There are more than 1 million restaurants in the United States, which means you have to be on your game if you want to stand out. The restaurant business is tough, with 80% failing within five years. That’s why a solid POS system is a must.
Your restaurant POS system can do a lot for you these days- much more than simply ringing up a customer’s purchase.
The technology used in these systems continues to evolve, transforming both back-of-house and front processes and operations. But a POS system is also a large investment for any business owner. This is why it’s crucial to get the best possible ROI.
Here’s how you can get the best possible ROI on your investment:
Mobile technology has allowed restaurants to experience greater productivity due to more powerful software, faster transaction speeds, and greater ease of use. This can, in turn, lead to payroll savings and staffing adjustments.
Managing your employees is crucial to the success of your restaurant, but it can also be time-consuming. Luckily, your POS system can help save time on payroll, optimize staffing, and give you greater insight into your staff.
See who is selling what, and who needs to work on their upselling. Reward the employees who are the most productive and train up those who need to learn.
Ensure greater accuracy and fewer mistakes with automated clock-ins and clock-outs.
Track your labor by compared it to your percentage of sales. This will ensure higher profits and proper staffing. With a mobile POS system, you can manage your labor from anywhere.
Easily see who’s doing what on each mobile device or terminal. This means you can quickly identify errors and mistakes before they become problematic.
You may be surprised at how much you were paying for your legacy hardware, including handheld devices, barcode scanners, printers, and terminals. You’ll need to include maintenance and repair costs, replacements, and failure rates to get a more accurate number.
Include the time spent by management and restaurant owners who are often the ones who end up trying to fix a broken POS system. This is the most expensive staff time.
This allows you to compare your old system to your new restaurant POS system to see exactly how much you’re saving on maintenance each year. You’ll quickly see whether you’re getting the ROI you initially anticipated.
This is a little more difficult to measure, bur staff attitude and morale can greatly impact ROI. Investing in a mobile POS system helps your front of house staff to perform better, which leads to greater job satisfaction and appreciation. This also means decreased staff turnover and better customer service.
The hospitality industry has always had a high turnover rate, which is why you should aim to get a leg up on your local competitors. It’s expensive to hire and train new employees.
You can help keep your employees around by giving them technology that helps them complete their tasks more seamlessly while improving tip percentages. You’ll be surprised how just how much staff turnover can impact your ROI.
Rewards programs have long been considered to be an expensive burden, with many only achieving an average ROI of 10%. But a well-executed loyalty program can see a 30% increase in spending per loyalty customer while increasing traffic by up to 50%.
By using a mobile restaurant POS system, you can build a loyalty rewards program that works seamlessly with your staff and customers. This will allow you to collect valuable data. And that data can be used to improve product offerings, market effectively to repeat guests and increase spending and traffic.
Improved Customer Service
These days, a few negative reviews in the right place can tank a restaurant’s reputation. Customer service is becoming more important than ever, and restaurant owners around the world are searching for ways to delight their customers.
By investing in a new restaurant POS system, you can benefit from more repeat customers, which will increase your ROI.
A new POS system can improve your customer service in many ways:
- You can give your customers more ways to pay.
- They can order whenever they like from tablets placed on their tables.
- They can pay bills from their tables with card, cash, or mobile phone.
- They can easily take part in loyalty programs.
- They can benefit from targeted deals based on their previous order history.
- You can better understand your customers and provide them with the products and service they’re looking for.
No one wants to think about their employees stealing from them. But many restaurant owners have upgraded their POS system, only to find that the detailed reporting features uncovered some nasty habits.
While many people assume that employee theft is malicious and intentional, there is also “softer” theft. This includes freebies, voids, unauthorized discounts to family and friends, and other operations. If employees are giving away product without your consent or knowledge, and you’re not being paid, it’s theft.
A few free drinks or a dessert here and there doesn’t sound like much. But if a number of your employees are repeatedly performing these actions, you could be losing a large percentage of total gross income to theft.
A restaurant POS system can greatly reduce theft. There are a few common tricks that employees often use:
- Processing invalid or inexistent coupons
- Canceling orders
- Voiding transactions
Many restaurant owners will also integrate video surveillance into their POS system to identify which employees are the ones responsible for these incidents.
Are You Getting the Best ROI on Your Restaurant POS System?
As you can see, a new POS system can change the game if you’re hoping for greater ROI. Technology shifts will continue to change the experiences customers are having while dining out. And if you want to remain competitive, you need to be ready and willing to offer these same experiences.
A restaurant POS system can help you reduce costs and increase profit. That’s a win-win if you’re hoping to increase ROI. If you’d like to learn more about how we can help you make this happen, get in touch today.