As a small business owner, you might have heard or read about Point-of-Sale Systems. If you have never considered getting one before, I am certain that you might be considering it now. this epidemic has shaken up the business operations, forcing business owners to look at more efficient methods of operation.
But what exactly is a Point of sale system? Investopedia defines a Point of Sales system as a place where a customer can make a payment for products and services and pay sales taxes. It is a revolutionized version of the traditional cash register system which can be in a physical store or used for online shopping.
The latter should already be a good enough reason for you to get a POS for your business. Below are the benefits of having a POS system.
Unlike the traditional cash till system, POS systems go the extra mile in giving you more efficient financial operations. This feature eliminates financial losses due to cash flow problems caused by human error. You can have your whole business’s financial data, everything from expenses to inventory, updated in real-time, wherever you are.
At the end of the accounting period, all the data that was collected for that period can be used to give insight into the success of the business. WIth Waitr, you will not only know your business’ success status, but you will know the possible flaws, when they happened, and the staff member who was on duty on those specific days. Therefore, you will have insights that will help you in dealing with the specific problem and the staff involved. This will allow you to improve your business by implementing solutions that will help with issues regarding operations and also the employees and in so doing, prevent similar problems from arising again in the future. The customer information will give you insight into the purchasing behaviour of your customers, which you can use for marketing purposes. Once you get to know your customers, you need to listen to them through their comments and reviews, so that you can engage in conversations that will speak to their interests and make them feel valued. A happy client will most likely refer you to their circle through word of mouth or mentions on social media, which can drive an audience to your online platforms and hopefully be enough to turn them into new loyal customers.
You do not want to find yourself stuck with a shortage of products because the person responsible for inventory management did not manage to finish his tasks on time for products to be ordered. With a POS that process is automated. Inventory availability gets updated with every purchase and you get to gather vital information that can guide you in decisions regarding your purchasing program. Waitr gives you insight into your products’ and services’ performance and this information can be used to direct you in setting up a purchasing program.
The following are benefits that are more related to a cloud-based pos system, which is a system that stores it’s data online.
A POS allows you to access and control your business from anywhere. This is a very important feature for businesses, now more than ever. Small business owners need to have access to their financial and operational data regardless of where they are. This will enable them to give better customer service.
Additionally to having access and control from anywhere, a cloud-based Pos system gives you the flexibility of accessing it on any device that has a browser. This means that employees are not limited to using one central access for everyone. This also removes the geographical limitations of a normal pos, you can do business anywhere, at any given time on any device at hand. Therefore you have the freedom to choose the type of device that you would want to use based on your budget. This is a great advantage for a small business that might not have the capital to purchase expensive equipment.
You will know exactly where your business is headed with every transaction made. A transaction will update your inventory stock levels, it will give you financial updates, and insights that will let you know how your business is doing at that particular time compared to previous weeks. With these updates, you can sit down and plan ahead and be able to act swiftly in case of any drastic changes instead of awaiting a monthly report to inform you how your business has been performing.
A cloud-based pos system gives your data protection against equipment theft and power disruptions as all your information gets stored online. Furthermore, you do need to worry much about backups as everything is done automatically.
Businesses differ in operations and needs; therefore, their use of available pos features will differ. With a cloud-based pos, you have the flexibility of having the system personalised to best benefit your business and cater to your needs.
A Pos system has many benefits, but one that stands out from all of these above-mentioned benefits is the amount of time it frees up from the business owner and employees. POS systems do all the administration for you, giving you more time to spend on improving your business and ensuring better customer service with the information received from the reports.