Are you still using hand written order tickets, a calculator and big old cash box in your restaurant business? Maybe you leveled up and got yourself a cash register, but are still doing hours upon hours of balancing the books and checking inventory while trying to figure out staff payroll. If you have employees, you need a Point of Sale or POS system to safeguard your business and take you to the next level. Here are a few key benefits of installing one today.
1. Meet and get to know ROI
Hi! My name is ROI, and I’m your new best friend. A good POS system gives you more control over every little aspect of your business, from inventory to manpower and sales. At its core, a well designed POS system can:
- Help you identify what your best-selling product or service is.
- If you have multiple locations, it can tell you which store is raking it in and why.
- It can identify the star employee with the most sales, and those who can’t sell water in the desert.
- Generate reports where you can pin-point exactly what marketing campaign is doing well, and what’s not.
- Update your prices across multiple locations, keeping everything consistent and accurate.
- Check and balance your inventory and stocks versus sold products. No more guess work!
So, with a well designed POS system that’s built to integrate to your business, you can be a Rainman of sorts and predict a lot of what will go down because it gives you detailed reports that’s based on actual numbers. You can then plot, plan and optimize all your processes, from sales to procurement to order taking –and achieve a higher return on your investment.
2. No more human error
Human error is a word that gets thrown out a lot. If you’re still doing everything manually, like taking food orders for instance, there’s always a possibility that the wrong food gets served. This may not be that big of a deal at first: you placate the angry customer by offering discounts and freebies. But what you don’t know is that these small freebies and discounts add up.
The estimated loss of revenue due to human error is 1.25%. If you’re making $50k a month, that would add up to roughly $7,500.00 lost per year. The only way to mitigate human error is to hire an order taking savant, get a robot to work for you or wise up and get a POS system installed. Don’t worry about the initial cost of the system, as it will pay for itself due to increased sales and savings.
3. Prevent Employee Theft
The original reason the cash register was invented in the 1800’s was because of theft. Imagine that. The tendencies of people to theft are well documented. Consider this fun tidbit:
- 10% of people wouldn’t steal if given the opportunity.
- 10 % of people are going to steal no matter what safeguards are in place.
- 80% of people will steal if given the opportunity.
The 80% also wouldn’t steal because they needed it. They would just steal because the opportunity presented itself. Guard against the 80% and make it tough for them to steal from you by installing a Point of sale system. Prevention is always the best cure for theft.
4. Optimize Checkout
A POS system armed with a bar code scanner will make the checkout process lightning fast. Moving things along this fast will net you more served customers each day and will improve customer satisfaction dramatically. Like Google, a POS system also allows you to record additional data and information about your customers upon checkout, so you can serve them better offers and incentives based on their buying habits and loyalty to your store. Knowing what your customer likes even before they do will win you more and more customers in the future.
If you’re still using an old cash register and an Excel file to keep your business afloat, better get a life preserver, especially if you have employees. A Point of sale system will save you money and make your business run smoothly and efficiently. It’s like having an extra manager/accountant/compliance officer/inventory clerk all rolled into one, working in unison to help you increase your sales and grow your business. Not a bad deal if you ask me.