The big question on every business owner’s mind is often, “Is it worth it?” That question can be applied to many things, but we often find ourselves asking if a large technological investment is really “worth it.” The short answer is yes. The relatively low startup costs for many modern technology upgrades makes the benefits all the more attractive, and monthly maintenance or subscription fees are a drop in the bucket compared to the overall value they bring.
Convenience Store POS System
It may sound hard to believe, but there are still a number of C-stores that haven’t invested in a POS system, even in 2017. Convenience store POS systems have a lot to offer in terms of making the daily operations of your store more efficient.
With a POS system, you can easily scan and checkout customers. There is no need to remember or look up prices. Everything is easily reconciled at the point of sale. Changing prices on high variance items such as tobacco or beer have never been easier. Simply change the price in the system and everything else is taken care of. No need to fumble with price tags or remember a new price day in and day out.
Inventory Sweet Spot
With one of the largest expenses in running a convenience store unsurprisingly being product inventory, after you factor in your overhead, what’s the next largest expense? Keeping that inventory rolling.
Needing to find and maintain your inventory “sweet spot” is an art form. You want there to be plenty of selection in your store without there being an excess buildup. Too little inventory and you can’t meet demand, too much and you’ve got an excess. Unfortunately, as great as POS systems are, many of them simply do not track your inventory effectively.
A convenience store POS system can help, but it can’t do everything. Simple and easy store inventory management software should be the first thing you turn to. Thankfully, they integrate with a variety of convenience store POS systems for seamless, streamlined tracking.
Inventory management systems hook into your POS system and provide accurate accounts of your inventory performance. You are able to:
Identify high (and low) performing items
Calculate margins more effectively
Add additional items to your price book
Update prices with ease
Generate P&L reports
What’s most convenient is the ability to perform all of these functions remotely. This means that whether you’re in the back office, or on a beach somewhere (in which case you shouldn’t be working), you are able to stay connected to your business and manage essential functions with ease.
But is it worth it? Absolutely
Convenience store owners, as well as employees spend a great deal of time thinking about two things: prices and inventory. New technology investments such as POS systems and inventory software can help reduce time spent on these tasks. This allows you to focus your energy towards customer service and building your business, rather than changing price tags.
Real cash comes from accurate merchandise management. Real losses are cut from operational improvements. - IRT
Not only will you gain time and save money by investing in new technology, but ROI is aided by the subtraction of losses. More product accounted for equals less product lost. Accurate monitoring and accounting means you’re hitting your margins and maintaining a true and efficient system.
Whether you’re a small, single store operation, or have multiple locations; investing in new technologies is the way to go. They are cost-effective, and make running your C-store a lot easier!
Want to learn more about CStorePro's inventory management and back office system? today.