Five proven ways any small business retailer can reduce dead stock – Sunday small business retail management advice

Based on our work with 3,500 retail businesses across a range of specialty retail channels, here are our five top ways any small business retail store can reduce dead stock in their business. These top ideas are all about ensuring the problem does not occur in the first place.

  1. Track everything that comes in and that you sell. Good data drives good business decisions.
  2. Order what sells. Use a re-order report from your POS software to order replenishment stock. And, yes, good POS software allows you to add to this for new items or extra stock you are certain you need.
  3. Set a budget. Use your software to control stock weight so you do not over order without thought.
  4. Track stock turn. Stock turn is the best indicator of efficiency of stock. Focus more on your best performers.
  5. Centralise buying. Ensure buying for the business is done by limited people who do use business data and who operate to a strict budget.

There are more ideas and tips on reducing dead stock. These suggestions are the best-practice starting point.


Retailers love the shop local campaign from our POS software company

We are thrilled at the number of small business retailers engaging with the free marketing advice and collateral at our POS software company website. Any retailer can download the free posters and other materials and use them how they want to promote these marketing pitches for and through their businesses. Here are some of the free poster artwork Tower Systems has made available.

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Small business retail advice: Navigating to the New Paradigm in Retail guided by your POS software

Everywhere retailers look today they are confronted with a new paradigm, a new approach to doing business, regardless of their area of specialisation.

Over recent years the fundamentals of retail have changed and some retailers are yet to notice and embrace the change.

The new paradigm, while impacting all retailers, is not universal. There are nuances by channel and there is where specialist Point of Sale software can help a retailer navigate to the change in circumstances.

The customer is at the heart of retail today, more so than ever before. Thanks to universal access to pricing, product and other information, the customer is more informed and powerful than ever before.

Whereas in the past a retailer knew of their key competitors based on their geographic location and could therefore research and understand them, today’s competitors could be anywhere in the world. Indeed, many shoppers are spending time with a competitor of a retail business while actually in the business… such is the power for the customer thanks to smartphones and easy access to the online world.

Many retailers have made them mistake of thinking that the new paradigm is merely about bricks and mortar retail versus online. That is barely the beginning of the new paradigm. Indeed, it goes way beyond such a basic comparison.

The only way to compete in this new world of retail is to genuinely and wholeheartedly place the customer at the centre of everything you do. From the moment they step near, physically or virtually, your business you need to embrace them with an embrace unlike ever before. No, not a hug, nothing physical.

The customer embrace in this new world of retail is about value, from as soon as a customer is nearby. Value in service, advice as well as price. This is where bricks and mortar businesses can win against online… if they understand how to demonstrate value through a range of touch points in their business.

Central to delivering value is the core efficiency of the business itself. Retail businesses need to operate at a level of efficiency which enables them to compete on price. At the same time they need to ensure that all sales associates are able to transact with shoppers wherever they are in the store. They need to be able to be the most knowledgeable people in the store without necessarily having the most experience.

This is where good Point of Sale software, ideal software for the type of retail business, can provide a retailer with a point of difference and a structure through which to embrace the new customer-centric paradigm.

It is not enough to operate a basic cash register type system as that will deliver only basic results and basic will not cut it today with competitors around the globe. Retail businesses which specialize need specialist software. The result is a stronger, smarter and more nimble retail business.

Good specialist Point of Sale software will, if used well, enable a bricks and mortar business to not only compete but grow in this world. This is an opportunity for retailers, an opportunity to embrace change and to thrive against what may seem to some like insurmountable odds.

Drive your relevance, use your software, chase change.


Optimism in small business retail

Every day in our POS software company we see and hear examples of optimism in small business retail from a boost in traffic to an increase in sales revenue to an increase in the overall average gross profit percentage achieved by a business.

We are thrilled to play a part of helping independent small business retailers realise their dreams through our software.

In one situation this week we learned how a retailer using our software achieved thousands of dollars of incremental business in a three month period by using a facility they had never used before. By turning on this facility in their software, for no additional cost, they were able to achieve sales they were up until then losing. This was done with no increase in inventory investment.

Small business retailers can increase sales through smart shopper engaging tools in our software. Beyond the usual help desk facilities, we enjoy talking business management with our customers – to help them leverage even more value from their relationship with us.

Here at Tower Systems our focus is solely on independent small business retailers in a select number of retail channels. This helps us provide specialist advice to our specialist retailers.


Aussie POS software helps small business retailers grow

Small business retailers want to grow, who doesn’t? With rent and labour costs increasing each year, growth is mission critical. POS software company Tower Systems helps its customers grow by providing advice on how to use the software to grow.

As retailers ourselves we can provide practical advice on how to use the software to more than transact sales, we can help retailers use the software to grow their businesses. We do this every day on our help desk, through our consulting services, through our knowledge base and through our business mentoring assistance.

We encourage, guide, educate and support our small business retailer customers in their desire to grow their businesses. it’s something we take serviceably.

Even on the weekend. Take today, Saturday … we have been helping one business owner understand opportunities in their slow selling inventory pool to unlock cash and space for more productive use.

We are serious in our commitment to small business retailers from our software through to the practical advice and support we provide.


POS software helps small business retailers document shopper savings

discounteducationSmall business retailers using the Tower Systems POS software are able to easily and succinctly show the discount a shopper has achieved with a purchase on the professional receipt produced by the software. Many receipt styles are supported – retailers can choose what works best for them

Available for many years and enhanced thanks to new even more flexible receipt options, publishing savings on receipts is a successful way for retailers to promote to existing shoppers and bring them back in store more often.

Tower Systems shares with retailers ways of using receipts, describing savings and highlighting other benefits so that retail partners get more from smarter use of their smart PO software.


Small retailer POS software users love transparency on software enhancement suggestions

software-ideasMany small business retailers using the POS software from Tower Systems actively engage in suggesting enhancements for the software and many of these suggestions make their way into the software.

Retailers regularly thank Tower for the opportunity to publicly make suggestions and for the transparency of voting by and feedback from others about the suggested enhancements. Indeed, the level of transparency Tower Systems has offered in this area for years now is rare. Some claim user engagement but it is hard to find another software company living the transparency claim like Tower.

The real test of the exclusive Software Ideas facility from tower Systems is the enhancements that make their way into the software. Hundreds of enhancements including new facilities, large and small, exist in the software today thanks to user engagement in making suggestions and voting on these suggestions. It is proving to be a valuable process for tower Systems and its retail business customers.

It is a measure of the company’s confidence that the facility is promoted on its website home page and that the list can be accessed by anyone including competitors.

Software Ideas is managed by a senior member of the software development management team within the company and the overall Tower leadership team makes final decisions about ideas it embraces. All ideas receive feedback from the company.


Helping small business retailers save money on EFTPOS fees & time at the sales counter

As a POS software company working with close to 3,000 retailers, we have experience dealing with all the major banks when it comes to EFTPOS and offering EFTPOS solutions at the retail sales counter.

In our software today we have EFTPOS processing links to a range of third parties as well as direct to banks.

It is our experience that retailers linking to Tyro broadband EFTPOS experience faster processing, fewer operational problems, easier setup and better customer service than any other EFTPOS connection. This is why we recommend Tyro to our small business retail customers.

Thanks to excellent assistance and communication from and with the team at Tyro, we are able to triage any operational issue and usually resolve it immediately. This provides our retail business customers with a one stop shop. This is far better than having to navigate a third party who then has to navigate your bank’s support service. In that scenario it could take days to resolve an issue. Thanks to the Tyro approach, the few problems reported are resolved quickly.

Choosing the right EFTPOS solution is important for small and independent retail businesses. It’s what happens at the counter that matters the most. Fast and accurate processing are the most important goals followed by easy setup.

Major banks tend to lock retailers into long term contracts that have a breakage cost. This can lock small business retailers into poor service and higher than necessary fees. Thanks to Tyro we are able to deliver to small and independent retail businesses a more cost effective solution. Tyro helps newsagents ensure that the solution is right for them without the need for a long term contract.

Our advice to retailers considering EFTPOS is – buyer beware. That big bank that says it has a great deal is a big bank – when was the last time a big bank put the needs of small retailers ahead of their appetite for profit.


Ways small business retailers can refresh their view of their business

WARNING: This blog post has some crazy ideas you’d not expect from a POS software company.

In our work with small business retailers we often hear about burnout, retailers being tired and over the grind of opening the shop working all day, closing, getting little sleep and doing it all again. They are often too tired to be innovative in their approach to business.

Call us crazy but we have some ideas designed to help small business retailers reconnect with their businesses. They are unconventional. They are free. They are fun. They are designed to get you looking, hearing and smelling your business differently. They are designed to open your eyes to opportunities you may be missing.

Are you ready? Here are our unconventional ideas for refreshing your views of your small retail business – in the hope that you find opportunities you were not seeing.

  1. Go to your shop at night time. Leave the lights off. Put a chair on the middle of the shop floor. Sit down. Take your shoes and socks or stockings off. Put a blindfold on. Soak it up. What do you smell? What do you hear? Is there any sense of place that you get from being there.  Be still for fifteen minutes or so thinking about this. Breathe deeply. How does your shop smell? Does it have a smell? If not, why not? Then take the blindfold off and look around you for another fifteen minutes. Finally, get up – with your shoes and socks or stockings still off – and walk around the shop. Take in the environment you are in control of. Let the ideas flow. If you want to take it to a deeper level, lie down on the floor on your back and look up and around – kind of up-skirt your own shop while it’s empty!
  2. Get a stool or fold up chair, pack a lunch and spend at least three lunchtimes in a week sitting opposite the entrance to your shop watching customers. Don’t write anything down, just watch. Preferably do this without people noticing you. Wear a disguise if necessary. Watch intently. See where people go, what they pick up, what they buy if possible. Try and predict what they will do. Watch and think. Watch and think.
  3. Get a small desk and a sign for the desk that says CUSTOMER SERVICE. Place the desk near the front door of your shop. Set yourself up at the desk, sitting behind it. Dress formally, old school. Like in a 1950s movie preferably. Sit up straight. Look the part. Sit and wait and see what comes your way. Have fun interactive with customers. The desk should look out of place but it should also look fun. The idea is that your customers, your staff and you will be a bit shaken up by the change. See what comes your way.

We have more crazy ideas. These barely scratch the surface of the crazy idea cupboard. Just ask.

We’re here to help small business retailers create and run successful independent small local retail businesses. Our help goes beyond our software. Were retailers too and love being able to talk retail with anyone.


POS software support small business retailers love

Here are some of the reasons newsagents, jewellers, gift shop owners, bike retailers, garden centre owners and others love the support we offer with our Point of sale software. For a small annual fee they have access to:

  • A friendly help desk staffed 7am through to 6pm Monday to Friday and 7:30am to 3pm on Saturday. Local call numbers in Melbourne, Sydney, Brisbane, Adelaide and Perth.
  • After-hours support available 24/7 through five mobile phone numbers.
  • Free one-on-one training for every newsagency every year.
  • Free new owner training.
  • Mandarin and Cantonese language support for those who prefer this.
  • Free hardware support for all h/w sold by us plus a 3 year on-site warranty for all HP h/w.
  • Weekly free online live training workshops.
  • Access to more than 130 professionally produced training videos for business owners & staff.
  • Free theft check service – we help newsagents uncover possible theft.
  • Free business performance analysis service – we help you see growth opportunities.

This mix of support services is exclusive to us. It’s a reason our customers choose to continue with software support coverage. We don’t force them by stopping their software from working if they choose to not continue support coverage. We think this type of action by a POS software company is unreasonable coercion.


Sunday small business retailer management advice: human interaction is key to success

We switched a retailer to our Point of Sale software recently solely because of the poor support they had received from their previous POS software company. When calling their old POS company they place calls using a computerised phone system where you pressed a bunch of buttons to get to log your call for assistance.

Here at Tower Systems when you call you speak with a human, most likely our receptionist.Your query is listened to and then passed to someone, another human, who can help.

Our software company is thriving on the back of the human support we provide our retailer customers. Retail businesses can thrive on the back of human service too. There is no better way for a retailer to show off why dealing with them is better than dealing with online than by providing excellent human to human service.

Our retail management software has facilities through which retailers can improve the service they provide and thereby show off why dealing with them can be more useful and valuable for a shopper than going with an online business. Our support team can share ideas on these facilities in our software.


Sunday small business retail management advice: how to make more money from every sale

Every retail business can sell more to every customer. This is easy when you have good business data and use this to make good business decisions.

Making more money from every sale starts with good Point of Sale software. This will tell you what you are selling, how often and what your top selling items sell with.

Get a report from your Point of Sale software listing your top ten selling items, by unit sales for the last three months. Do not look at dollars. Unit sales is the far more valuable count since this is a discussion about leveraging volume.

In a typical retail store, the top ten selling items will account for between 30% and 50% of revenue of the business.

Look at your top sellers report and concentrate on the top selling items. Answer these questions about the top ten selling items from the last three months:

  1. Do you have appropriate impulse purchase products located on either side of each top item?
  2. Are the top items spread through the store, to maximize customer throughput?
  3. How often do you move the top items?
  4. Do you have the top ten items in multiple locations?
  5. What impulse purchase items do you have at the counter which will appeal to customers who purchase any of the top ten items?
  6. Has the list of top ten sellers changed in the last year? If so, how have they changed and what can you learn from this.
  7. Are there products which you do not currently carry which you could add to the store to sell with the top ten sellers?
  8. Do customers who purchase the top ten sellers ask for any other items?

The idea embedded in these questions is very simple. Use the top ten sellers, or top twenty or top thirty, to focus your attention on items with which you can work to achieve more sales in your business.

By focusing on the top sellers and what you can sell with them you can increase the size of the average shopping basket.

If you can’t see opportunities for achieving more sales by placing products next to or with the top sellers then speak with your team and speak with trusted customers. Don’t rest until you unlock suggestions to try.

If what you try does not work, try more products. I know of retail businesses which have spent months finding add on items to work with their top sellers.

The key to this project is proper use of your Point of Sale software. You need this to identify the top selling items and to track the success or otherwise of your project to sell more with your top performing stock lines.

There is plenty of additional money to be made from your top sellers. Invest time and attention on this project and get ready to bank the results.


Sunday small business retail management advice: manage your software

We have been helping a couple of small business retailer5s recently to switch from our software following frustratying experiences they had with their other software that updated without their control.

Our advice to retailers on software updates is to update when they are ready, knowing what you will be getting in the software update and how you cann use this in your business.

Be conscious about updating your business software – it’s mission critical and you needs to be in control to serve your needs.

Letting your software be updated without your knowledge or control could result in operational problems – as these retailers found. It could result in operational changes you and your team are not across.

So, take care, update your retail business software when you’re ready.  be in control.  This is retail best practice.


Sunday small retail business management advice: return on floor space is an excellent metric

Tracking return on floor space is easy for retailers using our Point of Sale software. This is an important business performance metric as it shows the performance of a measurable piece of retail real-estate through the success (or otherwise) of products occupying the space.

Thanks to smart retail management tools, retailers can setup in our software the ability to report on sales by floor space. Our help desk team can help with this and thereby help retailers tap into a valuable business performance metric. We can also help retailers understand the results they see.


Sunday small retail business management advice

Since Sundays are a day many small retail business owners work on their businesses, we are launching a Sunday only series of small business management tips. They will be simple, free to implement and available to anyone – here.

Use your receipts as a marketing tool. Look at the receipt you give your customers. Is it a marketing document? Does it encourage shoppers to return? Does it present a value proposition beyond documenting the sale? This is easy to do using your Tower Point of Sale software. It should be easy with any POS software.  Using our software you can control what is printed and when its printed. You can turn your receipt into a FREE marketing platform for your retail shop. Try it!

Treat every document you have to your customers as an opportunity to invite them bak into the business. It’s what we do in our own retail businesses.