Luck, Timing or Brilliance, Let Your POS Software Decide
I have a sign in my office that reads if you have your choice between luck, timing or brilliance, take timing first, luck second, brilliance third and don’t ever confuse the three. Point being that if you are going into retail and think you have a brilliant idea but you are not certain of the timing of the venture, location or planning, save your money or hope you get lucky. These are tough times for a retailer and if you are at the right place, at the right time with the right idea, you will make it if you streamline your business by cutting costs and managing your inventory efficiently. The best way to do that is through information from your POS Software that will provide you with all the management tools to be an extremely informed buyer. A good POS Software package can help you quickly determine your best selling products, how fast your inventory is turning, if proper margins are met, how to buy for your future product demands and how to allocate shelf space. Remember you are a retailer and not an analytical genius, all the reports you need to make these informed decisions should be easy to access, understand and decipher.
Your POS Software should also accumulate information on your best buying customers so you can send thank you notes and keep your relationship on a personal level that gives them a reason to continue shopping with you. Tough times will not be here forever, but you must make adjustments to weather the storm and be around for the returning good times. When the good economy does return, you will be in the driver’s seat. Good luck and good informed retailing to you!