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POS Systems: Increasing Your Profits

There are many factors to consider when it comes to Restaurant Point of Sale Systems, in order to run a successful business. Let our experts show you how you can increase your profits and get control of your business.

Taking Control of Your Business

Using the right POS system can give you a new level of control over your operations, increasing profits, efficiency as well as fine-tuning your business model. A wrong system, however, can cause you a great amount of frustration and waste of money.

In a sense, a POS system is a glorified cash register. The most basic POS system consisting of a computer, a cash drawer, receipt printer, a monitor, and an input device such as a keyboard or scanner. However, in addition to being more efficient than cash registers, POS systems creates detailed reports which gives you all the information you will need to study and make future plans for your business' success.

POS systems can save you a great amount of money, increase your profits, and cut down the amount of time you spend on one business plan to the next.

Save more money, getting more control over your business, and being more productive; sounds like a great combination, right? Well here are some of the best ways a modern point of sale (POS) system can help your business.

Eliminate shrinkage

A computerized POS system can drastically cut down on shrinkage, the inventory that's missing from your store or restaurant due to theft, waste and employee misuse. Because employees will know inventory is being carefully tracked, internal shrinkage will dwindle.

Improve Accuracy

When it comes to pricing, you have to make sure that you've place the correct price on every item you sold, a POS system can help ensure this. Your staff will never have to guess prices again, and you can change prices with just one tweak in the computer.

Getting margins

Using detailed sales reports can help you focus on higher-margin items. By moving items within a retail location, or promoting poor-performing foods in a restaurant, you can help boost sales of high-profit items.

Know where you stand

At any point of the day, a POS system can instantly tell you how many of a particular product have you sold today (or last week, or last month), how much money you have in your cash drawer, and how much of that money is profit.

Manage inventory better

Detailed sales reports make it much easier for you to keep the right stock on hand. Track your remaining inventory, spot sales trends, and use historical data to better forecast your needs. Your POS software can be set to alert you when you're running low on stocks so you can reorder for them. Many store owners who think they know exactly what trends affect them find a couple of surprises once they have this data.

Building a customer list

Gather names and address of your regular customers, you might never know when they'll come in handy! You can use it for targeted advertising or incentive programs.

Reducing paperwork

The time you spend on doing inventory, sales figures, and other repetitive but important paperworks can be lessen if you use a POS system. It can privide you both time and peace of mind.

More efficient transactions

In retail settings, you can make checkouts faster by using a barcode scanner and other POS features. Restaurants will find their order process greatly streamlined as orders are relayed automatically to the kitchen from the dining room. In both cases, your customers get faster, more accurate service.

Keep in mind that realizing these benefits requires a commitment to utilizing the POS system capabilities to their fullest. Without proper training and analysis, any sophisticated POS system will be just another cash register with no special functionality.

Retail vs. Hospitality Needs

Since there are two segments when it comes to the POS market, they require different needs: retail operations and hospitality businesses like restaurants, bars, and hotels.

• Retail

Of the two above, retails are the ones who needs simpler POS. Retails can complete their transactions all at once and they even use less variation for the products that they sell. Some POS features retailers may specifically want include the ability to support kits (e.g. 3 for $2 deals), returns and exchanges, and support for digital scales. Your POS system will have to support matrixes if you sell items that come in a variety of styles, like clothing or shoes. For example, matrixes let you create one inventory and price entry for a particular sweater, but still track sales according to size and color.

• Hospitality

Business have different requirements depending on the establishment, like in restaurants and other hospitality businesses.

Efficiency is the key focus for casual restaurants. For retail-style restaurants like sub shops, POS systems that relay inputted orders cut down on time-per-transaction and reduce the errors that can happen when hastily-scrawled orders are passed back to the kitchen. For quick-service restaurants, POS systems are practically a requirement for living up to their name: orders entered on terminals in the front are automatically displayed on monitors in the kitchen, ready to be quickly assembled and delivered to the customer.

For table-service restaurants and fine dining, POS requirements are somewhat different. They need to know which waiter is handling which table, and being able to create and store open checks. The efficiency gains from better management can be impressive. If a restaurant with 20 tables and an average check of $45 can increase turnover by one party per table, that is an extra $900 on a busy night.

Return on Investment Worth the Trouble

Switching from a traditional cash register to a computerized POS system can be difficult. There are many factors to consider and some pitfalls to avoid. However the return on investment and benefits to your business can really make it worth your time and effort.

About the Author

The author of this article is the Vice-President of Customer Relations at POS-For-Restaurants with over 20 years of experience serving restaurants of all types throughout the U.S.

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