In order to push your business to the limits, you need to be using your sales reporting and analytics to inform your decisions as an entrepreneur. Reporting and analytics grant you valuable insights into what your customers desire while also being able to predict future trends. It is vital for any business owner to understand what sales data drives their business.
It’s estimated that nearly 73% of business data goes completely unused. This means that sales trends go unnoticed, inventory management falls by the wayside, and it’s difficult to implement stronger employee regulations to help handle the financial side of your business.
The key question you should be asking yourself is: How do I get the best leverage, forecasting, and analysis out of my sales data so that I can continue to grow?
Gaining an Industry Advantage Through Innovative Data Analysis
The ticket for business growth starts and ends with your overall sales numbers. Sales by product reports are one of the best ways to get a snapshot of overall product performance. Keep in mind that this type of sales reporting should be run over time as it’ll see higher amounts of fluctuation in the day-to-day. However, once you’ve amassed enough sales data, you’re able to start seeing where sales trends exist as well as where certain products need a performance boost.
It’s also important to be able to view more granular insights on your reports. If your current point of sale system doesn’t factor in SKU numbers and product colors and sizes (a necessity for retail stores), or allow you to generate a product mix report (a must for restaurants, especially quick serves), it’s likely time for you to start thinking about an upgrade.
Product mix reports are especially useful because they display, of all the products you have in your system, what the mix of sales looks like. This is especially useful for restaurants with frequently changing menus to see which items perform well and which don’t so you don’t spend any capital on ingredients that’ll end up going to waste. For retail shops, a product mix report can help you determine if it’s time to set up any promotions, flash sales, or BOGO offers to move poor performers off your shelves.
Elevating Inventory Management to the Next Level
When it comes to inventory management, many businesses still rely on outdated reporting methods, whether they’re pen and paper checklists or overcrowded spreadsheets. While it’s true that many POS systems will give you some idea of where your inventory levels stand, truly modern systems provide clear, concise reporting that allows you to make more informed inventory decisions.
Not only can your sales reporting and analytics help you decide which products to keep stocking, but it can also give you more insight into how they should be priced and which styles your customers prefer. Is your reporting telling you that one of your offerings doesn’t really resonate with your audience? Maybe it’s time to update it, retool it, or scrap it from your inventory altogether.
As an added benefit, the right reporting system automatically updates with every sale, giving you a real-time look at what level your stock is at. Combined with an easy to use POS system that allows you to set up low stock alerts and customize automatic reordering and you’re bound to always have your bestsellers in stock. If you’re using your data properly, once-cumbersome inventory tasks become a snap and allow you to focus on more important matters, like growing and expanding your business.
Confident Employee Management Through Your POS System
Even if you don’t run a multi-location business, chances are you know just how hard it can be to keep an eye on your employees around the clock. After all, you have to sleep at some point, right? Luckily, many modern POS systems are able to integrate with labor and staff management apps that give you a closer look at what your employees are doing, even if you’re not physically present.
Want to set custom permissions to make sure the new cashier you just hired isn’t able to process voids and refunds without a manager? Or maybe you’re interested in seeing which of your employees sold the most of a featured product? With the sales reporting and analytics tools modern payment software and POS systems offer, this is all possible.
These reports give you the ability to audit employee performance, both in terms of sales generated but in other productivity measurables such as attendance, inventory tasks completed, and hours worked. This allows you to gauge overall employee performance so that changes can be implemented to resolve any productivity bottlenecks and leverage your top salespeople where they can provide the biggest boosts to your business.
You can even take it a step further and combine employee analytics with your sales reporting. That way, if you’re not handling most of the money that passes through your business, you still have an accurate view of your daily over/under at any given time through your modern POS system.
Maximize Sales Reporting and Analytics by Using a Trusted Partner
If thinking about sifting through your reporting makes you audibly sigh, you aren’t alone. For many business owners, navigating their sales reporting and analytics is less than exciting, to say the least. However, when you’re equipped with the right POS system that handles a lot of the groundwork for you, it’s easier to turn the data you’re gathering into actionable insights that can help spur growth and greater revenue potential. It all starts with selecting the right system.
Seeking expert advice about what POS data you need to thrive is where talech can provide you with the help you need to reign in your sales data. We understand your need for dynamic, easy to read sale reporting and will work with you to implement a POS system that makes it a snap. Contact us today or sign up for a demo and to learn more about how talech can be your expert POS partner.
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