We shared a high-level overview of what steps you should take when choosing a POS platform. Let’s go deeper and dive into phase I to help you improve the research phase of your journey.
After researching this information, you can narrow down your options and be able to provide better information to representatives, ensuring you get the answers you need and the POS platform you want.
Detail The Needs Of Your Business
1. Define the basics. What kind of business do you run? What industry are you in? What is your gross revenue? How many people do you employ? What do you sell? Who are your customers?
Let’s say in this scenario you are a large coffee shop that sells consumers cups of coffee as well as retails bags of grounds and branded mugs. Once, you identify the high-level characteristics of your shop, you know that you likely need five POS terminals equipped with Quick-Service and Retail POS software. You also need the basic Point of Sale Software Features like inventory and employee management, accounting, reporting, and payment processing.
2. Identify weaknesses. Take a look at past sales and customer trends to identify weaknesses and inefficiencies. This could include, low performing products, poor customer retention, unhappy employees, inconsistencies in reporting, trouble reaching and attaining new customers, mismanaged inventory, among many others.
For example, your coffee shop has had trouble selling its mugs, and they’ve been sitting in your inventory. Also, you have noticed that your customer retention sharply drops during your slow season, and in contrast, you have long lines during the busy season.
3. Find features that fix. Once you’ve aggregated the different feature options from various providers, you’ll see features like mobile and online ordering, employee management, inventory management, online ordering, delivery management, customer relationship management, among many, many others.
In this example, your coffee shop wants to look into online ordering to increase mug sales and mobile order takers to take orders from the floor, cutting down on your long lines. Additionally, in order to build customer retention, you will want customer relationship management software and digital loyalty programs that are integrated with your POS.
4. Set a budget. In addition to factoring in the up front costs, you should think about which payment option makes sense for you, whether that is subscription, leasing, or purchasing the platform. Processor agnostic platforms will give you the freedom to choose the processing rate that is best for your business. Don’t have a great idea of how much you should be spending on technology? Check out this article, outlining the statistics and recommended technology budget allocations.
Once, you are armed with a knowledge of how you would like to see a POS impact your business, there are still a number specific questions you should ask your provider to make sure you have checked all the boxes and your system meets your needs.
We’ve made it simple and outlined...
The Nitty Gritty
Ready for Phase II? Get a free Revel Systems demo, and see the POS platform in action! Stay tuned for an in-depth look into Phase II.