How a POS Can Increase Your Bottom Line
We know what you’re thinking. Are you seriously telling me that spending money on a POS system is going to make me money?
Short answer: yes.
Listen, you have to spend money to make money. And purchasing a POS is a perfect example of how that’s true.
You already know that a POS is necessary, but is it beneficial?
With the right POS software, you could be seeing a positive impact on your bottom line almost instantly. So, how can a piece of software generate such a boost in profits? Here’s how:
One of the most valuable things your POS software will offer is data that you can actually work with to increase your profits. Here are just a few examples of how you could make some quick and significant gains with reports:
- View your best and worst-selling products or services. If you’ve been making the effort to order a product that nobody is buying, your reports will highlight this immediately so you can stock up on your bestsellers.
- Real time data allows you to plan on the fly for busy days. If, let’s say, you see sales are higher than usual one morning, you may want to call in another staff member to help out. More employees on a busy floor means more sales.
- Have you always run regular promotions but haven’t worked out if they’re actually profitable or not? Reports will allow you to review your past and current promotions and cut the ones that aren’t helping your bottom line.
Promotions and rewards
As we just mentioned, promotions can be set up and monitored efficiently and effectively within your POS system. Loyalty and rewards programs, gift cards, stocktake sales, and holiday promotions should also be high on your options list.
Good POS software will allow you to set up special pricing seamlessly across your inventory and accounting systems.
Besides being able to monitor employee hours and salaries, you’ll be able to follow the progress of your employees through data. Most systems will allow you to view ‘sales by employee’. This means you’ll be able to reward the employees doing a great job, while supporting the struggling employees and help them refine their techniques.
Going mobile with your checkout is a very simple way to see the fruit of your POS labor - Instead of having to wait on a long checkout line after already spending time with a salesperson, customers will now be able to checkout directly with that salesperson. Yeah, we think that’s awesome too.
The Ultimate Time-Saver
POS software will save you time, and we all know time is money. You’ll notice the benefits across a number of areas
- Faster checkout
- Automated reporting/invoicing
- Technical support - Let someone else deal with that ‘wonderful’ customer
- Employee training - smoother operations
Helps Your Business Grow
The best POS software will always be ready to grow with your business. This could translate to a few new system features, or something more exciting, such as opening multiple stores. A big profit driver is making products available for purchase online, which most POS software will be able to facilitate for you.
This one is so simple, yet so essential. Integration with inventory management allows your POS software to alert you when certain products are running low or expiring. There’s nothing more frustrating than having a customer ready to buy from you, only to discover that you’re all out of what they want.
Just think about all the amazing possibilities your business now has with a POS system. No matter what service you offer you can benefit from a POS. Don’t forget that there are a multitude of POS systems out there, and one will surely be a perfect fit for you.