Keeping track of inventory is essential to the healthy growth and success of any business, so it should be a the top of your list. By following these 5 simple tips and investing in a POS system that uses advanced technology to better keep track of your business, you can ensure that you know what is happening with your inventory at all times.
Digital POS systems
Recent studies have shown that a lot of small businesses and independent retailers continue to monitor their products by hand. Today’s POS software is much more than just a credit card reader, and it will easily help you by digitally registering all items sold. In today’s digital world, it’s important that your inventory head to the computers as well.
Using the information provided by your digital POS system to track total costs is a good way to quickly identify the products an brands that are selling the fastest and have the highest margins. Now that your inventory is located in an easy and up to date digital format, start using all the new information to your advantage.
Access Your Data
The way to best use this information and access it is through centralizing your POS information. Many new POS terminals come with cloud-based services that allow you to access data from anywhere. This makes it easier than ever to check in on a day’s sales even when you’re away from the store.
Theft, damage, and carelessness will inevitably lead to the loss of some pieces of inventory, but a lot of these issues are easily avoidable with a POS system that prints detailed reports.
Another way to use the information contained in your new POS system is by keeping track of how long pieces of inventory have been in your store room. Experts recommend getting rid of old inventory as quickly as possible. Old inventory is just taking up space and keeping you from getting exciting new products.
More and more customers appreciate and are drawn to businesses that make an effort to help the environment. Sometimes it can be overwhelming to understand the right steps to take to make your business more environmentally friendly, and this keeps a lot of businesses from implementing the simple changes they can that will make a big difference and attract environmentally aware customers.
Taking advantage of recent advancements in POS technology is a great start. E-receipts make a huge impact by cutting out the massive amounts of small papers that businesses often hand out. If you have already brought on a new POS system to limit the amount of receipts, here are three other suggestions that will easily cut down on your waste.
Make sure that you understand all of your local recycling guidelines. In many cities there are different rules in place for businesses than individuals. For example, in some areas, you might be expected to carefully sort out plastics from metals and glass. Make sure that you and your staff are completely aware of all guidelines and regulations so that you can take full advantage of the programs that already exist.
Furniture, shelving, storage, boxes, and other items that you use on a daily basis are good places to save both money and waste. Why buy completely new products on a regular basis when so many businesses just like yours are letting these items go for next to nothing. Do a quick internet search to find used items that can be put to a new purpose in your store, saving you money and saving the environment wasted items.
A lot of conscious customers these days will bring their own totes when they go shopping because they don’t want to waste the paper and plastic that goes into shopping bags. It’s always a good idea to have these on hand, but implement new policies that will limit the number of bags being handed out per day.
In addition to your advanced and green POS system, these three simple rules will easily turn your business into a greener place that’s friendlier to the environment and more customers.
If you are a restaurant owner, you have to provide much more than a solid product. Your customers are expecting a flawless, easy experience, even though hectic kitchens and confused wait staffs always lead to a restaurant being anything but behind the scenes. There are a few simple things that you can do to improve your guests’ dining, and by implementing these simple ideas in your restaurant, you will create an experience unlike any other that will have people coming back time and time again.
At the heart of these three main ideas is a flexible POS system, like a complete Verifone terminal with mobile capabilities. Having an advanced POS system that connects your employees and makes taking payments easier will make every evening smoother.
It’s important to stress to your staff that every customer needs to be treated with respect and they always need to be carefully listening to what they need. There are some simple ways to implement this by crafting greetings, learning the names of regulars, and practicing some simple ways to seem more sincere and interested. Communication is also incredibly important between your staff members. Advanced POS systems will generate the ability for servers to easily relay information between each other, avoiding confusion or overlap on tables, as well as getting order to the kitchen quickly and efficiently.
Restaurants move at an incredibly fast pace, so you need to be sure that your staff is able to adjust and keep up with the flow, no matter how quick it’s going at the moment. Customers often ask for adjustments, substitutions, and other changes to their order. Make sure that your POS system can easily allow for changes to be made to individual orders in a clear, concise way that everyone in the kitchen and any runners will be able to understand and follow.
Advanced POS systems, especially those with a mobile component, make it easy to put the power of knowledge at the fingertips of every employee. But, it’s just as important they understand how to use this technology as efficiently as possible. Make sure that you invest the time and money necessary in training your staff on all aspects of your POS system.
The most successful businesses know that even slight adjustments to prices can have huge impacts to the bottom line. Before your customers make it to the register, you need to be sure that your products are priced in a way that will keep them coming back while also ensuring maximum profits. Even the most advanced POS services and POS software might not really be able to help you with this difficult aspect of retail, so here are three ways that you can take a closer look at your prices to ensure the best way forward to great profits.
No matter the quality, customer, or experience that you are trying to provide in your store, one of the most important aspects to running a business is understanding what is happening in the rest of the world. With more and more technology at people’s fingertips that makes it easy to compare prices, you can easily loose a sale when someone finds a cheaper version on the web by using their smartphone. Take the time to do research, or have it done, so that you have a clear picture of who your competition is and what prices people could find with the click of a button.
The prices at big box stores have proven time and time again that adding a little .99 to the end of a price will have a huge impact on what customers are willing to spend without making a huge impact on your bottom line. Customers looking to spend no more than $20 will feel better about buying something at $19.99 than a straight $20. So, remember that cents add up quickly for you, but customers are more likely to round down when they see the little numbers after the dot.
Don’t Price Based on Cost
Experts will tell you that pricing based on your cost is a rather old and now outdated way of looking at pricing. Some companies have been using the same formula of cost times two for years, but this is cutting them off from a lot of other opportunities to increase profits. It’s best to follow research on similar products to be in line with the current market.
Whatever the price is that you end up setting, be sure that you have the proper POS software and hardware to keep your incoming money safe and sound with some of our advanced POS terminals, credit card machines, and more.