Running a small business can be a very rewarding work experience, but it also means facing a number of unique challenges that must be overcome in order for a business to thrive.
There are many considerations to take into account, from deciding what type of inventory to keep, to marketing and promotion, to managing staff and inventory. You can also increase your profit margins with the help of the right POS system.
In fact, given the small size of most independent businesses, keeping accurate inventory records is one of the most important issues. According to the U.S. Small Business Administration, "very small businesses cannot afford the kind of losses that poor inventory management causes."
Essentially, while large chains can recover from inconsistencies in their inventory, those losses can seriously affect profits – so it's important to track everything from the start. Fortunately, there's an easy way to do it: invest in a point-of-a-sale software system.
POS systems have many useful features and benefits, especially for small business owners – including the ability to quickly and accurately monitor inventory.
In addition to scanning items as they come in (and leave) your store or restaurant, you can see which items are selling well and which are just missing on the shelves so you can make more informed decisions about inventory management in the future.
Another differentiator from most sales systems is that they allow different employees to access the system with a unique identification number so you can review the employee's work at their leisure. This can be especially helpful when employees work on a commission basis.