How many business owners do you know who actually enjoy having to count and manage the amount of cash they have on hand in order to make sure they don’t run out of money to pay their employees or buy supplies? It’s probably not many, right? Most business owners prefer using some sort of point-of-sale (POS) system to help them manage their money instead. While this does mean that you need to purchase a new POS system, the benefits you’ll get from the POS system far outweigh the cost of buying it in the first place.
The Problem with Cash Registers
If you’re still using cash registers or working from an inventory spreadsheet, your business is at a higher risk for shortages and lost sales due to breakage, theft, simple human error, and other costly mistakes. Not to mention the mountains of paperwork that hassles retailers every day.
The Benefits of Owning a Point of Sale System
Today more than ever, the benefits of owning your own point-of-sale system are clear. A POS system not only gives you the ability to accurately track sales and purchases but also ensures that you get paid promptly and avoid needless banking fees. Furthermore, with these systems, it is easier to focus on running your business while they take care of managing it for you.
- Improved Operational Efficiency – A reliable, efficient POS system can optimize your company’s operations by using features such as scanning inventory to generate purchase orders, generating quotes and invoices from sales transactions, calculating taxes on completed transactions, and much more.
- Enhanced Store Management – A smart POS will enable you to track and monitor your store’s business performance with advanced analytics that include reports on performance by item, department or employee.
- Increased Security – With new features such as a credit card reader and PIN pad, it is easier than ever for the owner of the retail establishment to monitor all activity in their stores.
- Greater Flexibility – Regardless of whether you are just starting up your business or expanding into new markets, you need a flexible solution that can adapt quickly to changing needs without breaking the bank (i.e., minimal investment in new hardware).
2 Steps To Get Started
- Take Inventory of what you’ll need to set up your new business. This includes the appropriate start-up budget, as well as any technology you’ll need for running your business (ie: laptops, printers). If you’re not sure how much start-up capital you’ll need, check out this guide from Wealthsimple that can help estimate the cost of getting started.
- Brainstorm the elements of your business model and see if they are feasible based on market demand, competition, and social factors.