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POS System – A Big Help for Startups
It is difficult to kick start even a small business. When you’re a startup, you can drown in the flood of information available or sink in the number of things you have to do to make your dream business a success. It’s a good thing that there are technologically advanced systems today, like a “point-of-sale” (POS) system that does more than simply ring up sales. This innovative system collects real-time and critical information about customers and your stock/product inventory.
Purchasing a POS system is a big investment for a startup, but the benefits it provides will more than pay for its original price. Typically, is consists of a computer where the POS system is installed. The computer is attached to a cash drawer, receipt printer, credit card reader and sometimes, to a bar code scanner. There are programs that are already pre-configured, while others will have to be configured to your requirements, and are scalable so other features can be added as your needs grow. Here are some of the features of a POS system that will be of great help to startups.
Accurate look at inventory. This is one of the most important features of a POS system that is of great help to a startup. Even if you have a small business, your inventory many be large. With a POS system, each time a product is sold, it is automatically deducted from your inventory list that is stored in your hard drive. Thus, you can quickly see an accurate assessment of what items you have on hand. It is extremely difficult to keep track of what’s kept in your storeroom manually. Therefore, getting the right quantity of products and upselling those that are not moving very well will make you very competitive.
Know re-order points in time. With the POS, you will immediately know which items are already low in stock, so you can quickly place an order. There are also integrated POS systems that are able to tell you the latest price you paid for your stock and have an average price based on the history of your purchases. These are important information so you can make better deals with suppliers. You do not have to wait for a time when you are not too busy to access information such as your daily, weekly or monthly inventory activity either. There are also programs that are able to provide you with historical data, so you can make an analysis and projection, identifying peak and low seasons.
Know your customers. A POS system is not only for inventory and sales. It’s a veritable hub of many more information, such as background information about your frequent customers. You’ll have a history of their purchases, which, in some systems can show up at the cash register monitor. It’s a good way to tell customers about upcoming products they might be interested in. With careful analysis, you’ll be able to identify your customers purchasing habits, the types of products they buy often and the frequency of their purchases, which will also help in filling up your storeroom with fresh stock. It is also a great tool to tailor your enhance or modify your customer service.
There are several choices when it comes to a POS system that have the capability to ring up sales as well as perform inventory tracking. Choose the one that allows you to thoroughly and easily assess your inventory. Moreover find one with additional features such as the ability to alert you when items are running low. You should also be able to quickly add new items into your inventory database, track back-orders and generate purchase orders, all within the same system.