A Point of Sale system, commonly referred to as a POS system, is becoming essential to running a successful business. A POS is an electronic system that completes and tracks transactions for your business. Whether you work a bar, restaurant, gaming parlor, retail store or a mix of them all, a POS system can be a great asset to help you seamlessly run your business. While this sounds like a no-brainer, a POS system requires a hefty financial investment that may be problematic to getting started. However, your bottom line will ultimately justify the investment, as this system will fill a variety of purposes.
You may be thinking, why do I need to spend good money on something that I already have a procedure for? Modern POS systems offer flexibility, reporting, and tools to streamline processes, which will ultimately improve your bottom line. A study done by SoftwareAdvice.com found that 64% of single-store retailers are not using a POS system. That means owners are often utilizing standalone methods with a cash register, EMV (chip-and-pin) terminals, Excel spreadsheets and manual methods. In doing so, it is easy to misplace and overlook details that could be important for the future of your business. Often, trying to combine and comprehend the information you receive from these multiple processes can be tiring, and you still might not end up with the most helpful, accurate information. That is where a POS system can be a useful tool.
Connecting your business to a POS system allows you to interconnect, automate and control your business activities. With this system, staff can submit orders and send tickets to fulfill orders, split a bill for a party of 5 with ease, transfer orders from one another, check out and complete payments simply. If your business delivers goods, a POS system can manage driver plans and easily cash drivers out at the end of their shift. If you offer a promotion, it’s quick and easy to change a price or item description. One of the most beneficial features of a POS system is reporting and data tracking, which provides more insight to your customer, including how often guests come in. This is useful for promotions. Have you noticed a regular has not been to your location in a while? Why not send them a coupon for their favorite item (which you can also identify through this reporting). If you notice a particular product has not been selling as much recently, you can use your data to find when the trend started. At the end of the night, you can compare the day with the previous days and even manage your inventory right on the system. These features will help ease your day-to-day operations and give you information to better your business.
So, how do you know what POS system is right for your unique business? The first step is to make a list of features that are important to you. If you sell a lot of food and need to make sure it’s prepared quickly, an efficient ticketing system may benefit you. If you are a location that offers a lot of higher priced items and you value repeat customers, an effective reporting system may be higher on your list. Maybe you are just looking for your operations to become more interconnected. Some POS systems even offer tablets and Wi-Fi based ordering systems, which can eliminate the need for a standstill monitor hub.
We spent some time with Brad Paige, founder of Level Advanced Software, who was able to provide insight on what he finds most beneficial when improving his own system from the user and owner standpoint.
"It is important to have a system that is user-friendly,” Paige said. “I can't tell you how many times I have worked with staff who disliked their POS system. If you hate working with your Point of Sale, that will have a negative impact on executing your job to the best of your ability.” Level believes that having an easy-to-use interface to find things quickly is a must. If you have to spend time messing with unnecessary buttons and processes, it can decrease the productivity of your employees and create longer wait times for your customers.
“As an owner, you need to have financial accountability and be able to track inventory in order to be successful,” Paige continued. “Your POS should also help with sales and marketing. Having a gift and loyalty program helps retain customers and keeps them coming back again and again."
In looking for a new POS system, the transition should be easy. After all, the POS system should help you succeed. For example, Level prides themselves on delivering a plug and play system. It is not easy to get used to a new system, especially during peak seasons, so it’s important to find a POS provider that will support you during implementation.
As you can see, there are many reasons why implementing a POS can improve your business operations and help make the future of your business more certain. The initial cost can be daunting, but the investment can improve your business drastically!