Did you know that half of all small businesses fail by their 5th year of existence?
A 50% failure rate is a scary statistic to live with. Five years in, most business owners will typically just double down on strategies that aren’t working and will simply delay the inevitable. All that time and money they poured into your store is going to go out the window soon if they don’t act fast.
So what can you do? As a smart entrepreneur, you would realize that you need to try something new to save your business.
Although you can’t control the ups and downs of the economy, there are some features you can implement if your store is failing so that you can bring your business back from the brink.
Using Your POS Software More Efficiently
POS software is so widespread nowadays that it seems like a strange way to save your failing business. Those businesses that don’t have their own POS systems have not made it very far if they even still exist today. However, with constant advances in technology, the POS system has become more than a simple cash register.
The best POS software does more than sell – it tracks inventory, simplifies bookkeeping, and even keeps track of employee usage! POS software products let you analyze a large amount of data and make decisions, a critical step if your business is failing.
These days, with the advent of mobile and cloud-based technology, POS systems are getting rid of their more traditional method of a stationary checkout and focusing more on the mobility of smartphones and tablets. Many college student organizations install POS software on iPads and use these POS systems at their fundraising events. By using a mobile POS system, these student organizations aren’t tied down by bulky equipment while still having all the features and benefits of a traditional Point of Sale.
Better POS technology means internet failure is no longer a worry. Many POS systems – like Erply’s cloud-based POS software – can function both online and offline. When the internet is down, you can continue to work offline without missing a beat. Once the internet connection is back, your data will be synced back up with the cloud as if nothing ever happened.
Investing in a new or upgraded POS system is one of the simplest ways to enhance your business. Don’t wait too long! You have nothing to lose if your business is in poor health.
More Ways to Pay
In our current digital world, technology is progressing faster than it has ever been. Not even payment processing has been immune to rapid advances in technology and computing.
Although it may seem trivial that your customers will choose which businesses they patronize based on payment methods they can use, it happens more than you think. When a customer must grab cash from an ATM and pay a service fee for their own money just to the go and pay you, they will choose to do business with your competitor since they can simply swipe their card and be on their merry way.
Don’t lose money to your competitors for something as petty as a payment method! Payment processing solutions like Erply’s integrated and external payments will make your customers happy and keep the money flowing into your business.
Adding an eCommerce Platform
With the rise of giant e-commerce companies like Amazon, it’s become easier than ever for people to order whatever they want from the comfort of their living room couch. People are spending less time visiting brick and mortar stores to save time and money.
Consider this: about $2.3 trillion in sales was done through e-commerce last year (2017), and it’s only growing as more businesses try to beat their competitors to the punch. By 2021, that number from 2017 is expected almost double to $4.5 trillion.
Staying afloat in this new business environment requires you to be adaptable and ready to implement new tactics and strategies, like an e-commerce platform of your own.
When you start selling your products online, you can reach so many more consumers than the local customers that usually patronize your business. Someone, half the world away can find your product online and pay you without them ever stepping foot into the same country as you!
Erply’s top-notch, multi-channel e-commerce platform can make your transition to e-commerce extremely easy. While we are compatible with Shopify out of the box, we also built our own e-commerce software meant for your retail or b2b business. This software is fully customizable, so you can design an online storefront that truly matches your brand.
Automatically Manage Inventory
You may not be aware of this, but a lot of cash could be slipping through the cracks if you fail to properly manage your inventory.
Strong inventory management is a key way to maximize your profits by cutting your expenses. On the contrary, weak inventory management can lead to a whole host of problems.
As a business owner, you most likely understand that having too little inventory is a recipe for angry customers. Why would they give you their money if you can’t even get them what they want? However, too much inventory is extremely costly as well.
When you have piles of excess inventory you’re going to need extra storage space, and more space costs money. However, excess inventory also means you’re tying up large amounts of potential profits in goods that aren’t doing anything! Think about it: you spent good money on all that inventory, but you haven’t redeemed it by selling it to your customers. Products can break, go out of fashion, warehouses can burn down, etc.
Now that you understand the importance of proper inventory management, you need to actually manage your inventory!
You always have the option to track your inventory manually; however, this is a tedious, time-costly process. When your business is on the brink, you can’t afford to burn value time to count your stock. This is where inventory management systems come in.
When you buy an inventory management system like Erply’s, it will massively reduce inventory expenses from installation onward. Using this software will minimize wasted space and keep your inventory levels down to appropriate levels, leading to huge increases in efficiency and a reduction in your expenses.
You’ll quickly notice all the extra money in your pocket once you stop burning it all on useless inventory.