Just as you cannot successfully complete a construction project without saws, hammers, and screws, you will never be a successful business owner without the proper tools. Crafting a comprehensive plan, understanding your potential customers, hiring the right people, and setting up your website are essential, but they represent just a part of the complete package. In addition to those things you already know you need, there are additional elements that will help to transform your great idea into a flourishing commercial success.
1. Point of sale system.
As you gather all the necessary hardware required for your physical or online store, you may have paid only scant attention to the actual processing software, terminals, card readers, receipt printers, cash drawers, and barcode scanners you will be purchasing or leasing. Assuming that these details will fall into place on their own or are not all that important could be a big mistake.
Fortunately, taking a little time now to learn about all the features of a good POS system will prevent you from missing out on everything it can provide down the line. Your POS solution should be far more than simply a sleek and modern way to accept credit and debit card payments. If you choose the right solution (use it to its full potential), it can provide you with the following pluses in addition to its cash register functions.
- Reporting tools. Modern POS systems can track every sale you make. With the help of a barcode scanner, you can also monitor every piece of merchandise that comes into your warehouse. That way you’ll always know what is selling well and what is not, which employees are excelling and which need extra help, which days of the week and times of the year are most or least profitable, and numerous other analytics. Use these unique details to refine your goals, manage your inventory, and train workers in a more thorough and targeted way.
- Inventory management. The product database maintained in your POS system gives you all the information you need to intelligently order and re-order stock. When overages and underages are kept to a minimum, you can use your cash for what is really necessary while keeping customers happy with the products they want.
- Employee management. Instead of spending hours poring over timesheets and schedules, delegate these jobs to your POS system. Its employee management software should allow for seamless shift scheduling, communicating the information by email with each worker. Because modern systems are cloud-based, you can make tweaks any time and from anywhere.
With all the capabilities that are packed into contemporary POS systems, you might think you don’t need to look any further for additional tools to jump-start your business. Just keep your mind open though, to learn what else you can use to grow your business.
2. Online business loans.
You may have worked furiously to cobble together the capital to get your company off the ground, perhaps even enlisting financial contributions from family and friends. However, one thing that you have either already found out or will soon discover is that there are constant financial demands on your retail operation. They can range from pesky, small concerns to emergency recovery. Without acknowledging their inevitable presence, you will suffer in the long run.
If you have only been in operation for a few months, you may have difficulty obtaining a standard business loan from a traditional bank. However, that doesn’t mean you need to go it alone. So-called nontraditional online lenders provide easier approval with less complex application requirements. While this speed and convenience usually come with higher interest rates, a short-term loan from one of these sources might be just what your business needs to move to the next level.
3. Project management system.
Remember those first few days when your store just opened and everything was eerily peaceful? As the buzz has spread, you may now be finding that you and your staff are juggling an overwhelming number of tasks.
That’s where project management tools like Trello are indispensable. Once you learn the ins and outs of this accessible software, you and your team will be able to do the following.
- Input all your tasks and projects.
- Assign due dates to each.
- Delegate each task to a team member, leading to greater accountability.
- Keep everyone on the team aware of progress toward project completion.
Your project management tool, in conjunction with collaboration boosters like Google Drive and Slack, can allow everyone to remain responsible, knowledgeable, and on the same page.
Running a business is not an undertaking for the faint of heart. For that reason, you must supplement your superior employee team, excellent products, and gold-standard customer care with the right business tools. Once you get over the initial learning curve, they will prove indispensable to your day-to-day operations.
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