Using POS to grow your Business
Business owners often underestimate the capabilities of a POS system. Thinking of it purely as a way of keeping track of sales, returns and day to day operations. Of course this is part of the main reason for implementing a POS system in your business, but it can offer a lot more. A quality POS system contains tools and features that can give businesses the resources to succeed and grow.
When looking to invest in a POS system initially, this is where you need to make sure it has these tools and features built in so that it can help your business drive growth. This is the time you look beyond the cost factor of the system itself, and make sure it can do everything you need currently and more for future endeavours.
Having this tool correctly implemented in your store can allow data collection and expansions to grow your business.
The Insights to Plan Ahead
A POS system can give you insights into the overall health and performance of your business with reporting functions. The data from these reports can be used to help you make more informed decisions for your business. And as a retailer it’s beneficial to be able to make the most informed decisions possible when it comes to inventory levels, tracking profit margins, and reorder points.
A POS system will allow a view on reports for sales via hours, days, weeks, months and can be filtered to specific data sets. This will allow for the discovery of sale patterns and help to implement strategic purchasing decisions.
Businesses can’t grow without the data to support it’s expansion therefore having access to this data is crucial.
A Point of Sale system can help to take the guess work out of stock levels and help minimise the frustration of customers if a product is sold out. By using the POS system to track your inventory you can set up automated reorder prompts and identify those over stocked lines. On point inventory can be highly beneficial to businesses, especially those with multiple locations. Your Point of Sale system should let you view how much you have of an item and which location it is at. Having an easy and correct way to track stock is needed when expansions and growth happens within your business.
Connect with customers
The single most important factor in driving growth is sales, and to achieve that you need satisfied customers. Loyalty programs have been commonly identified as a driver in improving customer relations and helping to encourage repeat business. Therefore this is an important feature to have in your POS system. Whether it be an easy inbuilt customer loyalty program or the ability to integrate seamlessly with third party applications you may already use. Having this information integrated means you can not only reward your customers for coming back but can also track what products are popular and tailor marketing of promotions that are sure to entice the customer.
Having a stellar workforce is important to growing your business, and something that can help manage your employees is your Point of Sale system. Having your clerks log in for each sale will mean you can track which staff member is performing well, which one is promoting special items, and who may be underperforming.
You can also set user permissions within your POS system, so that as you expand you can define exactly the role you want your staff to have. This could mean delegating manger roles to your staff and allowing them more access to your POS system to be able to perform higher duties. When your business is ready or your staff are you can define each employee group and modify users permissions with your POS system.
Data from anywhere
Another hugely important factor to growing your business is having access to your data. Having a way to remotely access your full systems data will allow a way to strategise for growth and always have transparency over the overall status. And if you are wanting to grow your business then having access from any location is definitely an added bonus. This becomes a handy time saving feature, because it means you don’t have to be on site to view reports, sale figures, or purchase histories. Your data is the key to determining what areas to grow, and what areas to change up. Want to have access to your Data from anywhere? Contact the team and we can help you. For Ideal POS customers click here
These are just a few of the areas that POS can help your business grow. Feature rich software solutions can do much more when implemented and utilised correctly. And with the software world ever expanding and evolving then it’s beneficial to choose a POS platform that will continue to grow and change as your business grows.
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