It’s tough to create a profitable café, restaurant or bar from scratch. If you’ve done so, give yourself a pat on the back. It might have taken a decade, but you’ve finally found a formula that works: branding, menu, staffing, kitchen, and a modest but adequate point of sale system (POS) consisting of a cash register, an EFTPOS terminal on the end of a wire and a tip jar with “Thank You” written on it in Texta.
So why change? It ain’t broke, so why fix it? But things have changed in POS solutions and the new technologies available today could have a profound impact on your venues future.
The Uber Effect – Towards Frictionless Commerce
Australians are quick to adopt innovations that demonstrably work. And once they have experienced the benefits a modern POS system can bring to a hospitality venue, they rarely welcome going back to the old days of queues, waiting for tables, desperately trying to catch a busy waiter’s eye to reorder and arguing over the bill split. All these minor (and sometimes major) inconveniences are what we mean by “friction” – the loose ends of a transaction that add nothing to its value. We already saw in the 20th century that when people began entertaining themselves with the convenience of a credit card they spent 12-18% more than when using cash only. Advanced POS systems promise a similar dividend. They offer small venues a way to offer the convenience and sophistication their patrons usually associate with much larger establishments.
Here are some of the ways today’s POS can lubricate your business:
Smart devices are transforming the way Australians do their entertainment “shopping”. Again, that Uber Effect sees people increasingly discovering that they can identify, choose, navigate to and pay for their entertainment using nothing but their mobile phones. POS systems now support this trend, and venues which can communicate with their patrons via multiple channels, including SMS and Social Media, will enjoy a growing competitive advantage.
Careful stock control and just-in-time ordering are among the keys to running a successful hospitality business. Taking a hot-selling item off sale because you’ve run out is not something you should ever have to do! Today’s POS systems offer real-time stock control and minimum level reporting, meaning you should never have to fret about stock levels and re-orders. You can set up your own alerts, tailored specifically to your business.
Loyalty programs are a great way to earn your patrons’ – loyalty! People like to belong, and your POS system should be able to seamlessly handle the tracking of vouchers, memberships, members’ expenditure and rewards.
Real-Time Reporting and Analytics
The days are gone when you had to wait until the next time you did your books before finding out how your venue was performing. Now your POS system can bring the important stuff to your smart phone screen, wherever you are, hour by hour; even minute by minute, if that’s what you want. You choose the parameters you want to stay on top off, decide how often you want to see them, customise an alert, and let your POS do the rest.
Vectron POS systems provide a scalable solution to the needs of growing entertainment and hospitality businesses. All the systems we install come with accredited training. To learn more, give us a call today 1300 832 876 or email firstname.lastname@example.org