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5 Questions to Ask Yourself When Opening a Business

Apr 18, 2018

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You’ve developed your business plan, secured funding, worked out legalities and devised a solid marketing plan and now you’re finally ready to open shop. Opening day can be exciting but too a daunting task if you’ve not properly worked out logistics.

1.       How Will You Process Payments?

A simple cash register and drawer might suffice for cash payments but what about credit cards? Regardless of your industry or the size of your business, today’s business model demands you accept multiple forms of payment.  Credit cards have become the universal language of money and the inability to accept them could result in lost sales. Point-of-sale (POS) systems make it possible to not only accept credits at the register but too cash and even checks, ensuring you have no limitations.

2.       How Will You Manage Inventory?

Having too much of one item and not enough of another can hurt profitability, putting your new business at risk. There is also the never ending battle of shrinkage – disappearing inventory. A POS system can help you better manage inventory in real time, so make adjustments to order more, reprice, or discontinue items altogether. You too can identify possible root cause of shrinkage to help you mitigate.

3.       How Will You Manage Staff/Employee Schedules?

Having too much staff at the wrong time or not enough staff at the right time can be quite costly to your bottom-line. A POS system can help you manage your employee scheduling so that you are able to identify your busiest or peak selling times and provide optimum customer service.

4.       How Will You Handle Sales Reporting?

Regardless of the type of business that you operate, you will need to run sales reports so that you have insight into what is going on with your business. Sales reports are not only important for your own benefit but also for preparing taxes. In the past, business owners were often forced to handle business reporting by hand, which was not only time-consuming but also prone to errors. Today, sales reporting can be handled in a faster and more streamlined manner with a POS system. All it takes is the touch of a button to print relevant reports. 

5.       How Will You Handle Management?

Business owners typically spend more time at their business than anyone else. This is especially true when first starting a business. But, the reality is that you cannot be there at all times, particularly if you own multiple locations. With a POS system, however, you can view business operations from any location, at any time, and in real time. As a result, even if you need to be away from your business, you can still keep an eye on how things are going. This helps you to manage your business more effectively while also giving you increased peace of mind.

 

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