Welcome to part 2 of 6 Reasons all small businesses should use Point of Sale (POS) software. In case you missed our first installment – click here to read Part 1
Know Your ROI (Return on Investment)
Do you know what your best-selling product line is? Or which of your stores is most successful and why? Perhaps you have a particularly good sales person without whom you wouldn’t be selling so much? Sales reports generated by a POS system let you analyze the effectiveness of any campaigns you are running. This lets you find the products with the best margins. See who’s the best sales person on your team. Which is the top pricing structures or deals that convince customers to buy. What marketing activities are the most successful for your business. You can then optimize your sales processes, ordering and marketing to improve your profit margins.
Optimize Your Checkout Process
Significantly speed up your checkout process with bar code scanning. Your customers will be much more satisfied if they don’t have to wait in line in order to make a purchase. As a result you will be able to serve many more customers each day. You will also be able to record more data at your checkout that could be used to incentivize loyalty in your clientele and help you better market to them.
Keep Your Prices Accurate and Consistent
When you make a price change you only need to do it in one place – it will update across multiple locations and within your inventory management software. With your whole business up to date, anyone who sells an item will have visibility of the correct price or deal. This means your prices are always consistent, so your customers will never feel cheated if they notice a cheaper price in a different location, or even receive a different price from another salesperson in the store. If you integrate your POS system with your other sales channels, like your online store, you can automatically update these at the same time. Of course, not all POS systems will let you do this easily, but it is worth bearing in mind when you’re picking one out.
If you’re still running your small business with a pen and paper, calculator or simple spreadsheet software, it might be time to consider a proper point of sale system. When making your choice of POS, remember to think about the long-term and opt for a system that will let you scale and grow.