How An EPoS System Can Help You During A Cost Of Living Crisis
With inflation at a forty year high and warnings it’s likely to rise, businesses are starting to see consumers making reductions in spending as a direct result of the cost of living crisis. Added to that increases in fuel prices, increases in the cost of goods and labour cost increases, now more than ever your business needs to be using your EPoS system to help reduce costs and increase sales.
Consumers are making reductions to their spending as a direct result of the cost of living crisis and projected further energy price increases, with less disposable income being spent on what are perceived as luxuries. The hospitality industry is nervous about additional anticipated increases in inflation and energy prices, and the resulting dips as consumers begin to make further cutbacks in their expenses.
Making a profit is essential for any business
It doesn’t take a rocket scientist or high powered accountant to tell any business owner that unless they are making a profit their business isn’t sustainable in the long term. Profit comes down to a very simple calculation, is your revenue more than your costs? As more and more pressure is applied from both reduced customer spend and increased costs it’s getting harder for businesses to make a profit.
The right EPoS system with the right features will help you increase sales and decrease costs.
Increase Revenue
Implement Loyalty Schemes
By setting up loyalty schemes for customers in-store and online you can encourage customers to keep coming back. as customers spend they earn points which can be redeemed as money off.
Set Up Promotions
Encourage spending on quiet days or at quiet times by running targeted promotions like happy hours, multi-buys or mix ‘n’ match offers.
Sell Vouchers Online
Sell gift vouchers 365 days a year 24/7 without needing someone to sell them and/or post them to customers. 72% of customers with gift vouchers spend more than their voucher is worth.
Sell Online
Open up new revenue streams so that customers can purchase products from mobile or website, no need to have staff answering the phone and seamless integrate your orders straight to the kitchen.
Analyse Sales Trends
Stay ahead of competitors and reducing business expenses by constantly analyzing sales reports and sales patterns. by identifying what works and what doesn’t, you can invest in sales processes and marketing efforts that lead to higher sales
Speed up Service
By implementing an efficient ordering system using order takers, waiter tablets or at table ordering means that orders go straight to the kitchen /bar printer or kitchen screen without delay. Significant increases to the speed of service ultimately leads to increases in the number of customers you can serve.
Improve Productivity
By improving workflows and business systems and reducing manual processes staff productivity increases, wages decrease, revenue increases and you save time and money.
Decrease Costs
Reduce Wage Bill
Reduce wage costs by accurately recording clock ins and outs using biometric finger vein readers, this ensures staff only get paid for the hours they actually work.
Keep Control of Labour Costs
By accurately recording clock in/outs you can streamline rotas, predict schedules, stop over staffing, keep labour costs to a minimum and help reduce labour costs.
Reduce Staff
With staff shortages many bars and restaurants are having to reduce opening times or reduce service for customers. By using a Waiter App or customer facing apps such as At Table Ordering and Pay at Table customers can get the same the great service with less staff members required.
Reduce Mistakes
By implementing efficient workflows and ordering systems with kitchen printers or kitchen screens staff are less likely to make mistakes. less mistakes and less remakes equals more profit.
Reduce Shrinkage
Monitoring and limiting staff point-of-sale usage can help to reduce stock and financial shrinkage. Finger vein readers securely record staff transactions, allowing you to report on individual staff members sales, voids, refunds as well as controlling management functions and reducing shrinkage.
Control Stock
it may be simply unreported wastage, theft, employee misuse or sweet-heart sales but by using Stock Control you can accurately track your stock levels and reduce shrinkage, wastage and costs.
Reduce Food Costs
Stock Control completely manages the stock in your business from ordering to on-hand stock levels. It also provides supplier management which allows you to control costs, shop around for the best prices and always order at the best price.
Reduce Wastage
By using purchase orders you can ensure you or your staff don't over order, orders can be based on minimum or maximum stock levels or projected on sales history. Wastage can be easily tracked on your point-of-sale or back office.
Reduce Card Fees
Many POS systems have low headline prices but have hidden costs and high credit card card fees attached. By implementing a very competitive and low cost credit card processor there can be significant savings.
Reduce Online Commissions
Most online ordering systems are charging huge commissions and fees to both you and your customers, by switching to iwantfed online ordering you can save the price of a system on fees alone.
Make sure you control your costs, by choosing a point-of-sale system with low monthly payments which includes all menu management and maintenance costs and allows you to control your monthly budgets with no hidden bills and complete peace of mind.