Using a POS to Grow your Small Business

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Choosing a retail POS system
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A POS can help you Grow your Small Retail Business

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A POS is so much more than a way to keep track of sales, inventory, and other financials for the day-to-day operations of your retail business. A POS is definitely the ‘go-to’ tool for handling these and many more responsibilities but it also comes with other tools and features that retailers need to run a successful business.

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Choosing a POS

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If you’re looking to buy a point of sale system, note thatnthe ideal POS for your small retail business is scalable with tools that youncan use to drive growth. The POS should be able to grow with your business.

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There are several strategic advantages that a POS for smallnbusinesses can offer, ranging from existing data imports to helping yournbusiness start from the ground up.

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Planning for Growth

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A POS for small businesses can give you an overview of the performance of your business in terms of health, growth, and performance of your store(s) at any time, without overloading your team with report generating tasks.  Every shilling you spend on your business need needs to make profitable yields, and your POS can help ensure that you’re making insightful business decisions.

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Reporting Tools

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Retail business owners want to make insightful purchasing decisions, and a POS for small business provides valuable insights into how much inventory to buy, how much to sell it for, and whether it or not it should be discounted. As your business grows, you’ll find that running reports at the end of the month won’t give you all of the data that you actually need. A POS for small businesses can let you view sales on a weekly or daily basis and can be configured to capture specific sets of data. Identifying sales patterns can help you identify what items are hot sellers and which are products are not so that you are able to make strategic purchasing decisions.

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Try not to disregard other money related information pastnyour sales projections. You’ll have the option to see how a lot of your normalnclient spends, what payment methods they use, and what they purchase. Runninvestigations your Cost of Goods sold so you can check whether you’re trulyngetting a decent profit for your item when it comes down to the bottom lines.nDetail your business objectives dependent on this information, attempting tonbuild a normal marketing projection. 

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A POS for small business can help you, monitor:

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  • Selling cycles for each supplier’s product
  • Track discounts that are given to customers in a certain period and their amounts
  • Busy and slow sales cycles
  • Identify complementary products that can be bundled together
  • Fastest moving products and best performers
  • How Loyalty programs are performing
  • Product trends
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For what reason is a POS important for small retail businesses? Organizations can’t develop without the information to help expansion. A POS won’t simply give that information; it will likewise assist you with following up on the information. As you expand to new outlets, new products, and staff, your POS can develop directly with you. 

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Inventory Management

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Regardless of what number of stores they have added to theirnrepertoire, retailers need to know what’s available in their Inventory andnwhere it’s found. No entrepreneur needs to have a client disappointed at an”sold out” sign — the client may take their business somewhere else,npotentially to your rival. Fortunately, stock tracking doesn’t requirendifferent software when you have a solid POS.

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A POS for small retail businesses can monitor your stock andnsend you alerts as to when you have to reorder stock. This is critical fornsmall businesses encountering rapid growth! Your POS can impart stocknprocedures that develop with your business, freeing up your time and cash overnthe long haul. Do you plan on including new areas? A POS for independentnventures will assist you with monitoring all stock developments, keeping younfrom accidentally ordering the same item twice.

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Small businesses may experience difficulty monitoring stocknas they grow to new areas and extra stockrooms. Utilize your POS to pullninformation on when you last reordered stock and at what value you reordered itnat. For developing retail businesses, this information will assist you withnchoosing whether costs should be balanced and in which areas, they ought to benbalanced at.

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As a small business expands, higher volumes of product returns may result from the increased inventory. Your POS can help you minimize such situations by identifying periods of high returns as well as reasons why customers returned their inventory. Utilizing a POS for small businesses makes managing inventory a much easier task, saving retailers valuable time and money.

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Tools for Meaningful Growth

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Retailers should base their growth decisions on a solid foundation of data insights. A POS provides the retail merchants with real-time access to data and the tools to use this data to acquire and retain more customers. Ensuring meaningful growth.

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Connect with Customers

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What’s the absolute most significant factor that drives retail business development? Sales! How do you increase retail sales? By driving more customers to your outlet, as well as optimizing how many existing customers spend at your outlets. For retailers hoping to grow their dedicated customer base, Loyalty programs are a significant element to search for in a POS for small retail business.

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Loyalty programs help keep current clients shopping at yournstore and attract new clients. Setting up a Loyalty management program cannappear to be a major responsibility, particularly when only one out of everynodd POS for small retail businesses has loyalty management features. In anyncase, the right POS will streamline the loyalty management process, givingnretailers more opportunities to focus on growing their businesses.

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Take XOKO’s built-in loyalty program, for example. Simplyndefine the number of points earned per shilling spent and your loyalty programnis ready to go. While more complex loyalty features are available,nsmall business owners can easily utilize XOKO to get their loyalty programnup-and-running as soon as possible — resulting in more business!

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Loyalty programs can grow your small business by:

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  • Incentivizing customers to shop at your store
  • Building brand loyalty
  • Encouraging additional sales per customer visit
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A POS for small businesses will make it easy to view data from your loyalty program without taking too much time out of your day.

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Employee Management

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Retailers cannot grow their businesses without staffnsupporting their business. A POS for small business allows you to view employeendata at a glance, such as POS access permission or total hours worked.

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On the off chance that you locate that specific staff arenchecking in a huge amount of hours every week, it may be a great opportunity tonhire new staff members, so as not to overwhelm existing workers. Your POS canngive you how long every worker chipped away on a day by day, week after week,nor month to month premise. Utilizing your POS information can enable you tondecide when the ideal time to contract new hires is, or when you should holdnoff until an increasingly perfect time. An extra advantage? Most POS for smallnretail businesses, as XOKO, have worked in the shifts management, so you canndeal with all parts of your business from one gadget. Retail businesses lookingnfor rapid development can profit by cost-sparing, a versatile POS.

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At the point when you are prepared to develop your business,nyou’ll have to designate duties inside your POS software. You likely don’t neednyour stockroom laborers to be able to make sales, and you presumably wouldnprefer not to enable sales representatives to make and affirm invoices andnpurchasing. On the off chance that user rights aren’t set up carefully during andefined period, it’s conceivable that costly mistakes can be made. Utilizing anPOS for small retail businesses can keep such errors from occurring. Definenemployee groups and choose exactly what POS access they have. When yournbusiness is ready to grow, you can modify each user’s permissions once they’renready to be promoted. 

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Access Your Data Anywhere

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Developing your business will consistently boil down to onenthing: Actionable business information.

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Guaranteeing you have the correct information whenever you need it, will assist you with setting benchmarks, set up objectives, and strategize for the development of your business. A POS for a small retail business can have a significant effect between managing blundered stock, lost obtaining archives, worker hours for finance, and the sky is the limit from there.

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Since XOKO POS system is cloud-based, you’re ready to get tonyour information anyplace, anytime. Need to open to make deals from your phonenor android tablet at a public expo? Our POS for small retail businessesnempowers you with remote sales data through its cloud servers. In the eventnthat your device loses power or disconnects from the internet, the entirety ofnyour business information will be saved to the cloud for later access. Being inncontrol of your business’ information will enable you to get ready for sound,nbusiness growth. 

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Investing in a good POS is good for your business

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There are many ways that a POS can help a retail business tongrow, from collecting data to giving actionable insights. We barely covered allnthat a POS can help you to do within your business — a POS for small retailnbusinesses unlocks unlimited insights into the business’ growth.

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Whether you’re looking to build and manage stronger customernrelationships or develop a more efficient Inventory management system, XOKO isnhere to provide you with all of the information you’ll need to run a successfulnretail business.

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