So what can you do to increase your bottom line? How can you work a little smarter, rather than harder, to make some extra bank?
Well, whether you own a brick-and-mortar retail store or a restaurant, here are three crafty (but totally honest) ways for you to make more money.
Track Your Stock (and Your Employees!)
Analytics and tracking will help you waste less and sell more by giving you real-time and all-time stats on how your sales are doing. Through analytics and tracking, you'll gain business intelligence on what products are your best-selling or what menu items are the most popular.
What's more, you can cross-reference various data with your margins to see how much money your best-sellers are making you, and if there's anything you can do to increase your profits or your sales of those items. Here are some POS reporting tips to get you started.
Hold Your Employees Accountable
And, while were on the subject of tracking, don't be afraid to track your employees' time! It's not micro-managing, it's just good business.
You pay your employees to be there working, and if they're not there on time or if they're taking long breaks or goofing around, you're flushing money down the drain. A comprehensive point of sale system can keep track of all the data you need to stay on top of both your employees and your product or menu sales. Think of it as your own personal business intelligence tool that you can refer back to again and again to strategize how to increase your bottom line.
Snag Your Customers' Information
In the days on online retargeting, and with tech giants like Facebook and Amazon watching our every move, people can be wary of giving out their information. But notice how if something is free or discounted, people don't seem to mind quite as much!
Customers want to know about deals, events and specials. And they want to know they're special (with birthday rewards, holiday invites etc.) so it's not exactly bad practice to request your customers info by implementing a loyalty program or email list.
Your point of sale system will allow you to easily store all of this info in one place (like their name, address, phone number, birthday – and even their order history). Knowing these things about your customers is the first step to dominating marketing campaigns just by using simple business intelligence tools. Remember: just follow privacy privacy policies and comply with GDPR.
Leverage Easy Tech
These days, every POS software and service should come with the functionality for easy integrations (like the loyalty programs, employee tracking and sales analytics mentioned above), and once you start implementing tracking tools and integrations into your business model, you'll realize just how easy it is to engage in more sales and better earning opportunities for your business.
There are SO many more technical advances to take advantage of, we're just scratching the surface here! From accounting to online ordering and delivery, it's way easier to adopt new ways of earning if your point of sale software is compatible.
Contact us today to demo point of sale software, apps and integrations completely free of charge! Our friendly and knowledgable team will take good care of you and maybe even teach you more ways your business can earn more money. It all starts with the right tools!