You’ve probably heard some talk about modern POS systems, but what are they really? What can they actually do for your business, and are they affordable? Here, we’ll cover everything a beginner needs to know about these impressive and versatile tools, including some of their best features and why you should consider upgrading to one. Keep reading to learn all about POS software!

Not Your Typical Checkout

With outdated checkout machinery and registers, you can often run into slow checkout times; whether you’re operating a brick-and-mortar or online store. The fact remains that whichever medium you’re selling in, a slow checkout time can mean problems. Customers don’t want to wait in long lines, or for slow webpages to load, and will often disengage if they have to wait too long. That’s right; your old register is actually costing you money.

A POS isn’t your typical checkout system. While it will ring up transactions, accept payments, and collect cash in a drawer (unless you’re online, of course), the system is much more than just a register. Loaded with extra tools, backed by 24/7 support, and designed with efficiency in mind, these versatile tools can do a lot for businesses of any size.

It’s time to ditch the old cash register you’ve been using since you opened. It might have served you well in the beginning, but as retail and the business world, in general, continue to evolve, you don’t want to be left behind because you’re held up on an old register.

Seamless Integration

One of the best features that POS software has to offer is the ability to integrate with other programs and even your own hardware. Some POS companies don’t actually offer any hardware like receipt printers and registers, so you’ll only be able to purchase the software. Luckily, POS software is designed to work with many brands and models, so yours will likely be supported.

If you find that your hardware isn’t compatible with the software you want, you can always opt for the company’s own hardware. This is usually the best route since the hardware is designed specifically to work with the POS software; meaning fewer errors and reboots.

Additionally, many POS systems have software that integrates with other programs like Quickbooks or your stock-ordering software. Your daily revenue will be automatically updated, and when you run low on stock, you can set up auto-ordering so you never run out. This hands-off approach means you’ll spend less time with such tedious tasks and more time interacting with customers and growing your business.

Inventory Management

Are you tired of inventory counts never being accurate? Tired of recounts, mistakes, and lost time? POS software will manage your inventory for you, automatically updating in real-time, so your numbers are always as accurate as possible. Leave the stress and worry of manual counts behind with a modern POS system!

Counting inventory can be costly as well, especially if the counts are wrong and someone on the clock has to recount everything, or you accidentally order more product when you had some in the back of the warehouse all along. While standalone inventory management software is available, why not unify all of your operations into one software program? This eliminates the need to spend money on extra software and makes everything accessible from one interface.

Expanded Payment Methods

The way people pay for goods and services is always changing. From cash to credit cards to touchless payments, the options for consumers are pretty limitless and continue to evolve as new technology comes about. It’s important that your business remains up to date with the trends and has software that can meet the needs of any customer.

Expanding your accepted payment methods can open up your business to new horizons, attracting customers you’d otherwise have never appealed to.

Better Marketing

POS software can also help you improve your business’s marketing efforts. You’ll be able to create detailed customer profiles, complete with names, addresses, and purchase history. What better way to market to your customers than by knowing exactly what they like to buy? With this information, you’ll be able to craft more customized marketing campaigns and increase the chances your customers will respond to your call to action.

Many POS systems allow you to send out emails and promotions directly from the interface as well, so everything you need to stay in touch with your customer base is centralized in one convenient place. Marketing has never been more easy or simple than with a modern POS system!

A Must for Modern Businesses

Let’s be honest here; a POS system is a must for the modern business. No other software offers such versatility or usability or combines so many tools in one interface. Take control of your marketing, inventory, and payment methods with modern POS software and learn why so many businesses have made the switch.

When you own a company, numerous risks threaten to put you out of business or limit your ability to grow. Business managers must be smart about focusing on business risk and put in place tools, products, and strategies that minimise or eliminate risk. Some areas of business risk are obvious. Others not so much, but are just as risky.

Here are two that often get overlooked but can mean real danger for your company if not addressed.

Not Having the Right Insurance Coverage

Protecting your business is something you should take very seriously from day one. All kinds of risks can come to affect your company in unexpected ways. With a business insurance policy it is vital that you have it in place early and that the policy is comprehensive. This key word means that coverage will be provided in nearly all instances.

Too often, businesses will overlook key coverage or only get minimal coverage thinking that the risk is worth it. The truth, however, is that in the event of a catastrophe, the financial liability to your company will far outweigh whatever insurance premium costs you are paying. Carefully examine how you can make your business more successful and discuss insurance options with a reputable broker. Take that person’s advice about what your company and employees need. This process will not only get you covered properly, it will also make you feel safe and secure.

Losing Track of Expenses

Too many businesses have an incorrect idea of how they spend their money every month and rely on their bookkeeper or accounting firm to tell them long after the money has been spent. This is a recipe for waste. They certainly understand their structured items like rent, phone bills, salaries, and electricity. These bills are easy to determine because they either come to your business every month on in the case of salaries they are consistent.

But other items are not as clearly defined and often get underreported or misreported. One great example of this is expenses at your organisation. They get reported and are typically input at different times, and only when they are totalled do you realise what has been already spent. At that point there is no chance to dispute a bill or find ways to lower those costs. Without a strategy for containing these costs before they occur, you could be losing large sums of money each month.

If you have not done so, immediately implement strict company policies around expense spending. Set limits for everyone, tall them that they must utilise approved services only, which might include restaurants, hotels, airlines and rental cars where you have established discounts, and that there is a no-tolerance policy for expense mistakes.

You can decide the penalty but let everyone know there is one. Being loose with expense policies are notorious money waters. Getting control of them can mean the equivalent of finding a new income stream for your company.

Money for Things You Really Want

When you have a personal savings allowance, you put money aside for things that you really want. This might include a new car if the one you drive is constantly in the shop or even a danger to drive. It might mean attending an event that you really want to go to. It may be for a vacation that you have been dreaming of.

Or you might want to simply splurge on something because of your new good spending habits. The key is having the money in savings allows you to do something nice and special for yourself or someone else close to you.

Managing risk seems difficult, but a little focus on the topic and you will understand why it is important, and appreciate the step to dealing with it.

Although every employee would love to get a promotion, not all will. The reasons why some will move up while others will not, is most often based on their behavior and performance. Employees who get promoted do things differently. With competition being so tough, and the labor market so tight these days, business managers and owners are always looking for good employees. When they find them, they want to hold onto them and to hold on to them they will reward them. One primary reward is a job promotion which should come with a grander title, more responsibility, and a pay raise.

Here is a short list of the things they do to get promoted.

They are Punctual

When an employee comes to work on time, they are showing respect for the company and management. You may not punch a time clock or have your time in scrutinized closely, but it is something that will definitely be talked about when it is time for promotions. It might be difficult for you to get to work on time and you might think that a few minutes here and there is not a big deal but understand that a promotion means giving you more responsibility, and part of this involves being punctual. So, go to bed earlier and set your alarm clock earlier as well and get to work on time every day.

They also do all they can to keep themselves healthy so they can be at work every day. This means that they exercise, don’t drink too much alcohol on work nights and make sure that they take steps to avoid too much stress. Too much stress can cause all sorts of negative consequences on the body, resulting in days missed from work. Making sure you have proper family cover will also mean that if you do get ill, you and your family will get the treatment you need, when you need it, helping avoid too much time off.

They Act Like Owners

Acting like an owner means that they are always focusing on the little things. This means making sure that everyone is in sync when a new project, product or service is introduced. The person listens and look for others who may not have the necessary information and brings that person up to speed on how to win for the company. The person also looks for areas of waste that can be eliminated. Companies become more profitable not just from making more sales, but also by reducing wastage.

When management sees an employee concerned about areas of the company that does not concern them, and offering assistance on how to improve that area, that employee is likely to get promoted. Businesses focus on giving promotions to those employees who are conscientious, and who will constantly look for ways to improve things at the business. Their suggestions may not always be right, but the fact that they are trying goes a long way toward showing how interested they are in the success of the business.

They Always Have a Positive Attitude

Every job is challenging in some respects and there are times when we feel overwhelmed or like we will not meet our objectives. The last thing most of us want is someone with a negative attitude adding insult to injury when things don’t go our way. Companies want people who have a winning attitude moving up their ranks. This means someone who can see the bright side of things and focus on ways to turn a defeat into a win. Be that person and you will likely get promoted more.

Closing the deal is not only exciting but can be quite intimidating as well. Sometimes, you get so close that you can taste the end, and then a client backs out at the last minute, leaving you wondering what happened and what you did wrong. Closing the deal isn’t rocket science, and boils down to a few simple tips that you can follow to maximize your closing potential. Here’s how to ensure you close the deal every time.

Be Honest With Clients

People are smarter than you may think and can tell when you’re bluffing or stretching the truth. Some salespeople like to stretch the truth a bit to make products or companies sound more appealing, and clients can sense this type of behavior. If you don’t come off as a genuine, trustworthy individual, you’re already hurting your sales potential.

Being honest is the key to any successful interaction or relationship, and the relationship you share with clients is no different. Honesty can take you a lot farther than just the initial sale as well; it can help foster loyalty among clients by building trust from the get-go. Have you ever had an experience with a brand or person that claimed to have more attributes than it/they did? It’s incredibly frustrating once you learn you’ve been deceived.

The bottom line is that honesty is the best policy. Whether you’re meeting clients via web conferencing or in person, display yourself and your brand as honestly and genuinely as possible; and you’ll find that potential clients are more apt to listen to what you’re saying and consider closing a deal with you. We’ve all seen the cliches about the shady businessman; don’t be that guy.

Know the Competition

Part of your market research should include information about the competition. What are their prices like? What do their similar products have to offer? Who are their demographics? Where are they marketing? These should all be questions you perform research to answer, as knowing your competition can actually help you close the sale.

Let’s say you’re pitching your brand to a potential customer and they bring up that X brand has this feature or that feature that your brand doesn’t offer. If you know absolutely nothing about X brand, you won’t be able to point out why your brand is still superior; which can potentially cost you the sale altogether.

Don’t take the risk of not knowing. Knowledge is the ultimate tool in sales! The more you know, the better you can market your products and steer customers away from the competition.

Know Your Products/Services In and Out

What’s worse than a salesperson who knows nothing about the competition? One who doesn’t know his own brand very well! You should know your brand, products, and services in and out. Every detail about them should be in your mind and ready to pull out at a moment’s notice. Customers and potential clients will ask some of the most random questions about your brand; be prepared to answer them!

There’s no surer way to lose a potential sale than by not knowing enough about what you’re selling. Clients come to you as the expert in your field and want to be sure that you know everything there is to know about the brand and what it has to offer. Don’t disappoint them!

Watch Your Words

Putting your own foot in your mouth by saying the wrong thing can be all too easy in a sales deal. You may get nervous and say the wrong thing, or perhaps you thought the client had the same sense of humor as you (but they actually don’t have one at all). You’ll want to be personable, but retaining your professional dignity is absolutely essential.

Try to stay focused on the task at hand. Don’t blurt out jokes just for the sake of filling space; if it seems appropriate, then you may joke a bit with your clients, but tread lightly. Not everyone shares the same sense of humor, and offensive jokes are generally just considered in poor taste (avoid them altogether).

There’s a fine line between being personable and trying to be buddy-buddy with a client. They don’t know you or your brand, and they didn’t come to be your friend; they simply want to know the details of what you have to offer and how it can benefit them. Approach the information carefully and professionally, and try to refrain from joking too much.

Treat Clients With Respect and Dignity

Overall, your best tactic is to treat your clients with respect and dignity. Don’t approach the situation as if you’re speaking with just another number in the books. You’re going to talk to people, not numbers.

There are people with cares, worries, jobs, families, all of the things that you value are also valuable to them. Keep that in mind when you’re trying to close the deal; it makes for a more personable and relatable salesperson.