4 Tips for Point Of Sale Systems For Small Business
Do you run a mom and pop shop or a convenience store? If so, it’s time to get technical about your retail business. Here are some helpful tips about using point of sale systems for small business ventures like yours.
With bad inventory practices, businesses of all sizes can risk throwing away nearly 15% of annual profits. You wouldn’t willingly mismanage 15% of your money so why mismanage your inventory. When you’re using a strong point of sale software for a small business, you can ensure you’ve got control over your assets.
If you’re interested in how a point of sale product can help your business, here are 4 ways that you can use it to improve your small business’s profits.
1. Be Granular
The best way to take advantage of your point of sale software is to make your categories as granular as possible. When you’re ready to restock your inventory, you can order which sizes, colors, and shapes are selling best. If you’re selling out of a medium-sized product and selling none of the larges, ordering 10 of everything might be a waste.
If you don’t make specific categories, your employees can’t abide by them. Take the extra effort to divide everything up as specifically as possible to ensure you know what’s selling and what’s not.
2. Don’t Let Employees Cut Corners
Don’t be angry at your employees for cutting corners. If they don’t take the time to enter everything with the level of specificity that you need them to, it’s because you haven’t told them the value of that work.
If your employees don’t mark specific products as sold, they could cut into profits by having to issue refunds when a product is out of stock. This could affect your overall profits, how much you can pay them, and how many hours they can work in a week.
Share these values with your employees and they’ll help your small business thrive.
3. Train and Train Again
Once you’ve trained your employees, don’t be afraid to give them a refresher course. Have experienced employees train new employees. Listen to what they have to say and how they describe the system.
You could learn new tricks or see where an employee is missing vital information. Gently remind them of why you do things the way you do. Follow the guides provided by Foko Retail software to give the most thorough training.
4. Don’t Take New Products For Granted
While you might think a new product that your distributor has sent you is the same as the old products they sent you, don’t take that for granted. Your distributor could have sent you a similar product with a wildly different price point. This can be an important distinction when you’re working with international suppliers.
New packaging might come with a different UPC code or a different unit price. Make sure you’re double checking all of the details before you add a new product to your inventory. Update your point of sale database to ensure you don’t lose money.
Point of Sale Software For a Small Business is Your Key to Profits
If you’re using the best point of sale software for a small business, you can turn every product on your shelves to a sale waiting to happen. If you’ve got inconsistencies, you could be building up a stock of products that you might never sell.
If you want to know other ways to improve profits and productivity, check out our guide to keeping your profits climbing.