Running a business is no easy feat. When you own your own place, you are responsible for everything. You have to organize how things run, oversee day to day operations and focus on bringing more customers in the door. From saving you time and managing inventory, to helping you keep better track of both your employees and customers, a solid POS system can streamline your work flows and take your business to the next level. When you integrate a POS into your business functions, you’ll reap multiple benefits. Here are the top four:
1. Simplifies Inventory Management
With a POS system, you can say goodbye to the days of inventory spreadsheets. Each time you conduct a transaction on a POS, the items you ring up are immediately subtracted from your inventory list. This not only streamlines inventory management, but also allows you the ability to get an accurate assessment of your inventory in real-time. POS systems can also take the brainwork out of replenishing your stock, which is important because 83% of customers are likely to stop shopping at a store if it’s out of items. To avoid this problem, you can set alerts that let you know when items are at the re-order point. But the inventory management features don’t end there. Many POS systems have automated reporting functions that allow you to compile accurate information such as best selling items, pricing trends and inventory tracking over time. Having access to this type of information can help you gain insights into your business so you can make effective decisions for your organization.
2. Saves Your Customers Time
A POS can save you time in multiple areas. First, with the actual checkout process. Instead of manually typing items into a payment terminal or using a calculator to add in tax and tabulate a final price, a POS shrinks this process down to simply scanning, bagging and pressing a couple of buttons to process payment. This is especially important if you typically have a line of customers waiting to check out as 82% of customers are likely to stop shopping at a store after experiencing a long wait.
3. Streamlines Employee Management
If you’re using manual timecards, it could be costing you time and money. A POS system allows you to track employee time, manage schedules and even gauge employee performance. Instead of punching a card, employees can clock-in to their shift through the POS terminal using a unique ID number and passcode. This can prevent employees falsifying their work time, while also allowing you to give upper-ranking employees access to high-level information. The other benefit of a POS system is that it can help you track commissions and tips by automatically tying them to the employee ID number, allowing payroll staff to more effectively track employee performance and disperse earnings.
4. Stimulates Business Growth
Many modern POS systems offer business owners the ability create customer loyalty programs that store contact info, collect customer data (such as product preferences and spending habits), give out shopping rewards and email receipts and marketing collateral. Loyalty programs have steadily grown in popularity over the years because they are proven to boost business growth, increase sales and cultivate repeat business.
Upgrading to a POS system can save you time and money, while enabling you to collect the vital information you need to best manage and grow your business. If you’re interested in taking this next step, Eliot’s got you covered. Click here to learn about Eliot’s POS solution.