According to the U.S. Small Business Administration, it has been found that 50% of small businesses do not succeed within the first five years of operation. Two of the main reasons for this are low sales and poor management of inventory. However, such a high rate of failure does not need to be the case.
Currently, there is an excellent method to combat these failures, which is known as NCR Counterpoint Retail POS. This is an effective system that includes features such as automated purchasing, configurable reporting capabilities, built-in customer loyalty, touchscreen point of sale, and robust inventory management. Using this system provides small business owners with the tools they require to build a successful and vibrant business.
Two of the most common problems that businesses have in terms of inventory are being unable to track when stock becomes low and properly recording inventory in the books. Using this management system helps businesses solve these issues. With NCR Counterpoint, business owners and managers can easy track sale information, know exactly what is in stock, and what needs to be ordered. In addition, businesses that use stock tables to record inventory are setting themselves up for perilous losses.
It is estimated that when using such a method, inevitable human error can cost a business nearly $5,000 per year. However, NCR counterpoint provides a more efficient system, eradicating inconsistencies by correctly monitoring inventory.
Rate of Return
When selling hundreds of products, it’s often difficult to distinguish which products enjoy the most sales, and which products fail to make the cut. With NCR Counterpoint’s daily Trends Reporting feature, users are able to view a detailed analysis that allows them to review a product’s sale. With this feature, businesses can hone in on the products that don’t sell well and nix them from their inventory, while keeping the best items in stock, ultimately creating more revenues. Another benefit of the daily Trends Reporting feature is that business owners can track which employees conduct the most sales, what marketing trends are the most popular, and what methods work best for their business.
Difficult and time consuming purchasing decisions are part of owning a business. Yet, the Counterpoint retail management system offers business owners another tool to help them easily make decisions in a time efficient manner. Through the Smart Purchase tool, business owners can record vendor features such as which offers the lowest cost, which ones are preferred, and what type of item for what quantity is being ordered. In addition, when conducting orders, business owners can track purchases by vendor, PO number, and other criteria, and if the there is an issue, the order can be cancelled or partially delivered.
Maintain a Constant Presence
When running a business, there are many instances when the owner cannot be in-house to monitor the daily business operations. With NCR Counterpoint, business owners can track the daily business operations without being present. As business owners track inventory and product success, other employees can be left to provide excellent customer service as needed. With this program, businesses are able to allocate more time towards cultivating a strong customer base while still keeping a thorough and comprehensive view of inventory, sales performance, marketing successes, and more.