There are a number of reasons entrepreneurs start small-scale businesses. Some are designed with the needs of their respective neighborhoods or a niche consumer market segment in mind; others have broader aspirations.
Whatever your business plan is, its success is dependent on how well limited staff, limited hours, and inventory management for small businesses are utilized. Limited staff typically means you and your dedicated employees wear multiple hats on any given day. Limited hours means there is a small window of time in which you can generate revenue. Inventory management means ensuring products and services your customers want to buy are available when needed—otherwise, you miss out on critical revenue opportunities.
How to Use Inventory Management for Small Business Success
A technology-enabled inventory management tool for small businesses can streamline many processes and foster business growth and expansion in the following ways:
Supports Budgeting and Cost-Saving Opportunities
Inventory management systems used to be costly and designed only for use in large-scale department store operations. Fortunately for small business owners, a lot has changed with robust POS software on cloud-based platforms. You can get started with a POS with inventory management and barcode scanner capabilities, which provides an advantage for those with a limited budget. You can also integrate tablets as needed. Furthermore, because you only pay monthly service fees, there’s no need for major upfront investments in equipment, software, and electronics; you can design your budget in a way that keeps the focus on cost controls that work for your growing business.
Offers Inventory Beyond Store’s Spacial Limitations
Small business owners don’t always have the space to showcase the full selection of inventory they have to offer. How can you expect to get an accurate idea of which inventory items are popular or not if they all don’t have a fair chance at being seen? Your POS solution for inventory management for small businesses would greatly benefit from a customer-facing display (CFD) feature that allows you to upload photos and descriptions of available inventory.
CFDs allow you to create an endless virtual aisle right inside your store, elevating the shopper experience and increasing sales. WIFI-connected screens can even be set up with menus that allow the shopper to browse the various categories of products in your supply chain that you don’t necessarily keep onsite (if applicable). Customers can browse their selections and receive assistance from associates to save their information and make instant purchases.
Integrates Logistics Across Different Channels and Locations
One of the most challenging aspects of running a modern small business is managing stockroom inventory for both eCommerce and in-store purchases. A modern POS solution connects the eCommerce gateway for your website to your storewide inventory and provides real-time updates.
If your small business has multiple locations, then all locations can see the most accurate inventory count available through the POS solution. With a cloud-based POS, you can integrate the inventory and stockroom for all your locations with your eCommerce business through built-in logistics software.
The most critical aspects of cloud-based POS platforms with inventory management for small business to be aware of are scalability, affordability, flexibility:
- Scalable systems allow your POS solution to grow with your business without needing to replace it or migrate to another system when business inventory expands.
- Affordable solutions means more money being allocated towards other critical business expenses.
- Flexible POS platforms can work for all types of operations, businesses, and industries. You can integrate sales, front- and backend operations, personnel management, and business analytics all from one POS system.
Choosing the Top Inventory Management Solutions Provider
Talech designs POS solutions for retail, bars, restaurants, and salons with inventory management for small businesses and eCommerce integration as critical features. If you’re looking to improve your POS or better integrate the different parts of your business, contact an experienced talech associate today!
When you partner with talech for your inventory management for small business needs, we devote our time to identify your unique challenges and craft real solutions. We use this information to work with you to apply an innovative POS system that will streamline your small business operations and foster growth and expansion. Reach out to us today to sign up for a demo and learn more about how talech can be your valued POS partner.