Does your business have a Point-of-Sale (POS) system, or do you have a traditional cash register? This article is for both the individuals who as of now have a POS system and those thinking about getting one.
Question 1: What type of products should I sell?
Many retail businesses see sales levels for various things to settle on choices about what items to carry or services to offer. Sales are one part of a player in the condition. Be that as it may, the number of offers isn’t directly correlated profits. Companies that focus on sales may finish up moving high-turnover products that have low profits margins.
Many epos systems allow retailers to report not only the number of sales generated but also profitability by an item. So would it be advisable for one to pick items based on profitability? I think many people know the response to that question is “not exactly.” There are various factors like what items customers anticipate that you should have, and how much shelf space an item takes up. In any case, no informed discussion of item blend should happen without data about profitability.
Question 2: What hours and day should my business be open?
Do the majority of sales come during the week or end of the week? Are sales scattered or do they come at specific occasions during the day? Present day epos systems can give this data.
If number of sales are coming during the first or a hour ago of business, you should need to think about opening earlier or shutting down later. On the other hand, if sales are nonexistent during the first or last hour, you could shorten hours on that day of the week. This choice should not be made dependent on one week of data. Seasonal and holiday issues likewise should be taken into consideration.
Question 3: Who are my best sales representatives?
Despite your compensation strategy, you should know which salesmen generate the most business. This should be possible in a couple ways. You can have the person at the cash register enter for the sake of the people who helped the customer into the epos software can track when a purchase is made, or just take a look at the business numbers during the hours when specific salesmen are on duty.
Who your best business sales person might surprise you! If I had one sales representative with whom customers wanted to talk. While he had a high level of the customers he spoke with move forward with a sale, he spoke to less than half the quantity of customers as other sales representatives. His contribution to the company’s numbers was more terrible than the normal sales representative.
The major advantages of a POS system are notable: they reduce mistakes in calculating customer bills, they make accounting a lot less difficult, and they give inventory tracking. In any case, one advantage isn’t much of the time talked about they can enable you to settle on better choices about maintaining your business.