Your main goal as a business owner is to turn a profit; maximizing your ROI with a powerful POS system is going to help you increase those sales figures. With this in mind, the right system implementation is critical to your sale as a business owner. Therefore, it is important to compare systems, their functionality, features, and how they will integrate within your business’s infrastructure. These are a few simple ways the right POS system will not only increase ROI but will help you maximize success as a business.
1. Boost profits –
The right POS system can maximize profits. Some of the ways it will do this include reducing errors (human errors), controlling price points (and what competitors are doing), and keeping inventory costs down by reducing “dead” inventory. By reducing lost profits, getting rid of inventory sitting in a storage room for months (without being sold), and providing your business with critical information (industry-wide, as well as what competitors are doing), you will start to turn much greater profits in no time at all.
2. Improve marketing/advertising –
Believe it or not, this might be the most overlooked tool in your marketing arsenal as a business owner. Your POS can send promotions to customers based on previous purchases. You can also use the system to set up auto email campaigns and mailings to repeat/loyal customers, which gives them more incentive to buy. Further, using the POS system you can see which campaigns did well, which ones failed/faltered, and view metrics and data, to better transform future campaigns, resulting in much greater returns.
3. Reduce bookkeeping –
You don’t need to hire several bean-counters (CPA) professionals when you have the right system in place. Your POS will:
– Calculate sales tax in a matter of seconds.
– Enter transactions into A/R and A/P.
– Calculate monthly sales and transactions.
It will show you closeouts, profits/losses, and other important tax information as it pertains to sales and profits. This will help reduce waste, and can also help you cut back on employee/new hiring, by reducing the total number of employees required in your accounting division.
4. Simplify inventory –
Again, your POS system automatically updates. So if you have 1000 items in stock and 20% is sold for the month, it will automatically reduce these figures. But it can also show you information about top-selling products/services, those which are faltering, and show you what is over or under-stocked, so you can better utilize inventory space/costs.
5. Serve customers better –
When you improve customer satisfaction, speed, and quality of service, you have happier customers. In turn, you have new repeat customers over time. By improving speedy checkout times, viewing past transactions (so you can make suggestions for repeat customers), tracking discounts, and even saving payment information within the system, your company can better serve customers. Your system can also provide instant discounts (based on customer type/commercial customer), better improving sale figures, and maintain a steady/happy client and increase sales over time.
Regardless of your niche, who your target audience is, or what goods/services you sell, the right POS system will help maximize company growth and profits for your business. These are a few of the many reasons to compare, consider all features, and learn about different systems, prior to choosing which one to implement in your business’s infrastructure.