Retail is tough … we hear this constantly from commentators and others. Too often we see retailers in trouble who have missed opportunities to save their businesses back when warning signs were available.
Using good Point of Sale software, retailers can be better equipped to save their retail business. Here are some suggestions on how based on experiences we have had working with retailers:
See it coming. Retail businesses close because the owners and managers are surprised by a sales downturn or other business situation. Good use of POS Software will warn you about how the business is doing and about rough patches which need addressing.
Know what to do. Good retail management is all about making good decisions. The best retail management decisions are based on factual information. A good Poing of Sale system used properly will provide access to good business data.
Improve time management, cut labour costs. Some retailers like to stick with old practices. Using POS Software properly can cut many hours a week from the roster. In one cast in 2010 we helped a retailer cut in excess of $400 a week from their employee roster for just one retail location. This saving went straight to their bottom line. The key is to engage with the time saving facilities in the software.
Competinng with yourself. Too often, retailers compare their business with others when the real competitor is their past experience. By accurately comparing current performance with pas performance, trends are obvious and better decisions can be made.
Stocking what sells. This is a chestnut … we cover it often at this blog. It is so true though. Retailers all too often carry what they like or what looks good to them over what their customers are actually purchasing. Using your Point of Sale system to stock what is selling and obeying its recommendations can free up dead cash fro the shop floor.
There are plenty of other ways that full and proper use of a Point of Sale system can save a retail business. Those presented above are just a starting point. The key is to accurately measure the business and see challenging times coming in advance of them arriving.
Tower Systems will proactively work with any customer who wants to engage with the suggestions presented here. The entire company is committed to helping our retail customers get the most from their investment with us.