The POS Software Blog

The POS Software Blog

News from Tower Systems about locally made POS software for specialty local retailers.

Categorygift shop software

Sunday retail management advice: interviewing prospective employees for your retail business

July 31, 2016
3 Min read
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Interviewing prospective employees is a personal thing in that it is all about you and your business. Get this one thing right and you get plenty of benefits for your business.

The type of people you want for your business can only be determined by you. This is why we say it is personal and why we do not advice a consistent corporate approach across all businesses.

That said, based on our many years working with and helping small business and independent retailers there are some basics to get right before or at the interview:

  1. Make sure prospective candidates are who they say they are. Check photo ID.
  2. Have them bring a Tax File Number – to show they are known to the government.
  3. Have them bring two written references.
  4. Advise them before the interview you may do a police check.
  5. Stalk them on social media to look for possible issues.
  6. Interview two or three candidates. Not too many though as it can take up time when if you vet them right prior to the interview you can have a good short list.

Now, on to the interview. The goal is to encourage conversation as it is from conversation that you can determine if you like the candidate and liking them is key to their future with the business.

Start by asking them what they think of the business and what they would change. The purpose of this is to test to see if they know much about the business and have any interest in it beyond a paycheque.

Ask them why your business. The reality is this question often elicits the answer they think you want rather than the truth. Press them on it.

Ask them about any experience they have that could help them in your business. This is designed to be open ended, encouraging conversation.

Usually, three or four topics in and you should have an idea if they are right for you. If the feeling at this point is they are not right for you, pull the pin on further discussion and than them for their time.

Other topics worth discussing are: how they relax, their dreams for the future, whether they collect anything, what they are passionate about and whether they read magazines. Each of these topics can be open ended – encouraging further conversation.

If you have a candidate you think is right, consider a paid trial of three hours. This is usually useful if you are not sure between two candidates.

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Enjoying small business retail

July 30, 2016
1 Min read
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It is a thrill to see so many independent small retail businesses thriving through the winter of 2016. We are seeing businesses transforming from what has been traditional for their type of operation into fresh offerings that drive the appeal of the business beyond what has been traditional for them.

We love seeing this not only because of the pleasure of observing success but also because of a role we can play in helping to uncover and leverage good news for small business retailers.

Our commitment is to help our customers beyond the software to help them reach beyond the dreams they have for their businesses.

We are grateful every day for the opportunities that come our way.

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Small business retail advice: be generous with your loyalty program

July 29, 2016
2 Min read
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Too often small and independent retail businesses create and run shopper loyalty programs that mimic their big business competitors. They ignore that the big business loyalty programs do not have rewarding shopper loyalty as a core focus.

Big business loyalty programs are primarily about the needs and profitability of big business.

Our advice for small business retailers is to be generous with your loyalty program. Offer generous rewards for loyalty. Run a loyalty program shoppers love, a program that brings shoppers back again and again.

Being stingy will cause frustration and anger among customers, it could have them talking negatively about the business. This is not good for business.

When we look at loyalty programs that have failed to deliver good results in a small or independent retail business, the most common cause we find is that the loyalty reward is not sufficiently a reward.

This is why we encourage retailers to be generous in loyalty reward settings.

The best way to reflect generosity is through transparency of value. By this we mean making it clear what a reward is worth. This is why a dollar amount is more valuable than points. People understand dollars. It is unlikely the will easily understand the ‘value’ of points.

For more advice and assistance on the best-practice approach to shopper loyalty, please talk with the team at Tower Systems.

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Toy shop software helps independent toy retailers leverage lay-by now for Christmas opportunities

July 28, 2016
4 Min read
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Lay-By is a vitally important service for independent toy retailers in their competition with mass retailers like Target, Big W, K-Mart and Toys R Us.

Independent and small to retailers using the toy shop software from Tower Systems have in the software terrific Lay-By facilities that enable their businesses to run a professional Lay-By service that meets regulatory requirements and that competes head-on in terms of flexibility and functionality.

Now, in the middle of Winter, is the perfect time to ensure Lay-By is properly setup and promoted. This is why Tower Systems has been educating customers, to ensure they are fully prepared for the Lay-By opportunity and to ensure they are pitching the message of Lay-By opportunity to customers and prospective customers.

Here is a taste of the professional advice we have been sharing with customers:

IMPORTANT: Before you begin, familiarise yourself with Lay-By regulation as set by the ACCC: https://www.accc.gov.au/consumers/contracts-agreements/lay-by-agreements

Also, check the website of your state Consumer Affairs office to familiarise yourself with local requirements. Information there will help you determine your own terms.

Meeting regulatory requirements is vital. For example, if someone cancels a Lay-By you must refund their payments less a termination fee. You can set this fee and advise as part of your terms and conditions.

Our advice on the next page guides you through key rules and steps to success with Lay-bys.

  1. WHAT TO LAY-BY. Set a minimum item and or purchase value. We’d suggest $80.00.
  2. DATA REQUIRED. Always ensure you are satisfied you know who your customer is. Require proof of ID from a driver’s licence or similar legal ID document.
  3. DEPOSIT. 20% of the total GST inclusive purchase price.
  4. AGE. Only Lay-by to people 18 and over.
  5. DURATION. Lay-bys should run for between eight and twelve weeks. You could run for longer pre Christmas to get early toy sales.
  6. PAYMENT CYCLE. Require payments to be made weekly or fortnightly.
  7. PAYMENT METHOD. Accept any payment form you choose.
  8. BREAKUP. Do not allow someone to take home a single item from a group of items on Lay-by together in one purchase. It’s all or nothing.
  9. CANCELLATION. Have a Lay-By termination policy you are comfortable with. We suggest a 20% termination fee. Alternatively, set a dollar amount to reflect the work. Also, consider setting the Lay-By to auto terminate if it extends beyond a period of time you nominate. Note that you could equally choose to have no cancellation given that Lay-by product may not be able to easily re-sold.
  10. BREACH. Decide what you would consider a breach. This has to be something you stand by. We suggest two missed payments without reasonable excuse or rectification. On breach, cancel and charge the cancellation fee.
  11. EXCHANGE. We suggest a no-exchange policy.
  12. DOCKETS. When a customer Lay-bys, print two dockets – one for them to take immediately and one to be placed with the goods. Have your customer sign both copies, accepting your terms and conditions.
  13. STORAGE. Set aside a clean and secure storage location for Lay-bys in your business where locations are coded for easy finding. Place Lay-by goods into a single clear plastic bag per transaction for clean and safekeeping. Staple to this a copy of the Lay-by docket. Let your customers see you do this so there is no doubt when it comes time to collect the products.
  14. MANAGEMENT. Have one person responsible for Lay-bys to ensure product care, track payments and contact customers.
  15. TERMS AND CONDITIONS. Enter these into your software so they are included on every Lay-by docket. Points 2 through 11 above are a good example of what to include in your terms and conditions.
  16. COMPLETE PAPERWORK. To not over complicate things, rely on your software’s Lay-by docket as your complete paperwork / contract. Get that right and Lay-by management will be easier.

These rules and steps may feel complex. They are necessary for the small number of times something goes wrong and you need to rely on them to help you deal with a situation.

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Small business retail advice: never let a stock item celebrate a birthday

July 26, 2016
2 Min read
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Inventory in retail is worthless unless it sells. The longer it sits on the shelf of a retail business the greater the cost of the inventory to the business.

A good basic inventory management principle is: never let a stock item celebrate a birthday. That is, never have an item in the business for more than a year. In fact, we would suggest six months is too long for most items.

Using good POS software you can easily track how long a stock item has been in the business. Stay on top of the age of an item. Work the item to ensure it does not celebrate that birthday. Focus on placement, promotion, adjacency and more to ensure the item is turned within the time necessary for you to achieve a good return for the business.

Ensuring all team members working in the business understand your commitment to never let a stock item celebrate a birthday will help make this happen.

You could take the commitment a step further. Put a sign up in the back room. Make it a discussion point at staff meetings. Encourage anyone to run a report at any time on the age of inventory in the business. Make everyone accountable for the mission.

Tower Systems regularly offers advice to retailers beyond what is usual for a POS software company. The advice demonstrates our commitment to helping beyond the software, to add value to the relationship to benefit the whole of the business.

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Sunday retail management advice: managing spinners for success

July 24, 2016
3 Min read
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Retailers have a love-hate relationship with spinners. While some have a rule of no spinners, in many situations they are necessary.

Here is advice designed to help any retailer make the most of the spinner opportunity.

  1. Keep them tidy. Duh! This is very basic advice. But it needs to be said. Daily you should have your spinners checked and tidies. Move products to the front, keep products clean, pose products to show them off, if appropriate to the products.
  2. Keep them full. A half empty spinner will not work as well as a full spinner. This is retail 101.
    1. If you plan to keep a spinner for the long term, order stock regularly to keep it full. We know that a full spinner usually achieves around 20% more sales than a half empty spinner.
    2. If a spinner is a one-shot – get it in, sell it down, take it off the floor – once it starts to look empty, consider taking all stock off and placing it elsewhere in-store. Leaving it on the floor and half empty will hinder sales.
  3. Move your spinners. One a week tweak spinner locations to keep your shop floor story fresh. Have a plan. Don’t move them just to move them. Move them to drive sales – to get the products considered by people who may have missed them so far.
  4. Respect the brand. Never put product on a branded spinner that is not from the brand. Not only would such a move disrespect the brand it makes you look like an unprofessional retailer.
  5. Use thoughtful adjacencies. When placing spinners next to each other, think about the shopper and what they are looking for. This will encourage a shopper attracted to a spinner to consider the products on the spinner next to it.
  6. Avoid orphans. There is nothing sadder than a lonely spinner at the back of a shop. It’s usually half empty and looking tired and sad. It does nothing for the products or the business. Find it some friends or remove the stock and throw the spinner out.
  7. Spinners have a limited life. While a spinner for which you no longer have the original product can be useful for displaying other products, don’t work the poor thing beyond its useful life. Hideously bent wire, cracked and broken pockets, no signage, seriously chipped paint, broken casters … these are all indications that the poor old spinner ought to be tossed out.
  8. Leverage traffic hotspots. This only works with certain products on spinners – locate the spinner next to high traffic generating products such as weekly magazines, newspapers, lotteries etc. The products need to be products shoppers of the destination items will purchase.
  9. Leverage seasons. Around your cluster of cards for Christmas, Mother’s Day, Father’s Day etc place spinners with products appropriate to the season.
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Tower Systems e-commerce strategy helps small business retailers with omni-channel solution

July 19, 2016
2 Min read
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The Tower Systems POS software e-commerce strategy is delivering online sales to small business retailers.

Representing a group of small business retailers under a common international brand platform the Tower Systems developed and managed website provides live stock availability to more than 200 retail businesses. This enables shoppers of the sought after brand to find local shops with stock.

Linked live to the independently owned retail businesses, the website provides a national view of stock availability for online purchase as well as in-store purchase.

Online purchases can be shipped or collected in-store.

Transactions are secure, without credit cards being accessed by the website nor are they stores in and POS system in the store.

The small business retailers that are part of the e-commerce strategy love that they are winning retail revenue from online sales without having to develop or maintain and online presence. The solution for their businesses is considerable and low-cost.

This is a best practice approach to online for small retail businesses today as it is fast, easy, accurate and national in its presence.

The Tower Systems desktop and web teams have worked together to deliver a series of websites, the first of which launched in 2015 and more have been added since.

Using the latest web development tools, the solution from Tower Systems helps small business retailers embrace online in a genuinely unique and valuable way.

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Sunday retail management advice: basket analysis helps retailers sell more

July 17, 2016
2 Min read
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Basket analysis is the analysis of products purchased by transaction – shopping basket. Such analysis typically compares two trading periods overall and by day of week. It also includes this analysis by supplier comparing trading periods and day of week.

Using the Tower Systems POS software, retailers are able to dig deep into basket data in recent times and into the past, to gain insights into the performance of the business for the benefit of the business and those it serves.

Basket analysis shows the efficiency of product categories (departments). For example, see how many baskets include one category of item and nothing else. You can also see the numbers of times sales are single item sales.

Basket analysis underscores the value to the business of newer categories such as gifts and toys.

Basket analysis at a supplier level is equally insightful, allowing you to compare the basket efficiency and value of suppliers between two tradition periods as well as across each day of the week between two trading periods.

It is at the basket analysis level that you can determine product efficiency. A product is more efficient for you if it is purchased with other items in our view. You can drive this by careful placement on the shop floor, promotion at the sales counter and working with customers on the shop floor to guide their purchases.

It’s an example of how you can use comprehensive business data to drive your in-store actions. For example, knowing what we know about pop vinyls, Saturday is the day we really focus on them with secondary locations to do even better from the Saturday opportunity.

Basket analysis can also help you with rostering. With some category sales requiring more staff time that others, you can consider the product mix sold by day and adjust your roster accordingly. Trimming wages is an important cost saving focus in business.

The goal has to be deeper baskets (more items per transaction) and a greater spread across product categories – but with a focus on higher margin items so that also lift the overall GP performance of the business.

In the Tower Systems software the report to use for this analysis is the Basket Analysis Report. It provides an extraordinary insight into baskets.

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Tower Systems helps small business retailers achieve balance in inventory

July 16, 2016
2 Min read
T

We often see in data from retailers an imbalance in inventory performance – 20% or fewer items in-store generate 80% of the revenue.

This imbalance can often be missed if the overall business performance is good. It could be that such an imbalance is only discovered if the business falls on hard times and more thorough analysis of business performance is undertaken.

Using the Ranked Sales Report in the Tower Systems POS software you can quickly and easily see the top performing inventory items based on revenue or unit sales. Either metric could be useful in different situation.

Our advice is to run the Ranked Sales Report for a three, six or twelve month period. Look at the items in, say, the top 100 and determine the value of those items to your business compared to the rest of the business.

Usually, such analysis highlights inventory challenges business owners want to address by achieving greater balance of sales across more inventory items. This does not mean holding back the top performing lines. Rather, it means working on those outside the top performers, working on their success through work on placement, promotion, staff engagement and other factors over which you have control.

The Ranked Sales Report provides excellent insights into comparative performance of inventory items. The goal is to guide you to achieve greater balance so your business relies less on the star performers.

The danger of relying on star performers is the impact on the business should one or two stars fall. The more broadly based your business the better positioned it is to weather competition, challenges or a decline in one or two items. Broadening the base of your business from an inventory perspective strengthens the business.

We are happy to assess your Ranked Sales Report for you. Contact support and ask the settings we’d like, run the report, save it as a PDF and send it to us. We will share our feedback.

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Updated advice for POS software users in Tower Systems knowledge base

July 15, 2016
1 Min read
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The Tower Systems Knowledge base continues to expand with weekly enhancements. We add new articles and update existing articles. This makes the knowledge base a living thing for our customers, offering fresh insights and advice through which they can learn more about how to use the software.

Here are knowledge base enhancements in the last few days.

  1. Importing The Blueshyft Stock File & Invoice File
  2. Common Problems With Magazine Arrivals
  3. Gift Vouchers / Cards Setup
  4. End Of Financial Year Procedures
  5. How To Add A New Staff Initial
  6. NETWORK Sales Data Being Sent Back To XChangeIT
  7. New PC / Windows Configuration – Operating System Configuration

Our POS software customer in their weekly email get a more comprehensive list … weekly.

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How do you know can you trust a POS software company?

July 13, 2016
2 Min read
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Trust is important in business. It is especially important in small and local business.

Trust is mission critical for POS software companies.

We say this because our software helps our customers engender trust in their local communities and with their customers. If our software fails, it challenges the trust local shoppers have in local businesses using our software.

Retailers rely on their POS software, they trust their POS software companies to provide software that works and that it is backed with professional assistance when they need … and that it is enhanced too meet the needs of businesses as they evolve.

This is why we say trust is vital in the choice of POS software for any small business.

So, how do you know you can trust a POS software company you are considering? Here is our advice, things to look for in assessing the trustworthiness of any POS software company you are considering:

  1. Talk to the owner. Most businesses will say this is not possible. Challenge them – see how they respond.
  2. Visit their office. This is essential to understand their capacity to serve you.
  3. Look at their website. Do they make it easy to contact them? Are the ottos real? Do the words make sense? Do you trust what they write? Are they on your level?
  4. Talk to their customers.
  5. Ask for access to their training website. See what their customer see.
  6. Ask for access to training videos. See the resources they offer for staff training.
  7. Do a Google search on them and see what comes up.
  8. Do a Google search on their owner and find out more about them.

POS software company relationships are long term so take your time, make sure the business you enter into a relationship with has the capacity, stamina and desire for an equally long term relationship.

POS software company relationships are personal. Ensure the POS software company you are talking to understands this. Too often POS software companies hide behind general email addresses and call centres where you do not know the name of the person you are speaking to. It is vital you know who they are because, yes, it is personal. Being personal is key to trust and trust is vital in this relationship.

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Gift shop software helps small businesses compete with stronger K-Mart and Target

July 12, 2016
3 Min read
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K-Mart and Target have significantly overhauled their gift and homewares offerings, expanding into design aesthetics and product categories new to them and in doing so presenting a tough competitive challenge for small and independent gift retailers.

Rather feeling defeated by these big businesses, small business retailers can effectively and successfully compete by being engaged with their businesses in fresh and exciting ways of their own.

At their heart, K-Mart and Target are all about mass, volume whereas small businesses are about being personal and local, genuinely personal and genuinely local.

There is where Tower Systems can help small gift shops and small homewares shops compete with the retail giants K-Mart and Target. We sell only to small and independent retail businesses. All our 3,500+ customers and small businesses. We like it like that.

Embedded in our software are touch points through which we reinforce the value of personal local service. These touch points make it easier for our customers to reach local shoppers and through this to better compete with the big retailers.

The Tower POS software also provides data insights that help small business retailers to see opportunities they may have missed – basket analysis, product relationships, supplier performance and comparative performance analysis … these all provide feedback and insights that retailers can leverage to make quick decisions.

Speed is something small business retailers can leverage in that a decision can be made and implemented in minutes that a big business could take weeks to deal with. Good software helps guide faster local business decisions. This is a massive point of difference in fact between small and independent gift and homewards shops compared to the giants of K-Mart and Target.

Here are sixteen ways the Tower System gift shop software can help gift and homewares retailers compete:

  1. Easy to use yet structured and professional Lay-By.
  2. Customer special orders with TXT message when stock arrives.
  3. Professional gift cards with your logo and proper management of balance.
  4. Easy to produce gift vouchers.
  5. Gift receipts that can be wrapped with a gift (no pricing).
  6. Intelligent receipts with product care information.
  7. Easy handling of hampers and bundled offers.
  8. Supplier performance comparison.
  9. Employee performance management and rewards.
  10. Importing electronic invoices from gift shop suppliers. We work with for you.
  11. Linking to your website to manage a common stock file.
  12. Loyalty options including traditional points as well as front end loyalty to drive infrequent shopper engagement.
  13. Inventory management to guide you to a more efficient inventory level.
  14. Theft reduction tools to reduce the opportunity of employee theft.
  15. It’s easy to use.
  16. It’s regularly updated based on user suggestions.
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A note on POS software and credit card access in small business retail

July 11, 2016
2 Min read
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The Tower Systems POS software does not store credit card numbers of customers who use cards to pay in shops using our POS software.

The customer presents their card to the Tyro terminal connected to our software the processing of the card details is done 100% by Tyro with no details being shared with our POS software other than payment success or otherwise.

This approach – of us not storing credit card details for retail transactions – is vital in providing peace of mind for retailers and their customers around customer credit card access and fraud mitigation.

Our view is: storing a retail shopper credit card number in POS software is a big mistake. It puts the security of the card number at risk. Customers will not like it.

We suggest retailers not use POS software that stores customer credit card numbers.

Our Tyro and other bank EFTPOS integrations meet the high standards set in Australia and New Zealand for electronic transactions using credit and other banking cards. Our connections are tested and authorised. They are secure.

Tower Systems takes fraud mitigation seriously.

Update: The lone voice of POS Solutions, Bernard the owner of the business, is back from a long vacation and rather than discoing topics to write about for himself, he writes about what we write about it. You can see it today on their site. They don’t name us. They rarely do. Instead, the use terms like: One software company, I know well. Yes, that’s us. His post is a ramble whereas the facts we have presented here are focussed. The two posts speak to their respective companies.

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Small business management advice: 20 tips for Christmas in July

July 10, 2016
2 Min read
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A fun event for any small business retailer is Christmas in July. Here are twenty tips to get you started on the opportunity:

  1. Check with your local council or business association as to what they have on – more and more are running Christmas in July events. Be sure to check with charities too.  A quick search online shows plenty do. Talk to suppliers to see whether they have anything which could help you embrace the opportunity.
  2. Run the Christmas in July campaign over no more than two weeks in July. One week could be enough.
  3. Choose dates which are away from any other promotion – it works best with little competition.
  4. Get all employees together, seek their ideas and explain the value of the season you are creating.
  5. Set aside a defined space at the front of the store.
  6. Dress the team and the store to suit the Christmas theme.
  7. Display any spare Christmas stock from last year.
  8. Play Christmas music.
  9. Choose a day for an extra special celebration and make this an all-out focus.
  10. Have a competition for the kids around the theme. This could be a coloring competition –display their works of art as parents and family will visit to see.
  11. Create a giant Christmas stocking which one lucky customer can win.
  12. Use the event to discount slow moving items – try and create a real sense of bargains.
  13. Promote the event using a flyer to houses around your location – it is a great way to draw people into your shop. On the flyer, promote the activities and any specials.
  14. Call the local paper and get their attention.
  15. Connect with a local charity that is busy at Christmas time and use your Christmas in July event to raise funds for them.
  16. Use the promotion to drive interest in Lay-by for more expensive items. The sooner you lock people in on more expensive items the better.
  17. Consider running the promotion with other retailers – the more noise you create the better.
  18. Don’t wait for suppliers to offer products – ask what they have.
  19. Being Winter in Australia, Christmas in July is your opportunity to have a cold Christmas event.
  20. Have fun.
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Free training for small business retailers to increase sales

July 9, 2016
1 Min read
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Small business retailers using the POS software form Tower Systems have access to best-practice free POS software training every week. This coming week we are re-running one of our most popular live workshops, on how to use discount vouchers to drive retail sales:

Meeting Name: Increase Sales Now! Start using Discount Vouchers.
Date: 13/07/2016
Time: 2pm
Description: Start using Discount Vouchers to grow your business. A great introduction to this great feature.

This interactive live session takes small business retailers through the process of setup and use of the popular discount voucher offering.

Tower Systems is proud to be continuing to deliver these free training opportunities for our customers – year in year out. It is a Tower Systems difference live and in action for our small business customers.

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Tower Systems POS software on show at Gift HQ this weekend

July 8, 2016
1 Min read
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Our team is in Brisbane and ready for the Gift HQ trade show that starts tomorrow morning in Brisbane.

On show on our stand will be new software that helps gift retailers to drive shopper engagement. We will also be showing off our smart integrations that help retailers. These include our integrations with Xero, Magento, Shopify, Tyro and our smart Business Intelligence platform.

Trade shows like Gift HQ are vital in that they provide us an opportunity to connect with shoppers, gain feedback on our new facilities and provide personal training to users connecting with us at the event.

Gitf HQ is one of sixteen trade shows we will do this year, one of sixteen trade organised events where we personally face to face connect with customers and prospective customers.

We are grateful for the opportunity and appreciative of the time small business owners will give to connect with us at the event.

GiftHQEmailJuly16

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Best practice advice on how to do a stocktake using your POS software

July 6, 2016
3 Min read
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Here is some of the advice we published to ur POS software customers in the lead up to the end of the financial year – to help them efficiently and accurately handle stock take requirements.

Take the technology to the stock and not your stock to your technology.

For the process to be as easy as possible you will need a wireless network – vital for OH&S reasons.

The best way to do a stocktake in your business is by using a laptop (or laptops) or tablet computer with a scanner attached. This enables you to do the stocktake live with no impact on sales and absolute integrity of your stock on hand data.

While using a laptop (or laptops) or tablet computer may seem cumbersome, it is our best practice advice for speed, data integrity and the ability to address data issues you may encounter on the shop floor. It enables you to do management work to ensure completely accurate data.

The alternative is to use a PDE. The challenges with this are the many different PDEs and it is challenging to be expert in all plus the PDE counts at that time and you load the data at a later time – meaning a gap in time in which sales could have been done. While PDE software is available for live to data updates, we have seen this be problematic and so we do not use it.

Given the advances in technology, our best practice recommendation is either a laptop of tablet computer as either offers a better solution than a PDE.

We suggest you setup a Laptop or tablet and use Team Viewer or the like to connect in and count this way. This approach means you do not need to purchase an additional software licence for the laptop. Team Viewer is easy to setup. If you do need our help on this there would be a support cost.

For the physical stocktake, we suggest you approach the business aisle by aisle, counting and rearranging stock as you go.

Once you have completed your first full stocktake, our advice is you engage in a rolling stocktake, doing parts of the business, through the year. The Tax Office does not require businesses with full sock control implemented to do a stocktake at the end of the financial year. They will accept data from your system if you manage stock through the year.

On the stocktake itself, follow carefully our Knowledge Base advice. Choose the type of stocktake wisely. Backup before you commence.

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Comprehensive new POS software training opportunities for small business retailers

July 4, 2016
3 Min read
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We are proud to have scheduled the following free live online training workshops for users of our POS software. Click here for easy, fast and free online booking:

JULY
Meeting Name: Stocktaking in Retailer
Date: 06/07/2016
Time: 2pm
Description: Missed EOFY? Catch up now. – Doing a stocktake in retailer and what option works best for you.

Meeting Name: Increase Sales Now! Start using Discount Vouchers.
Date: 13/07/2016
Time: 2pm
Description: Start using Discount Vouchers to grow your business. A great introduction to this great feature.

Meeting Name: How to handle non EDI invoices to keep stock accurate.
Date: 20/07/2016
Time: 2pm
Description: See how easy it is to process invoice’s manually for suppliers that do not send electronic invoices to help keep your stock figures accurate.

Meeting Name: Free Up Cash in Your Business Today
Date: 27/07/2016
Time: 2pm
Description: Find stock that isn’t selling and turn it into cash quickly.

AUGUST

Meeting Name: Reports that will change your business
Date: 03/08/2016
Time: 2pm
Description: Reports in retailer that will help you drive sales and increase profit.

Meeting Name: Understanding the End of Shift Reports.
Date: 10/08/2016
Time: 2pm
Description: Why is the End of Shift important? How do I check my settings are correct? What do the reports mean? And what parts of the report do I need to use for my accounting.

Meeting Name: Loyalty Programs. What works best for you.
Date: 17/08/2016
Time: 2pm
Description: There are 4 ways to do loyalty in retailer. Find out which will work best for your business.

Meeting Name: Trouble free handling of Cartons and Boxes in your retail business using Tower Systems
Date: 24/08/2016
Time: 2pm
Description: Handle Cartons and Boxes of stock simply and easily. Especially useful if you sell singles and cartons of stock.

Meeting Name: How to discount easily for Seasonal Sales
Date: 31/08/2016
Time: 2pm
Description: Quickly and easily setup automatic discounts for seasonal sales using catalogues

SEPTEMBER

Meeting Name: Using Targeting Marketing in Retailer
Date: 07/09/2016
Time: 2pm
Description: Use marketing to target specific types and groups of customers.

Meeting Name: Retailer software settings you will be shocked you have access to.
Date: 14/09/2016
Time: 2pm
Description: Help desk expert Colin Harris will show you settings you most likely don’t know exist that can help your enjoyment of the software

Meeting Name: Increase Sales Now! Start using Discount Vouchers.
Date: 21/09/2016
Time: 2pm
Description: Start using Discount Vouchers to grow your business. A great introduction to this great feature.

Meeting Name: Re-Ordering stock with Retailer
Date: 28/09/2016
Time: 2pm
Description: Make Retailer work for you. Re-order based on solid data and spend less time on re-ordering.

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Small business retail advice: make every day your pay day

July 3, 2016
2 Min read
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There was a time when small business retailers could rely on selling their business for a handsome increase on the price they paid thereby providing a good pay day, when businesses sold for a good multiple of net earnings.

No more. Today, the best way to extract value from our businesses is to make every day your pay day, to not rely on your pay day being the day you sell the business.

The challenge is how do you do this?

Retailers need to look at their businesses differently. This starts with the mindset of every day being your pay day. Each decision needs to be considered in this context.

Focusing on profit today will give you a better result today and make your business more valuable tomorrow.

Here are some suggestions for making every day your pay day:

  1. Run with the leanest roster possible. Just about every retail business we review has capacity to lower labour costs.
  2. Have your best people working the floor, helping customers spend more.
  3. Have stunning displays that attract people from outside the shop.
  4. Have compelling displays in-store that encourage people to browse beyond their destination purchase.
  5. Always have impulse offers at high traffic locations.
  6. Charge more every time you can. Loyalty programs such as discount vouchers, bundling into hampers, multi buys such as 2 for 3 and other opportunities enable you to do this by blocking price comparison.
  7. Buy as best you can.
  8. Grab settlement discounts every time you are able.
  9. Promote outside your store using online and social media opportunities.
  10. Leverage adjacency information. Chase a deeper basket – people purchasing more each visit.

Be responsible for the profitability of your business. Don’t blame your suppliers, your landlord, your employees or some other external factor … it all comes down to you – the decisions you make and the actions you take.

If you relentlessly pursue profit with a clear focus you are likely to see profit grow. That’s better than waiting to make money when you sell because that’s less likely to happen in this market.

Doing all this relies on your measuring the performance of your business. The Tower software helps with this. It is easy.

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Disaster planning: advice to help small business retailers trade manually

July 1, 2016
2 Min read
D

While we never want it to happen and know it is extremely rare, we regularly remind our POS software customers they ought to be prepared to trade manually should they not have access to their POS software for some reason. Here is our advice, which has not changed in many years.

If you lose power, have a major hardware failure or have some other unexpected problem, your computer system on which you rely to record sales may not be available for some time. Here is our advice on how to handle such a situation:

  1. Track all sales. Write down the barcode of every item you sell and the price. When you are back up and running, enter these in. This maintains an accurate stock on hand count. When you are back online, enter the barcodes, ring up the sales.

Yes, that is it. Very simple. Also, very easy to not do and thereby compromise your business data.

To prepare you for this, do the following:

  1. Create a ruled sheet to use. Two columns: barcode, price.
  2. Copy the sheet a few times and setup on a clipboard. With a clipboard made up for each register you have.
  3. Tie a pen to each clipboard.
  4. Place the clipboards in an easily accessible space.
  5. Take out the clipboards and place next to each register in the event of your system being down and you needing to transact.
  6. You are good to go.

Recording sales on scraps of paper is not good business management. It invites error and fraud.

While no one wants your computer system to be down, being prepared for this is important business planning.

Footnote: knowing a competitor as we do, they are likely to point to this post as us identifying a weakness in our software. This would be untrue. This advice is an example of our POS software company providing whole of business advice for any contingency. It is what we do and for which we are appreciated.

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A fresh approach to POS software EOFY training from Tower Systems

June 27, 2016
1 Min read
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Screen Shot 2016-06-27 at 8.14.19 AMThe long-form training video published to small business retailers using our POS software is proving to be a hit with plenty engaging with the video and ensuring they are informed how to be fully prepared for the end of the financial year.

The training video is another free training resource produced in-house at Tower Systems by our customer service team and our video production team.

This latest video was filmed during a live online training workshop – so it shows off that free training resource as well.

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Small business advice: A checklist for those buying a retail shop

June 26, 2016
2 Min read
S

A common question we are asked at our POS software company has nothing to do with software. It is from people considering purchasing a retail business. The question is:  what should I ask for when looking at buying a retail shop?

The question itself, when asked, indicates how green a prospective purchaser is when it comes to purchasing a business.

Here is a list of data points we suggest retail business purchasers access from the vendor or their representative:

  1. P&L from the accountant for the last two years. i.e. not a spreadsheet created for the purpose.
  2. A good explanation of any add-backs.
  3. Sales data reports, for the last two years, from the POS software in use – to verify the income claim.
  4. Sales data reports from the lottery terminal to verify the income claim.
  5. BAS forms to confirm data in the P&L.
  6. A list of all inventory to include purchase price and date last sold for each item.
  7. A copy of the shop lease.
  8. A copy of any leases the vendor expects you to take on board.
  9. A list of all employees: name, hourly rate, nature of employment, start date, accrued leave.

This is good basic information that will enable any purchaser to undertake reasonable assessment of a business.

A good business will shine through the numbers just as a business with upside achievable by new owners will shine through.

My advice to vendors looking to sell who are concerned about this list is: think about it now and focus on your business so the data listed looks good.

Every day you make decisions in your business that impact many of the data points listed.

This is why we say every day is your pay day. Run a smart, lean and profit focused business and you will have a good pay day today and a good one when you come to sell.

The most appealing businesses are those that are easier to run and are making money.

The time to focus on that is now.

Sure, a purchaser can turn a business around. They should get the rewards if they are expected to do that for your business.

The price you can sell your business for will be based on what it is making now.

Getting the data ready for the sale of the business could, of itself, help you improve how you run your business.

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