So your small retail business is finally taking off, and you're making a name for yourself in the community.
Steady customers, returning guests, and the like are adding more profits so you're not scraping together pennies at the end of the month just to stay open.
You've made it right? Your earnings are greater than your expenses, so now it’s time to relax and sip on a daiquiri, and not waste money on a Point-of-Sale System.
It’s time to start investing your profits into your growing retail business.
Investments into things like inventory management, transnational history for customers and receipts, time tracking for employee, etc. What should you do?
What’s the best option for a POS solution for your operation?
One. Completely ignore the issues and pretend they don't exist (Congress does it all the time).
Or, option two: you could devote your funds into a product that will aid in your business flourishing.
If you picked option two, congratulations, you're an intelligent business owner.
The next step in growing your business may involve investing in a solid point-of-sale system.
According to Jim Hawkins in his article, "How Integrated Point-of-Sale Systems Can Help Reduce Inventory Shrinkage," the retail industry reports that 20% of inventory loss is due to poor paperwork, 50% is due to external theft, and 30% is due to internal theft.
POS systems help your retail business to not miss important aspects by streamlining your inventory tracking, making shrinkage detectable before traditional paperwork would catch it.
Not having a POS system costs business owners in the long run, since they lack a standard system to track their profit margins.
Even the tightest bookkeeping, kept in spreadsheets, will still let inventory slip through the cracks (even if you did spend 20 hours on your epic excel spreadsheet).
POS systems will aid in predicting how much merchandise to order for the coming quarter, and predict future profits based on previous sales.
It can be overwhelming to invest into a POS system, after you've spent time and effort to have extra profits.
Overall, you'll lose less by using a POS system paying the upfront costs of owning one, rather than lose funds from over ordering and theft.
In the end, even if you're not a large business, your company can still reap the benefits from an essential piece of technology.
If you’d like to learn more about what technologies steps to take with your own business, or would like a free demo, contact us here.
