No doubt, your point-of-sale (POS) system is powerful, but do you really know all that it does? Not only is it your cash register, inventory control, anti-theft protection (just to name a few), it’s also your strategist.
Here are a few simple strategies that you can try out with your POS system.
Generate a Sales Forecast
Take a look at your year-to-date sales and compare it to last year. Are you sales trending upwards? Will this continue? What other differences do you see?
Then establish your baseline for your current year’s performance. This baseline forecast can help you understand your goals moving forward.
Track the activity of your cash registers whenever you want —hourly, daily, weekly. In addition, track your employees. Find out what your employees are doing or not doing at checkout. Verify that the amount listed matches the drawer.
Manage Customer Activity
Do you really know what your customers want? Use your POS system’s Customer Relationship Management (CRM) tool to pull a report on what your customer’s have purchased, purchase amounts, how frequent they visit, new customers added, etc. You can even send emails created specifically for their forecasted wants and needs.
Make A Consistent Inventory List
Make sure that you’re creating well-defined and unique item descriptions for all of your products. Item descriptions that are vague or too similar to other item descriptions are not only confusing, but can lead to major inventory and ordering mistakes.
Run Inventory Reports
Track your inventory quantities and update in real-time as each item is sold. You can also enter a minimum quantity or ‘trigger point’ to alert you when specific items are running low. It’s a great tool to ensure that you’re never caught without a product.
As you can see, strategizing is important for a successful business. Whether you are generating sales forecasts, running inventory reports or managing your CRM, let your POS be the strategist. You’ll be glad you did!