According to an article in The Telegraph, most new business ventures fail because of a lack of basic managerial skills. Many enthusiastic entrepreneurs enter their field thinking hard work and dedication are all you need in order to make it big.
While those are absolutely vital, business owners are forgetting one key element. Managerial discipline.
You may dream of freedom as you get your startup off the ground, but first comes a lot of organization. More than anyone ever anticipates.
The responsibilities of a budding entrepreneur would be made much easier with the use of a well-integrated and comprehensive ePOS system. In this article, we will answer the question, “What is an ePOS?” and we will look at ways it helps your business grow.
Powerful Inventory Management
Whether you are a well-established shop, or you are just getting started, inventory is one of the most time-consuming—but important—parts of the week. Customers want to know that their favorite products are going to be available when they visit your shop, and you need to have a system that accurately tracks your supply levels.
On the other hand, overstocking causes revenue loss due to spoilage or storing products that quickly become outdated.
A comprehensive ePOS system will give you all the resources you need to effectively manage your inventory in less time. Even if you already have a favorite inventory management software, you can integrate it with your ePOS system for a seamless transition. Check out the advantages of setting up an ePOS system for your business:
- Add and categorize new items with ease.
- Take things off the inventory list in real time.
- Keep track of what you have and what you need.
- Eliminate the need for double entries.
- Get reminders when it is time to order.
- Automate new orders.
- Manage inventory from anywhere.
Many ePOS systems have customizable features that give you exactly what you need to keep track of your unique offerings. Managing inventory will be easier than ever when you have the tools to streamline and automate the process in a way that is tailored to your business.
Accounting Simplified
Spending hours poring over receipts and accounts is the last thing you want to do over the weekend, but when else will reconciliations get done?
You never have to ask that question again, when you use an ePOS system to automate your accounting process. Integrate your system with Xero or another favorite accounting software and see the possibilities:
- Accounts are synchronized automatically.
- Real-time tracking for purchases in your shop.
- Organized and categorized receipts for business expenses.
- Customized taxes for different locations.
- Automated invoicing.
- Set it and forget it accounting.
When you integrate an ePOS system for your accounting needs, it lightens your load just a little more. No need to worry about human error or lost receipts. It is all right there, automatically stored in your system so you can rest easy, knowing your financial records are all in one safe place.
Set Your Employees Up For Success
Having a productive workforce is one of those things that just keep making your business better. When your employees are confident and have a sense of purpose at their job, they handle stress better and take more initiative.
Successfully completing important tasks and handling high-pressure situations gives workers a boost in confidence, which in turn bolsters their ability to grow their performance to scale with your company.
Getting your staff to work together like a well-oiled machine is no easy task, and you need all the help you can get to keep things operating smoothly. An ePOS supports your efforts to build the dream team for your business by:
- Automate the scheduling process.
- Manage leave requests.
- Communicate important messages with your team.
- Assign tasks.
- Employees sign in and out of work right through the system.
- Track performance to discover strengths and weaknesses.
Your employees will appreciate the ease of clocking in and out of their shift right from the system, and automated scheduling tools mean that you always know how many people you need and who is available.
An ePOS system facilitates communication with your employees by making messages available to them when they start their day, and you will have the support you need to motivate your team to take your business to new heights.
Appreciate Your Customers
Your customers keep your doors open, but balancing every other responsibility for your business makes it a challenge to even recognize their faces anymore. You want to show them that you appreciate their business, and with the help of an ePOS system, you can.
ePOS systems that integrate with your sales and inventory data automate the parts of your relationship that are based on information, so you can focus on the human element of your business’s brand recognition, trust, and customer satisfaction:
- Manage loyalty programs.
- Customize discounts.
- Acknowledge special occasions like birthdays and anniversaries.
- Store information about the customers’ favorite items.
- Make it easy for customers to pay with processors accepting all payment forms.
- Create targeted marketing campaigns based on customer data.
Customers expect a great deal from businesses these days, but keeping everything in balance should be no problem with an ePOS system that supports all your day-to-day operational management responsibilities.
Having software in place that keeps your customer data together means that you can give patrons exactly what they want—a friendly, helpful service that acknowledges their important role in keeping your business going.
Bottom Line
Your favorite parts of running your own business probably do not include inventory, accounting, employee scheduling, or customer data management. An ePOS system that integrates with the way you already do business takes care of all the tasks a machine can do, allowing you to focus on all the tasks only a human can do.
When you streamline your business, putting everything into one place that you can access wherever you are, you fulfill the dream of freedom that motivated you to start your business in the first place. Give your success a fighting chance with an ePOS system that helps you manage your business efficiently.
