Even the most accustomed entrepreneurs frown at the proposition to start a hospitality establishment because it has many moving parts. This makes it one of the most difficult entities to control and manage. To sustainably succeed in the hospitality industry, efficient management, high levels of profitability, and robust market penetration must be achieved. What will make you circumvent the bottlenecks that come with a restaurant establishment is a robust Point of Sales system. Here is a rundown of ways the right POS system will benefit your restaurant establishment:
1. The right Point of Sales system will minimize your business’s operating costs
A POS system allows you to substantially bring down your overhead costs as it provides and manages business data. A POS system minimizes operating costs by eliminating yearly physical stock taking, maintaining less staff, minimizing sit-down time with an accountant and reducing re-ticketing of items. POS system also minimizes the burden of staff training and development and automates employee aspects such as timekeeping and labor tracking.
2. A robust post of sales system boosts your profit margins
The biggest financial benefit of POS system is increased profit margin. The conventional cash register can massively reduce a restaurant’s profit margin because a cashier can easily enter any price they want to ring up sales. With POS software, prices of items are predetermined and integrated into the system, hence cushioning your profit margin. Your sales tax reporting will also be as accurate as possible, enabling you to see your real profit margins.
3. Inventory management is a core function of a POS restaurant system
Restaurants and retail stores deal with a lot of inventory, and so they need an efficient inventory control system. POS systems offer the most efficient inventory control. They let you know, in real time, the quantity of stock available, what is about to run out of stock, when to place an order. It also gives you real-time updates of daily sales and in-depth analysis of the sales. All this allows you to maintain a good balance of inventory to prevent keeping too much inventory that is not moving.
4. A robust Point of Sales system enhances restaurant sales
POS system keeps track of customers in your restaurant. It keeps records of frequent customers, high spending customers, and loyal customers. It becomes easy to reward such customers with free meal vouchers, discounts and other incentives to motivate them to come to your restaurant continually. All these promotions help to increase your sales and take your business to the next level.
— Square Canada (@SquareCanada) 16 de junio de 2017