Payment tech is just as much part of the back office as the front line
The age of manually tracking inventory with a spreadsheet or log book is over. Today, more businesses are using their point-of-sale (POS) system to help with back-office tasks.
By linking your POS to inventory management software, you can easily keep an eye on the amount of product you have and note when it’s time to restock or purchase from your distributors. It can also help you track what’s selling quickly, what isn’t, and how an item’s selling price compares to the price it cost to produce. Fortunately, many newer POS systems come ready to integrate with this type of software.
Whether you use it to advertise or sell your products or services, a website can be a great way to get more eyes on your business. And with 44% of consumers purchasing from a small business website at least once a month, having your own site could be a real boon for business.
Wondering how to get started? Talk to your payments provider about establishing an e-commerce site. In addition to highlighting your business, you’ll want to be sure it can facilitate an easy checkout and securely accept multiple forms of payment.
Most small business owners spend more than 20 hours finding one new employee. Posting effective job listings can help make the most of that time. When you’ve identified a qualified candidate, cut to the chase and offer an in-person interview immediately to save time in the screening process. Then, hire at the wage you expect to pay and not a low, trial-period wage. Introductory wages tend to attract less-qualified candidates.
Of course, keeping excellent employees is cheaper and easier than hunting for new hires. One of the best ways to reduce turnover is to provide employees with a predictable schedule; 46% of jobseekers prefer such consistency over a 10% raise.
The new year is the perfect time to set goals and develop new habits. As you prepare your business for a successful year, identify problem areas from 2019 and use them as opportunities to grow in 2020.
As the bustle of the holiday season winds down, it’s a great time for small business owners to take time to reflect on how their businesses performed during the rush. Did customers ask if they could order an item online? Could you have used extra staff or additional inventory? Understanding and addressing these pain points now can set you up for a successful new year.