Are you frustrated with how you currently run your business? You might feel pulled in all sorts of directions between making sales, managing inventory, paying your bills, and everything else that demands your attention.
You know that there are digital tools that can help with many of these tasks—you probably even use some of them—but they are separate platforms and require you to shift mental gears, which means your process is not as streamlined as you would like.
This is when you know it’s worth considering implementing a Point of Sale (POS) system. An electronic POS system is a combination of hardware and software that enables you to manage multiple aspects of your business from one convenient application.
Your current POS system may look like a simple cash register, but this cannot do much more than accept payment and print receipts. How useful would it be to have a tool that not only oversees transactions but can help you manage inventory and customer relationships? Here are a few signs that your business should get a POS system:
When your monthly reports aren’t insightful enough
You already take time at the end of every month or quarter to review your sales performance and make predictions about the next. These reports help you look at your business from a distance so that you can amend your strategy according to what the numbers say. Compiling these reports is tedious, though.
There’s a lot of data to analyze and significant room for human error. Are your monthly reports insightful enough? Do they give you a look at your business from enough distance?
The best POS systems generate these reports on your behalf. They can provide you with a wealth of information into your most popular products, who your customers are, and more. You don’t have to wait until the end of the month, either—you can create them automatically at the end of every week or every day.
Most platforms will also allow you to prioritize the metrics you care about most and present the data to you in a digestible way.
When your customers are growing frustrated
Are both you and your customers growing frustrated with your outdated technology? A customer is in your store to buy a product, pay for it, and leave. It’s frustrating if they have to wait in long queues, only to be stalled further because the cash register is glitching.
POS systems are designed to work quickly. You scan the products, the total appears on the screen, customers sign off on the transaction, the system sends them an email or text message receipt, and it’s done. Cloud-based systems from third-providers are updated regularly so that your system is always operating as swiftly as possible.
Plus, POS systems don’t require bulky equipment—sometimes you can get away with only a card reader plugged into a tablet. This arrangement allows your employees to be mobile so that they can check customers out anywhere in the store.
When inventory management becomes too difficult
Inventory management is probably something that gives you a headache. You assess your best and worst selling products and order more depending on how well they sell. Sometimes you misjudge the numbers, though, and end up with too much or too little. You waste money by keeping products in storage that aren’t selling anytime soon and miss out on sales if you are short-stocked.
Using an Excel spreadsheet or physical list leaves lots of room for error, too. You know the best warehouse management practices—like the first in, first out technique—but exercising them is difficult when keeping track of individual items is burdensome.
POS systems often include inventory management software. They make it possible to keep an eye on your supply chain from the moment you order something to a customer taking it from the store (or when it reaches their door by mail). The system automatically deducts products whenever someone purchases something so that you always know how much product you have available and can make more accurate sales projections.
When you have multiple locations to manage
Does your store have multiple locations, but they run so independently from one another that it’s hard to manage your business as a whole? Cloud-based POS software doesn’t need local servers, so all of your locations can leverage the same database. Are you running out of a particular product? No worries, you can send customers to your other site where you have plenty.
Your business may need a POS system when managing every aspect of your business becomes too challenging to do so manually. When this situation arises, research the different available platforms that have the right features for your business’s needs. Do you believe you’re ready to install a POS system?
Shift Frequency © 2020 – When Your Business Needs a POS System