Did you know that modern POS systems are excellent tools for accelerating your business’s growth? That’s right! POS systems come standard (for the most part) with some incredible tools that can make business growth as simple as using your POS software. Keep reading to learn about just how these POS systems can aid in business growth.
Increasing Efficiency
Reduce expenses, increase profits. That’s the basic concept of any business model. The less you spend, the more you’ll be able to put in your pocket at the end of the day. There are hundreds of factors that can contribute to any business’s expenses, including but not limited to:
- Utilities
- Supplies costs
- Labor costs
- Repairs and maintenance
- Tax and legal fees
- Stolen, miscounted, or misplaced inventory
- Damaged items
- Returns
- Marketing costs
These are only a few of the main expenses that any business may encounter at some point. In order to reduce said expenses, it’s important to take an honest assessment of everything that’s costing your business money.
Inventory issues and labor costs are two of the largest expenses a business will encounter. Inventory that’s been stolen, damaged, misplaced, or miscounted, can quickly become costly, especially if it becomes a trend. Miscounted inventory can mean you purchase new inventory when you don’t need it, and stolen inventory, of course, is simply a total loss altogether.
POS systems have built-in real-time inventory tools, so you can be sure that inventory counts are always accurate. If you’re experiencing high theft rates, you’ll be able to track when items go missing within your software and hopefully narrow down the thief via store cameras.
Additionally, employees not showing up on time can become costly as well. Poor performance in the workplace, specifically the sales floor, can drive down profits and even go so far as to scare off customers. With POS software, you can track employee time cards, and with certain models, you can even track their performance on the sales floor.
With real numbers at your disposal, you can decide how to best staff your store and at what times. You don’t want extra staff standing around during down times, but you also don’t want too few employees available during rush hour. With sales analytics and employee tracking tools, you’ll be able to staff accordingly and identify which employees aren’t quite making the grade.
Improving Customer Relations
How can a POS system possibly improve customer relations? Well, actually, there are a few ways in which this can occur. For one, POS software has tools which allow for the creation of customer profiles, so you can get to know your employees by name and track what items they purchase the most.
Secondly, you can send marketing and promotional emails and surveys to your customers directly from your POS software. With valuable feedback, you’ll gain insight into what your customers want (and expect) from your brand. That way, you can tailor your store and products to meet those needs and foster loyalty among your customer base.
Don’t underestimate the power of a good customer connection. Customers now more than ever want to feel a connection to the brands they’re purchasing, and in order to do that, you need information. POS systems provide a catalyst for that information, linking you to your customers in ways that were never before achievable.
Your customers will also appreciate the speed and efficiency of a good POS system. This tool will help keep lines moving, making the checkout process simple and quick. Nobody likes standing in long lines, so if you’re using outdated POS software, it’s probably a good time to upgrade. Some POS systems are even portable, so you can perform checkouts on the sales floor instead of at a designated register.
Setting Yourself Apart from the Competition
Part of growing your business is setting yourself apart from your competitors; ensuring that when anyone thinks of your niche, your business is the first one that comes to mind. With increased efficiency, better marketing and analytics tools, and, of course, shorter lines, you’ll be able to differentiate yourself from the hundreds of other businesses in your area.
Those businesses that stand out have a much easier time attracting new customers as well as fostering loyalty among their current patrons. Would you choose a business that strived for customer service or one that simply did the bare minimum to get by? We think the answer is pretty universal.
Now more than ever, competition has become fierce. There are thousands of businesses within your city, and while not all of them will be performing a service or selling products within your niche, it’s still important that you set yourself apart and create a reputation your employees can stand behind. A good reputation helps attract talent as well, so you can build a team that will take your business to the next level!
Conclusion
POS software is much more than just a money-processing tool. It can act as your inventory counter, marketing and analytics tool, and much more. By providing a seamless and personalized shopping experience for your customers with POS software, you can ensure they’ll return to your store for future purchases and will be more likely to recommend you to family and friends.