Your Point of Sale is one of the most valuable assets to your business. A good Point of Sale system should be considered as a complete business management tool and be used in such a way to help you grow and systemise your business.
Smaller independent retailers now have access to Point of Sale (POS) systems that are comparable to their larger brothers but with a much smaller investment.
Follow these 7 points carefully so you can make the best decision for your business.
1. Identify Your Business Needs
In order for your business to benefit from an up to date POS you do need to identify your needs. Efficient procedures mean an efficient business. If your current POS is not automated or even out of date then every business transaction could be costing you time and money.
Your POS needs to cover your own specific needs and processes. Once you have identified these needs or processes then your chosen Point of Sale provider should be able to demonstrate the automation process effectively to you.
2. Buy on Quality and Not Price
Your POS system is an investment and as such will be used constantly by your business every trading day. For your hardware it is imperative to use well-recognised brands that have been proven that they can withstand the constant usage in other words – Business Class – cheaper components cannot be supported properly as they are constantly changing.
Follow your POS Company’s recommendations, as they are the ones that understand that saving a few dollars on hardware could mean paying an awful lot on support when things are not running to expectation.
3. Individual Design
It is important to use an industry specific POS model. For example the hospitality industry has different needs to the grocery industry, a clothing industry has different needs to a pharmacy.
The unique features of an industry specific POS will give you a better ROI than a generic POS system. This will also save you having to redesign certain features if they don’t fit your business.
4. Turn Raw Data into Meaningful Information
The automation of your POS system gives you the ability to generate reports that could normally take hours of research by just the press of a function button.
You can quickly gauge sales and inventory trends and use this information to address anomalies in your business and grow your business. On some systems it is possible to have this information automatically emailed to you on a daily basis.
5. Training
To get the most out of your POS system training is very important. Make sure that the POS Company you choose is able to give you the training you need on an ongoing basis. Not only when you initially first set up but also as you gain experience and you need to grow your expertise.
POS Company’s should be able to provide onsite technicians who give you the technical support required and troubleshoot any technical problems you may experience.
6. Back ups – Recovery Systems
Your business management system – POS – does require back ups. Not only because it is a ‘computer system’ but also because it holds your business records. Make sure the system you purchase has an easy to operate back up program installed.
Good back ups can help alleviate a lot of stress and can help with insurance claims in times of disaster.
7. Choosing the Right Partner
Your POS provider effectively becomes heavily involved in your business helping you to support the technical side your business in the most cost effective and beneficial way possible. Leaving you to focus on the customer experience. It is extremely important to make sure that you choose the right one for you.
Make sure that you choose a company that can:
Provide you with ongoing support, onsite technicians, is industry specific, can help with identifying your needs, provide quality hardware, and is capable of giving you start up training and ongoing training.
Plus look for a company that has been established for more than a minimum of 5 years and has a history of satisfied clients behind them.