abiding by the law, HR is a vital discipline which is all too often generalized and pushed out of mind.

That’s why today I’ll be going through 12 HR management tips to help you keep your employees engaged and your company running smoothly. From the utter basics such as being open to hearing feedback on techniques like using social media to grow your network, keep reading to learn everything you need to know to avoid being another Michael Scott.

hr management tips - best boss gif

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How Subscriptions Will Stop Fake News Killing Digital Content

stop fake news quality content headerFake news is a hot button issue right now and one we’ve covered a couple of times at Process Street.

Normally, the discussion of fake news is a roundly negative affair.

How do we come back from consistently lowering journalistic standards? What does this mean for society?

In this article, I’m going to put a more positive face on and explain why there’s good reason to believe quality journalism is going to make a comeback – it may have already begun!

  • We’ll look at broadly what fake news is, and why it isn’t a wholly new phenomena.
  • We’ll look at the financial performance of different media outlets and try to understand what economic motivations there are in the industry, plus how that impacts on content.
  • We’ll look at the new wave of journalistic opportunities and what you can do to help!

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Xero vs QuickBooks vs FreshBooks: The Best Accounting Software (with Monty Python)

xero vs quickbooks vs freshbooks best accounting software - header

Accounting is a time-consuming, complex, frustrating, and criminally boring part of running a business.

It’s precisely this kind of tedium which inspired Monty Python to riff on the profession several times, with accountants getting so frustrated that they do everything from becoming pirates (sailing the wide accountancy in a moving building) to try to switch to lion taming.

xero vs quickbooks vs freshbooks best accounting software - python gif

However, accounting and bookkeeping is also a vital part of running a business if you want to abide by the law and track your finances. No matter how tedious it might seem it’s vital to know what money is coming in, where it’s being spent, and whether you’re earning a net profit come the end of the financial year.
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The Best Payment Platforms: Stripe vs Paypal vs Square vs Braintree

stripe_vs_paypal_vs_square_vs_braintree best payment platformIn the first quarter of 2017, the AppStore and Playstore saw record revenues yet again with a whopping total of $15 billion worldwide, representing a year over year growth of 45%.

Add in other online sales and the amount of money being spent is astronomical.

But how do we process all these sales? And what means of processing is best for your company?

We’ve pondered the question at Process Street and decided to write up our findings. In this article, we’ll compare Stripe, Paypal, Square, and Braintree to see what each do and how they do it. We’ll analyze those findings and suggest which might be better for different kinds of businesses.

The key areas we’ll compare are:

  • Features – what do they offer and what can’t they do?
  • Pricing – where can we find those small gains which make a difference at scale?
  • Ease of use – can a regular person integrate it into their business, or is a developer needed?

But first, let’s look at some of the different use cases for these payment platforms to contextualize our investigation.

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