Too many small business owners and managers purchase point of sale and register equipment without thinking about the reporting that may (or may not) be built into the system. Point of sale reports are absolutely critical for you to get the most out of your investment and the highest amount of revenue out of your business. Without reporting, you’re flying blind.
The truth is, point of sale reports are lenses through which you can learn more about the way your business sells, runs and operates. When you learn how to use these reports, and invest in commerce platforms that let you look at the right reports, you can grow your business through the type of smart data tech giants like Google and Facebook use.
Here are a few of the many reason why you need to start looking at your point of sale reports:
Using Point of Sale Reports to Find Hidden Gems
All too often, small businesses operate without knowing which of their products are the best for their business. They may have a cursory idea of which item sells the most—but that item might not be the one that generates the most profit.
Point of sale reports are able to tell you which products generate the most net revenue, on top of the most gross revenue. That’s a hugely important distinction—and there may be a hidden gem in your product list that could generate lots of revenue if you knew about it and pushed it more often.
Adjusting Store Hours
This one’s quite simple—cutting back on labor costs is more complex than simply reducing the number of employees in the store. Instead of putting more strain on fewer people, why not look to your reports to see if you’ve picked the right store hours?
As with any business, you want to be open when the highest number of customers are interested. Seeing lots of business right up until close may be a sign to stay open later. Conversely, you might see lots of hours running in the red on certain mornings where staying closed is more cost-efficient than being open.
Our recommendation? Periodically check your reports and adjust your hours accordingly. You’ll serve more customers and reduce your labor costs by simply being open at the right times.
This last one is critical for those using a commerce platform such as Franpos to handle multiple aspects of their businesses all within an all-in-one solution. With over 80% of your total sales coming from just 20% of your customers, wouldn’t it be good to know what items they purchase the most? How about when they come to your store?
Advanced reporting can let you know when your marquee customers are buying—and, when they aren’t. You can then run innovative growth campaigns right from your point of sale system to target these customers more effectively. So don’t waste time trying to attract the heard when you know one coupon for one specific group of people could make all the difference for your bottom line.
The Franpos Solution
So, are you ready to start digging into the weeds in your reporting? Other platforms may offer a few options—but only Franpos offers an innovative back of office experience that includes reports, eCommerce options, growth marketing campaigns, and so much more.
Sound interesting to you? Let’s jump on a call and walk you through a free demo to help you see why Franpos can streamline your technology costs and transform your business.