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Why you need a point-of-sale system 
to help you grow your business.

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This presentation was given by Jason Richelson, CEO & Founder of ShopKeepPOS (http://www.shopkeep.com/) at Tekserve's (http://www.tekserve.com/) event for SMB Retailers on May 29th, 2014. …

This presentation was given by Jason Richelson, CEO & Founder of ShopKeepPOS (http://www.shopkeep.com/) at Tekserve's (http://www.tekserve.com/) event for SMB Retailers on May 29th, 2014.

Learn why your small retail business needs a modern point of sale system and how to choose the right one for your needs. You'll also learn how to use the data from your POS to increase profits.

Check out the Small Business 101 blog, which is everything you need to know to start and grow a successful small business: http://www.shopkeep.com/small-business-101

Published in: Business

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Transcript

  • 1. The Small Business Data Revolution is Happening Now Why you need a point-of-sale system 
 to help you grow Jason Richelson, ShopKeep POS
  • 2. 2004: I quit my career in finance to open
 a wine store called The Greene Grape. 2006: We opened our 2nd wine store. 2009: Opened The Greene Grape Provisions,
 a Gourmet Grocery and won Brooklyn Small Business of the Year. 70 employees, 3 locations, $7MM a year. The fun part for me was finding tools to help
 us run our business better. I like solving problems and running a store is
 all about problems. 2011: Launched ShopKeep POS in the App Store Who is Jason and why should I listen to him?
  • 3. A complete business management tool. Front of house BackOffice What is a POS system?
  • 4. Take the guess work out of running your business and make decisions based on data. POS System Track every product and sale with detailed reporting. Inventory counts automatically update with sales. Employees clock in and out as part of the system. Data is always accurate and accessible. Easily build your customer database for marketing. No POS System Tally receipts at the end of the day. Time-consuming weekly stock counts. Write down employee hours by hand. Errors and missing data are common. Manually reconcile credit card transactions. Data not tracked and easily available. Why should you use a POS system?
  • 5. How to choose the right system Ease of Use Customer Support Adaptability and Evolution Simple Pricing Robust Reporting Data Accessibility Data Security Quality Hardware
  • 6. ๏ What products give you the best margin? ๏ What are your best and worst selling items? ๏ Which customers are likely to be
 interested in your new product? ๏ When should you reorder inventory? ๏ What products should be by the register? ๏ How many staff do you need in the
 morning vs. the afternoon? ๏ Which employees are performing the best? Optimizing your store based on data
  • 7. ๏ Raise your hand if you currently own a store. ๏ Keep your hand raised if you have a POS system. ๏ Keep your hand raised if you can answer the questions we just went through. ! If you can’t answer those questions, you are missing an opportunity to optimize. Quick exercise
  • 8. How to use your data 5 metrics that matter
  • 9. 1. Overall sales & transactions by hour
 Make informed decisions about opening hours and staffing.
  • 10. 2. Sales by employee
 Train and reward as appropriate.
  • 11. 3. Best and worst selling items
 Find the 20% of your products that are contributing
 80% of your sales.
  • 12. 4. Tracking your margins
 Just because it’s selling, doesn’t mean it’s growing
 your bottom line.
  • 13. 5. Tracking your frequent customers
 I built my wine store business on tracking
 repeat customers.
  • 14. 1. Is it easy to learn? Training needed? 2. Can I work with any payment processor? 3. What if the internet goes down? 4. Is it cloud-based? Can I easily
 access my store data? 5. Can I call Customer Care if I need help? Will it cost me? Key takeaways for choosing a POS system 5 questions to ask about the register…
  • 15. 1. Does it track inventory? 2. Is there employee management? 3. Is there transaction-level detail tracked about every sale? 4. Can I build and use my customer database? 5. Does it provide easy and intuitive reporting on all of the above? Key takeaways for choosing a POS system 5 questions to ask about the BackOffice…
  • 16. General tips on running
 a great business
  • 17. Don’t underestimate the cost of cash.
  • 18. Never compete on price.
 You’re selling service, not coffee.
  • 19. It is MUCH easier to lower prices than
 to raise them.
  • 20. Test before you invest!
  • 21. Create your local presence on Google and Yelp - it’s more important now
 than a website.
  • 22. Do social media properly. Don’t limp in!
  • 23. Capture emails from your customers.
  • 24. Recruit and hire the best. Train them well - they are your in-store marketing.
  • 25. Our mission: Make it simpler to start, run and grow a successful business. ๏ 10,000+ customers. ๏ Coffee shops, bakeries, QSR’s, gift shops, food trucks, clothing stores, amusement parks, seasonal businesses, etc. ๏ Integrates with QuickBooks, Xero, LevelUp, PayPal. ๏ Customer Care available 7 days a week by phone, email and chat. A little about ShopKeep
  • 26. The Simplest Way to Make Smarter Business Decisions