How many hats do you wear as a retail store owner? Juggling the day-to-day operations while also keeping an eye on the big picture is time-consuming, but can also offer big rewards. One of the best tools to efficiently manage a retail store is a point of sale system. Whether you’re opening a new business, or have decades of experience, understanding your point of sale system’s features can keep your business running smoothly and maximize every dollar. Here are 3 tips to get the most out of your POS system.
POS Tip #1 – Integrated payment processing
Setting up your POS to automatically communicate with your payment terminal is a small change with a big impact. With integrated payment processing, there is one less step when making a sale, resulting in a faster checkout, and more opportunity for you to connect with other customers. Eliminating double data entry also means there is less chance for human error by the cashier and increased security when using an E2EE (End-to-End Encryption) solution. Ensuring accuracy also speeds up staff training and end-of-day reconciliation – who wouldn’t want that?
Setting up integrated payment processing doesn’t need to be overwhelming when partnered with a POS company that offers payment processing and technical support.
POS Tip #2 – Track inventory
As a small business owner, you’ve likely hand-picked most products in your store. You know the top sellers in detail, but what about the rest? Tracking inventory simply means that stock levels are automatically adjusted when a sale is made, product is received, or is manually adjusted after an inventory count. Real-time inventory tracking gives accurate details on how fast products are selling, how much is on the shelves, and what is on order. Using this knowledge, decisions can be made to move excess inventory and maximize the sales of more profitable items. Product ordering also becomes less of a guessing game when armed with all the information, making purchase orders quick and reducing out-of-stocks. Manual inventory counts help identify inventory loss, whether due to damage or theft – things that cost you money but can easily slip through the cracks when juggling a business.
Making inventory tracking part of your routine is well worth the effort you put in upfront!
POS Tip #3 – Read the reports
Setting aside time to review your point of sale system’s reports may seem counter-intuitive when time is scarce. Even when the days zip by, making reports a priority can really save time (and money) in the long run. Point of sale reports are a great tool to help guide business decisions, spot trends, and plan for the future. Some reports pack more punch than others. Here are two reports not to overlook:
Profit Analysis Report – An invaluable report that analyzes product turn rate and GPROI (Gross Profit Return on Investment) to show items with high profits and others with low returns. As the cost of goods change so do margins, the Profit Analysis Report gives you at-a-glance information to adjust pricing and strategy.
Sales Distribution Report – A birds-eye view report of total sales, sorted by department or category. Using the timeframes you choose, sales trends and customer preferences become visible. It’s a great tool to use to invest in the product groups that sell and to move any stagnant categories that take up valuable store shelf space.
Whether you’re just getting started or have years of experience, understanding your point of sale system and knowing how to make the most of it will help you maximize every hard-earned dollar. Are you interested in point of sale software that gives you the tools you need to efficiently run your retail business? Contact us today to learn more about ClearTEQ POS.
