Home
>
Small Business
>
Increase Your Profits with a Point of Sale (POS) System

Increase Your Profits with a Point of Sale (POS) System

Whether you operate a chain of restaurants, a mom-and-pop convenience store, or a medium-sized retail shop, you are in business to make money. And, one of the most critical aspects to your profit and loss is your ability to track information? you need to know which products are making you money, what items need to be re-ordered, who your customers are, and so on. This is where today's point of sale (POS) systems play such a valuable role.

In the not too distant past, retailers used mechanical cash registers to record sales onto a paper tape which then had to be manually transcribed into the company's accounting ledger. Later, electronic versions of cash registers were introduced which allowed business owners to track more of the data pertaining to each transaction (for example, management was able to track all sales and refunds by each cashier). Today, cash registers have evolved into modern computer-based point of sale systems, which let you track more information than previously imaginable.

Some of the ways that a point of sale system can help you increase your profits include analyzing your product margin, tracking sales, increasing the accuracy of your pricing, and maintaining customer contact.

As a business owner, you know how important it is to keep a close watch on the margin of each product since you want to focus on selling the things that make you the greatest profit. A point of sale system can help you quickly identify your greatest money-makers and make decisions about how much of each item you want to stock. (If you have a limited storage area, it doesn't make sense to fill it up with low-profit items).

A point of sale system also allows you to know, practically at the push of a button, how much cash you have in the till (and how much of it is profit!), the type and amount of each product sold that day, and how many items are still on the shelf. You can even set it up to automatically notify you when reaching the re-order point on any item.

With the advent of barcodes and barcode scanners, retailers now enjoy greater accuracy in the pricing of their products that ever before. If you need to increase the price of a "widget", you simply make the change in your point of sale system and all widgets immediately reflect the new price. Plus, your cashier or sales clerk doesn't have to guess what any product costs (which might cause you to lose money)? they just scan it and the correct price is automatically applied.

Marketing 101 tells us that an existing customer is worth a lot of money to a business owner because they are likely to buy from you again and again in the future (this is known as the "residual value"). Because of this, you should make selling to your existing customer base part of your marketing plan. A point of sale system lets you keep track of customer names, addresses, and purchase history? just imagine how you could use that information to generate more sales!

Hopefully by now it is clear that a point of sale system can help you track the information that is critical to your business success. This includes analyzing your margin, tracking each day's sales, increasing the accuracy of your pricing, and maintaining contact with your customers. Armed with this information, you can make informed decisions and take actions that are sure to increase your profits.

Brian Cook is a freelance writer whose articles on point of sale (POS) systems have appeared on many websites. You can find more of these at http://www.pos-free-software.com

taxi from O'Hare Bismarck .. Lockport Chicago limo O’Hare

In The News:

The EO Canopy is a self-sustaining, solar-powered camping platform designed to provide all the comforts of home while completely off the grid.

Experts say hackers who used to focus on Windows operating systems are increasingly targeting Apple IDs as part of a new phishing campaign.

Unitree, a Chinese robotics company that developed a backflipping robot, has now introduced a humanoid robot capable of doing a side flip.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

According to the FBI, cybercriminals are sending extortion letters, threatening to release victims' sensitive information unless a ransom is paid.

FireSat is a satellite project designed to detect and track wildfires early, aiming to detect a fire that's the size of a classroom within 20 minutes.

Tech expert Kurt “CyberGuy" Knutsson reports that researchers have uncovered a Chrome vulnerability used in a cyber espionage campaign.

Preserving voicemails securely on Android: Tech expert Kurt “CyberGuy" Knutsson reveals easy methods to keep memories alive forever.

This phishing kit bypasses 2FA via session hijacking and real-time credential theft. Kurt “CyberGuy" Knutsson offers four ways to stay safe from Astaroth phishing attacks.

Tech expert Kurt “CyberGuy" Knutsson discusses Joby Aviation and Virgin Atlantic planning to launch 200-mph U.K. air taxis linking airports and cities.

Fake Apple virus warnings, security alerts and messages are tactics used to prompt you to call a number or click on a malicious link. The CyberGuy explains how to protect your devices.

The combination of artificial intelligence and neuroscience allows a paralyzed man to manipulate a robotic arm by using his brain to imagine movements.

With the help of artificial intelligence, sophisticated fraud techniques emerging today are virtually undetectable to the untrained eye.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

If you need to free up space on your Mac, consider deleting duplicate photos in your image library. Apple makes it easy to do, and the CyberGuy explains the process.

Microsoft is discontinuing Skype in May after 22 years of service. Kurt the CyberGuy addresses other options for internet-based phone and video service.

Tron 1, a Chinese company's two-legged robot, is versatile and can walk, roll and pivot, even on rough terrain. Tron 1 stands 33 inches tall and weighs 44 pounds.

Hackers are tricking people into installing password-stealing malware by making them press keyboard shortcuts under the pretense of proving they're not bots.

Saving the voices of loved ones can be a comforting way to keep alive memories. Kurt "the CyberGuy" Knutsson explains how to preserve voicemail messages.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The FBI warns that some free online document converters load malware onto people's computers, making their private information vulnerable to attack.

Toyota's compact electric FT-Me is designed to tackle challenges of city living while offering an accessible and eco-friendly transportation solution.

Kurt “CyberGuy" Knutsson says 23andMe's bankruptcy raises data privacy fears: Opt out, download and delete data now.

UBTech and Zeekr unite with AI robot swarms to make car manufacturing faster and smarter. Tech expert Kurt “CyberGuy" Knutsson explains how the process works.

Tech expert Kurt “CyberGuy" Knutsson says Apple's Passwords app had a three-month phishing flaw from iOS 18 to 18.2 patch.

Increase Your Profits with a Point of Sale (POS) System

Small Business