CASH IS KING! This is a vital mantra for every retailer, especially in today’s tough retail environment.
Tools like our Point of Sale software and vitally important to measuring the cash contribution from management decisions made within the business.
Our POS software has reports which measure the sales revenue and margin dollars delivered by products, categories, suppliers and departments in any period of time. This enables retailers to do before and after reporting, comparing the margin dollar contribution to the business of a move.
We have seen this in action this week. One retailer made some significant moves and was unsure about the value to the business. In a few seconds we had the answer and they were surprised. The move was considerably more financially rewarding for the business than they expected. Had them been left to gut feel they would have thought the move was okay. Based on the facts we provided they are now looking more carefully at other moves they can make.
Accurate measurement of the performance of a retail business is vital to retail success. While your bank account can show the cash you are earning, smart reporting like in our Point of sale software can prove exactly from where within the business the additional cash is being generated. Knowing what decisions are working for the business will improve the quality of the business decisions being made.
In our training workshops and at other opportunities, we remind our customers that measuing every business move is vitally important. Indeed, we work with our customers on identifying the best reports for measuring various parts of their business.