Measuring and driving sales revenues is likely your most important task as a business owner or sales manager. It can be a demanding job because sales results are sometimes unpredictable. You may have had a store or restaurant in the past that achieved its very best sales month but, surprisingly, resulted in a lower profit margin. It’s a mixed bag sometimes. No matter how experienced you are or how well you prepare for success, results just aren’t guaranteed.
It’s time to ask yourself what sales data reporting tools you currently have at your disposal that can help you to better prepare to reach the sales volumes you desire. The data from a modern POS system will provide you with a reliable way of tracking sales productivity metrics for your restaurant, store, or salon. Cloud-based POS systems have features that can substantially increase the number of management reports. We are living at a time when some traditional approaches are no longer helpful. Whether you are a single location business or have a company with multiple stores, modern POS systems are surprisingly affordable options that have a quick set-up process.
Tracking Sales Productivity Metrics of Employees
Every company has its own administrative tasks that are essential for it to operate throughout the day.
Do you know what percentage of your employees’ time is spent on non-sales related tasks from the time your doors open? If they can spend less time on administrative work, then they can become more customer-focused. Learning more about what customers want gives them the opportunity to hone their sales techniques such as cross-selling and upselling. As a manager, you want to be able to track how much time everyone spends on:
- Daily administrative tasks
- Store opening procedures
- Store closing procedures
There are certainly other tasks specific to your industry to think about as well. Sales productivity metrics can give insight into ways you can help your employees to become more productive.
Perhaps some time-consuming tasks can be outsourced, or you can invest in new ways to automate work-related functions. It’s easier to glance at a monthly or quarterly report than try to remember what employees are spending time on each day. Gain more value from payroll hours while helping your employees become more productive.
Keep Your Employees Engaged!
Tracking employee quotas with weekly updates will let them know if they or on target to reach their monthly sales goal. You can improve compensation management by knowing ahead of time what incentive contests and bonuses will cost your bottom line. You might find ways to offer more rewards. Employees smile when they come to a job where managers keep the environment fresh and exciting.
POS Solutions for Data-Driven Marketing Decisions
During uncertain times, managers often face tough choices. Sometimes it comes down to making the right decision at the right time. With the right POS system in place, you’ll have a better idea six months from now about where you want to be 12 months from now. Cloud-based POS systems for iPad allow you to set-up automated sales reports which you can have emailed to you when you’re away.
Empower sales marketing decisions when you begin to study customer shopping behavior to come up with special offers and promotions. Begin to use product mix reporting in combination with product margins to offer sales discounts and drive revenues. Product mix analysis works for bars, restaurants, and retail stores. Also be sure not to neglect the following data sets:
Revenue by Product, Department, or Category
Shift from making cursory reviews of the brands you sell. Instead, run quantitative reports with your POS system on sales by product or product line when you introduce modern POS solutions. You don’t even have to be physically on site to check on how sales are doing in your new department or product category with retail POS systems.
Percentage of Sales of Customer by Type
You want to bring in new customers each month. Do you presently have a way to find out more about your customer demographics which isn’t time-consuming? It’s great if you do, but if you’re still wondering how, POS systems can give you that information with ease. Gather contact information at the POS and demonstrate your commitment to quality service when you email to text them a BOGO offer to come back.
Percentage of Cost and Expense Per Sale
Oftentimes, businesses take on operations expenses that eat into profit margin beyond the standard COGS definition. You can start thinking about what business expenses cause unforeseen profit drain. How can tracking sales productivity metrics increase business intelligence?
Choosing the Right POS Provider
talech specializes in POS systems that give managers the sales productivity metrics they need to measure sales data. Visit their website to gain some insightful ways you can harness your POS data to help you to make more thoughtful and timely sales management decisions.
When you partner with talech for your retail technology needs, we devote our time to identifying your business challenges. We use this information to work with you to provide you with an innovative POS solution that levels the playing field by precisely tracking sales productivity metrics. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.