Small businesses are one of the most exciting pieces in the business world, and they are continually gaining popularity. Statistics stated in Forbes indicate that there are currently more than 28 million small businesses being overseen in the United States alone. Even more astonishing is the fact that over half of the American working population earns a living within the framework of small businesses. Do the math - that is over 120 million people who are currently employed with establishments labeled as small businesses.
Since there are so many small businesses in the world today, technology has evolved to accommodate the independent nature of business. Point of Sale systems, also known as POS systems, were once developed for large businesses; however, POS systems have now been specifically tailored to fit the needs of small businesses around the globe by introducing the now popular mobile POS system and other small business specific innovations. Those who are considering whether or not a Point of Sale system is a good investment or not (concerning the longevity of a small business, particularly) may find the information below informative and helpful. Most individuals are surprised when they realize how beneficial POS systems are to the small business as an integral whole; read the content below to learn why Point of Sale cash drawers and other POS equipment is essential for small business owners in any avenue of retail.
Increased Income
The most important thing to any business, large or small, can be summed up in one tiny word: profit. Point of Sale technology was designed with the intention of boosting profits, which may be one of the key factors in its continuing popularity. Small business owners who are currently utilizing POS systems are able to carefully keep tabs on what sales take place, when said sales take place, and keep track of financial records - all within the same system. With a renewed emphasis on record keeping and close monitoring practices, most companies experience a definite boost in profit after making “the switch” to POS systems.
Accountability
Although this point could have been condensed into the heading above, its importance deserves far more elaboration. Point of Sale systems allow small business owners to keep an eye on employees at all times. This means that business trips do not result in questionable transactions. If an employer is out traveling on a business trip, he or she can simply connect to the shared account and monitor all past and current transactions. This provides a level of accountability for employees who are left unsupervised for long periods of time and fosters an atmosphere of honesty.
Inventory Organization
Employees do not have to make guesses about product prices when each item is simply cataloged within a database of business goods and services. Price keys make it easy for employees to charge consistent prices for goods and services - even when employers are not on the premises. Plus, the ease with which employees and employers alike can pull up receipts allows for better organization of finances in general. According to Shopify, advanced POS systems are able to manage both online and offline inventories without any delays in the syncing process, meaning that employers and customers can stay informed all from within the same dashboard.
Most business owners like visual representations of relevant data. Small business owners, especially, benefit from the nifty reports generated by quality POS systems. Since these reports are created to give business owners a “big picture” view while simultaneously providing intricate data sets, business owners are able to make any necessary adjustments in a time sensitive manner. For instance, if a small business owner notices that a certain product is predicted to do poorly in the future (thus negatively impacting the business by reducing profit), he or she can simply act and remove the product before consequences are applied to the business’s overall image, success, or financial status. Likewise, particularly popular products may be reported as such so that small business owners can restock the items that are “hot.”
Increased Customer Satisfaction
Customer satisfaction is an essential aspect of any small business (or any business, period, for that matter). Quality Point of Sale systems allow for a more efficient and effective customer service experience by speeding up the entire process while simultaneously improving the customer’s buying experience. For instance, POS systems are popular in restaurants because orders can be quickly entered into computers by waiters and seamlessly printed near the cooks.
Better Marketing Strategies
Point of Sale systems act as ongoing surveys of a business’s customer base. If a certain customer from a certain demographic expresses interest in a certain product over time, he or she is targeted by POS systems as potential promotion, gift card, or loyalty recipients.
The information above clearly outlines some of the key benefits of Point of Sale systems for small businesses. Most business owners feel daunted by the idea of making an initial investment, especially since the initial investment may be a foreign concept to them. However, those who have not used POS systems can rest assured that the user interfaces are typically quite easy to learn and simple to operate. Although the initial financial investment may seem a little overwhelming at first, the long term benefits prove that the investment is worthwhile.