You don’t need us to tell you that the cost of doing business is higher than ever before.
Things are crazy, and while there may be tons of debate on why and how inflation is rising, or how long it may continue to rise, we’re only interested in the here and now. And the here and now is this: inflation is here now, so how do we combat it and keep our businesses thriving?
There are many approaches we can take, but for many business owners, making big cuts to labor or changing up items for sale can feel like shots in the dark. How do we know our choices are helping our businesses?
Interestingly enough, the guidance you need to grow your business in the face of inflation may already be in your hands, in your point of sale system! Here’s how your system may be able to help.
Innovative Back-End Reporting
Powerful point of sale systems like Franpos offer innovative back-end reporting that can show you exactly which items are doing well, which aren’t hours worked, labor costs, per hour, and so much more!
You need to take a look at the reports you have available and make sure that your operations are running efficiently. You may be able to see where labor costs are high, for instance, and re-arrange schedules accordingly.
Next-Level Inventory Management
One of the helpful features in a point of sale system like Franpos is next-level inventory management.
With inventory management, you can make sure that you’re only buying products when you need to. You can also make sure that you always have items in stock. When money gets tight, the last thing you want to do is run out of a product and miss out on potential sales.
With Franpos, restocking reports are automatically generated and sent to you for review! Plus, if you decide to sell online, Franpos offers a beautiful online website that connects directly to your store, so you always sell what you have and never sell products you don’t!
Cutting Costs Through Data-Driven Hours
Finally, one of our favorite ways to cut down on costs and combat inflation is to utilize our back-end reports to re-access opening and closing times.
If you see three hours before closing all in the red due to labor and energy costs, why not close earlier? Conversely, if you see massive sales directly in the first hour of opening, why not try to open another hour earlier?
Owning a business means being flexible to the needs of the customer, so if you make sure you’re open exactly when the customer needs you to be, you’ll be able to retain more business.
We hope this has given you a few starting points and shown you how you can leverage your point of sale system to combat inflation and get your profits back up. And, if you want to really take things to the next level, schedule your free demo today and see why thousands of businesses use Franpos to help them grow!