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  1. Not just today but we are sure that the nano business model will be more popular in the coming years. Why? Simply because people, in general, will start to realize that when it comes to the quality of our life, happiness and quality time with our loved ones are never going to replace the money. As people start to realize what truly matters most in life, soon enough, the general working time will decrease. This is what gives nano businesses a full advantage over other business models. Nano businesses are run by less than 3 people and can be kickstarted with very minimal capital. It is extremely flexible and allow you to have more time outside running your business. Of course, this is made possible with automation and business tools. Again, automation is not something only used by big industry players but it is meant to be taken advantage of by all businesses regardless of size. That means fewer working hours with the same profit, more quality time spent, and hopefully, better inspirations to gain better business ideas. Read more about nano business on our blog:
  2. We’re going to say it, loud and proud: small businesses are the backbone of the economy. The Federation of Small Businesses reports nearly 6 million businesses with fewer than 50 employees, with half the gross revenue of the entire private sector. Some of these businesses are very small – so small that they are run entirely by the business owner alone. These tiny but fierce businesses thriving today in the competitive market are called “nano businesses,” with “fewer than one” people engaged in the business, often working from home. Suppose you are not familiar with them yet. In that case, a few examples of nano businesses are those businesses that trade on eBay, provide part-time consulting services, influence thousands of followers in their social media platforms, make videos or do translation work. These businesses often offer services that can be provided in addition to a “regular” job, which may even blossom into a full-time business. Nano Businesses: Start Small But Think Big Wikipedia classifies Nano Businesses as firms with three employees, starting with a $1,000 initial capital, targetings cash on cash returns, and not necessarily targeting long-term capital growth. A nano business is also a business that can use less than one person as the working force. For example, what we mean by that is supposedly the regular working time for a person is eight hours a day. A nano business will use up less than that amount of time per day, let’s say four hours, six, one. It doesn’t matter. It has to be a fraction of your full-time. Given their very minimal resource requirements, this business model is great for so many reasons. They can start on a very tight budget, and they require as much or as little time commitment as you want. You can still work a full-time job or spend time with your friends and family while running your nano business. And best of all, nano businesses can either be scaled to grow bigger or be abandoned with ease. The potential monetary loss is slight because of the low initial investment required. The minimal level of investment can easily make the business profitable. Not to mention, getting started is immediate. There are more than 20 million nano-businesses that earned $950 billion in 2010. The nano-business model has eventually become a source of inspiration and confidence to potentially grow into a micro-business, small business, and beyond. What Makes the Nano Business Model Possible? Automation In this age, as we experience technological advancement like no other, we have become acquainted with several business tools that automate the way we do our usual business processes. The more we utilize these automated business tools, the less time we need to run our business. Automation benefits nano and small businesses as much as it does for big industrial players. Flexibility Nano businesses’ flexibility in nature is what makes them more doable and competitive in the market. Here, owners have a better grasp on how to use their time. They enjoy the freedom to either run it like a full-time job or run it on the side as passive income as they go on about their everyday life. In times of crisis, it is much easier to drop it thanks to very minimal risk since the initial investment to start the business is also minimal. With this kind of flexibility, you can scale through hard work over time, advertising, networking, product expansion, and other traditional means, or just start another business. You decide if or when to scale, what to work on and when to do it. Variety With the flexibility, minimal investment, and the amount of free time, you can consider more than one employment simultaneously. You can invest your time and money in activities with different levels of risks, diversifying with all the benefits that it takes. Benefits of a Nano Business Minimal Investment Website Inventory, if you’re selling something Advertising could be done through Google or social media platforms Outsource any work you can’t do yourself Flexible Time Commitment Flexible Nature Work when you can or are motivated Take time off to relax Set your own working hours It’s your business and your decision Easy Scalability Minimal Risk Don’t invest more than you can afford to lose. If it’s not working, or you’re not enjoying it, try something else! Nano businesses are the future because the future is ‘flexibility.’ More than ever during the lockdown, creative minds have found ways to operate businesses without the traditional brick and mortar stores or high street premises. Many have flourished, either generating another income or growing to become a full-time business. And as the economy reopens, allowing physical stores to function again, few will rush to do so as they discover the benefits of running your business using automation and technology, lesser time commitments, and very minimal resources investments. Nano businesses are the future because the future is flexibility. With factors that can affect your business that may be completely out of your control- just like what the pandemic has shown us, flexibility has become an integral part of how businesses are run today and in the coming years. Conclusion Human beings, in general, will start to realize that when it comes to the quality of our life, happiness and quality time with our loved ones are never going to replace the money. With the pandemic happening, bringing a range of realizations to people as to what matters most in life, soon enough, the general working time will decrease. Of course, this is going to be made possible with automation and business tools. Again, automation is not something only used by big industry players but it is meant to be taken advantage of by all businesses regardless of size. That means fewer working hours with the same profit, more quality time spent, and hopefully, better inspirations to gain better business ideas.
  3. A good inventory management software should have the following capabilities: Keep track of your inventory in real-time Help you forecast demand based on your sales Notifies you when there is a shortage of product and production Advises you should there be excess stock or too many raw materials Allow for easy inventory analysis on any device (monitor, phone, tablet, etc. Able to seamlessly integrate with your retail point-of-sale system and other business tools. Offer quick and painless bar code scanning to speed up the check-out process and intake of data to the system Allows for multilocation management, tracking inventory across several locations (warehouses, stockrooms, etc.) Allows working through different sales channels (e-commerce, physical stores, online marketplace, etc.) Good inventory management can help you track your inventory in real-time to hasten the process. With this, you can be sure that you have the right products in the right quantity on hand and avoid products being out of stock and money went to waste due to excess stock. You can also ensure your products are sold in time to avoid spoilage, obsolescence, or spending too much money on a stock that’s taking up space in a warehouse or stockroom. Good inventory management software can help you reduce costs, save you and your employees’ time, improve cash flow, and boost your overall business performance. Here are the best inventory management software for small businesses:
  4. Managing your inventory can be one of the most painstaking tasks if you don’t have the right tools and resources to help you. Thankfully, there are Inventory Management software out there that can help you streamline and automate the process of keeping track of your inventory. With an inventory management software, managing your inventory is more effective as it is automated to reduce errors and task redundancy. With this, your businesses can reduce the costs of carrying excess inventory while maximizing their sales as it helps you track your inventory in real-time. With inventory management software, you can be sure that you have the right products in the right quantity on hand and avoid products being out of stock and money went to waste due to excess stock. You can also ensure your products are sold in time to avoid spoilage, obsolescence, or spending too much money on a stock that’s taking up space in a warehouse or stockroom. Good inventory management software can help you reduce costs, save you and your employees’ time, improve cash flow, and boost your overall business performance. Check out this blog to find out the best inventory management software perfect for small to medium businesses.
  5. When running a food service or retail business, it is crucial to evaluate it regularly to ensure that you’re on the right track. One of the most integral parts of your business is managing your inventory. Inventory management is an essential part of supply chain management that ensures you have the right products in the correct quantity for sale at the right time. How has your small business’s inventory management been so far? Have you had the right products and the right quantity available when you needed them? Did you lose out on business when items were out of stock? Or did you lose money due to excess stocks? Managing your inventory can be one of the most painstaking tasks if you don’t have the right tools and resources to help you. Fortunately, there is plenty of Inventory Management software out there that can help you streamline and automate this process so you can focus on other essential tasks in running your business. What is inventory management software? When your inventory is managed effectively with the help of Inventory Management software, businesses reduce the costs of carrying excess inventory while maximizing their sales. Good inventory management can help you track your inventory in real-time to hasten the process. With this, you can be sure that you have the right products in the right quantity on hand and avoid products being out of stock and money went to waste due to excess stock. You can also ensure your products are sold in time to avoid spoilage, obsolescence, or spending too much money on a stock that’s taking up space in a warehouse or stockroom. Good inventory management software can help you reduce costs, save you and your employees’ time, improve cash flow, and boost your overall business performance. A good inventory management software should have the following capabilities: Keep track of your inventory in real-time Help you forecast demand based on your sales Notifies you when there is a shortage of product and production Advises you should there be excess stock or too many raw materials Allow for easy inventory analysis on any device (monitor, phone, tablet, etc. Able to seamlessly integrate with your retail point-of-sale system and other business tools. Offer quick and painless bar code scanning to speed up the check-out process and intake of data to the system Allows for multilocation management, tracking inventory across several locations (warehouses, stockrooms, etc.) Allows working through different sales channels (e-commerce, physical stores, online marketplace, etc.) Zoho Inventory Zoho Inventory ranks the highest out of any inventory management software considered. We chose Zoho Inventory as the best inventory management tool for small businesses because it provides excellent value for the price. Depending on the plan, you can handle multiple warehouses, eCommerce, and purchase orders. The system has advanced bundling and kitting features for combining multiple SKUs, is customizable to different types of businesses and use cases, and can integrate with other Zoho products or operate as a standalone system. Plus, Zoho Inventory has an intuitive interface. Sales Channels include Amazon, eBay, Etsy, Shopify. Pros: Handles multiple channels, warehouses, and currencies Mobile app available Can monitor expiration dates on batch orders Cons: Lacks returns management Lacks rental function Pricing: Free: 50 monthly online orders, 1 warehouse, 2 users, Standard: $59/month for 1,500 online orders, 2 warehouses, 3 users and Elite: $239/month for unlimited orders, 15 warehouses Agiliron Agiliron is a multichannel retail management system with eCommerce, retail, and wholesale functions. Agiliron lets you create and track matrix item products, serialized products, assembly products, kit products, and pre-set substitution products. Comprehensive B2B and B2C inventory feature to create custom orders, kits, assemblies, matrixed products, and product substitutions set this system apart. Though a little pricier and complex, it does a wonderful job for B2B, wholesale, or B2C businesses with complex kitting or assembly needs. Agiliron does well on advanced inventory functions, almost being at the same level as Zoho Inventory. You will have to pay for some of its integrations to some eCommerce and marketplace platforms. Sales Channels: Amazon, eBay, Shopify, Magneto, other online stores Pros: B2B and B2C eCommerce store options Handles product customizations and substitutions Works in offline mode Cons: Expensive product and the base plan is limited The system has a steeper learning curve Some marketplace integrations are paid features Pricing: It has a 30-day free trial but charges Premier: $99/month for unlimited orders, 1 user, POS, full-featured CRM, and eCommerce store, and Enterprise: $199 a month for unlimited orders, 1 user, advanced inventory management, multiple stock locations, warehouse mobile app inFlow Cloud inFlow Cloud is one of the most competitively-priced platforms best for Retail small businesses on a budget and beginners new to inventory systems. Its locally-hosted solution offers a free plan limited to 100 products and customers in total, making it useful for small businesses and offices. An easy-to-use system, prompt customer support, online videos, knowledgebase, Facebook community, one-on-one demos inFlow Cloud’s most vital feature is the built-in barcode software that works with price scanners and mobile devices. This can be used in every step of one’s inventory and order management processes. inFlow Cloud software works well for affordable pricing and both general and advanced inventory management capabilities. However, including more users per plan and a basic CRM would have improved this software. inFlow has two versions: cloud-based software and locally installed software. As the locally-hosted version, inFlow On-Premise will no longer receive new features as of this writing (April 2021), they focused on the cloud solution, inFlow Cloud. Sales Channels: Amazon, Shopify, WooCommerce, Squarespace Pros: Offers B2B portal Seamless use of barcode scanners Provides onboarding support Cons: Accounting software integration is limited to QuickBooks Limited integrations Pricing: 14-day free trial Light: $71/month for 100 monthly sales orders, 2 users, 1 warehouse, 2 integrations Standard: $179/month for 1,000 monthly sales orders, 5 users, unlimited warehouses, 3 integrations Plus: $449/month for 100,000 monthly sales orders, 10 users, unlimited warehouses, unlimited integrations QuickBooks Online Businesses like QuickBooks Online because it’s an easy-to-use accounting program. Its cloud-based version, QuickBooks Online, provides inventory management features on its higher-paid tiers, allowing users to create purchase orders, track the cost of goods, and see the popular orders. Best for Retail, manufacturing, wholesale trade, construction, nonprofits, and professional services. It is easy to use because of its Automation tools for streamlining processes, dedicated customer service, and online product training. QuickBooks Online has earned quite an outstanding reputation for its overall inventory features and pricing. Still, it can improve more by allowing multiple warehouse management, which it doesn’t have at the moment. QuickBooks also offers a much higher-priced version called QuickBooks Enterprise. It allows for excellent inventory control that lets you handle tracking items and orders and pricing changes. It integrates with e-commerce platforms, works with multiple warehouses, and even focuses on construction inventory. While more expensive, it’s an excellent choice for a medium-to-large business, especially those already using QuickBooks for accounting. It also has QuickBooks Commerce (formerly TradeGecko), ideal for B2B stores and growing multi-location, multichannel retail businesses because it offers order management, warehouse management, and extensive wholesale features. However, QuickBooks Online is highlighted more in this article because it’s more affordable and geared toward smaller operations. Pros: Popular orders view Cost of goods tracking Create purchase orders Cons: Limited inventory management features (such as lot tracking, e-commerce, and barcode scanning) No multiple warehouse management Real-time tracking is unreliable Pricing: 30-day free trial available Plans that include inventory management: Plus: $80/month for 5 users Advanced: $180/month for 25 users Ordoro Ordoro is best for e-commerce stores, dropshippers, and volume sellers. While Ordoro is primarily a shipping platform, it provides advanced inventory management and automated purchasing features that intuitively integrate with its shipping system. Because of this, Ordoro makes supply chain management easy and efficient—an ideal solution for drop shippers and volume sellers. Its integrations (plus available shipping discounts) and advanced inventory management solutions (such as kitting and bundling) are the feature that makes it outstanding. However, Ordoro is still considered a pricey system, more expensive than most inventory management systems on this list. If you need to minimize your inventory holding costs and save on volume shipping because of online orders, Ordoro is for you. However, if you run a brick-and-mortar retail store, a cheaper and less complicated option is advisable. Pros: Discounted shipping features Advanced features such as kitting and automated purchasing Supports multiple warehouses Cons: Lacks inventory management features in the basic plan No mobile app More expensive than most inventory software Pricing: To take advantage of the inventory features, you need to subscribe to the following plans: Pro: $499 a month for purchase orders, kitting, and dropshipping Enterprise: $999 a month for all those included in Pro plus vendor portals, inventory allocation, and custom integrations Webgility Webgility is the most flexible, powerful, and easy-to-use software to automate accounting for online businesses. Data is synchronized automatically and securely across all your sales channels. Your books are always up to date and cash flow and profitability are at your fingertips. It's easy to file sales taxes. They also have a good customer support and help center ready to cater to your concerns. With Webgility, you do less accounting and inventory management work by reducing errors and inefficiencies thanks to its accurate reporting system. Pricing and inventory are updated automatically across your sales channels and accounting software, so you don’t oversell. Settings can be customized based on how you account for each sales channel and with field-level mapping control. Pricing: $99 per month (billed annually) for advanced e-commerce accounting and inventory sync ShipMonk ShipMonk is a cloud-based inventory management solution designed for startups, e-commerce businesses, subscription box companies, and crowdfunding campaigns. Features include multi-channel management, warehouse management, kitting, forecasting, reporting, analytics, barcoding, and more. ShipMonk’s multichannel e-commerce fulfillment service features return management and custom packing procedures. The solution helps users strategize, plan and execute their retail fulfillment strategies. It also provides them with various B2B fulfillment capabilities such as customized labeling and packing lists, EDI compliance, cross-docking, and multi-retailer support. ShipMonk offers users subscription box fulfillment, crowdfunding, flash sales, and Amazon FBA preparation services. It supports integration with multiple third-party shopping carts such as Stripe, Goodsie, Squarespace, Celery, and more. Services are offered on a monthly subscription basis that includes support via phone and email. Pricing: It charges based on how many orders you process per month. Please refer to their pricing page. NETSTOCK NETSTOCK is an affordable cloud-based inventory management solution that connects to your ERP, providing additional functionality to optimize your inventory. Intelligent and real-time data does the hard work for you as it helps you classify items, providing reliable forecasts and order recommendations. NETSTOCK gives you full visibility and control of your inventory. The easy-to-use dashboard highlights critical items needing attention. You can calculate your safety stock levels and supplier lead times, making sure you order more efficiently and have the right stock in the right location at the right time. With NETSTOCK you can balance your inventory investment by reducing excess inventory and minimizing stock-outs. A reminder: You need to have an ERP system in place to use NETSTOCK. View their website to see the full list of the leading ERP’s the software integrates with. on
  6. As the economy reopens with the vaccines being rolled out, it is the best time for small businesses to think about how to boost their business performance. Of course, you can only get ahead in the competition if you come with a great marketing strategy, use your time and resources wisely and keep your loyal customers coming back for more. An effective way to achieve all these points is to take advantage of technology and automations. Technology and automated business tools will not only save you time, money and resources by minimizing redundancy and errors, but it will also make your business performance more efficient. Here are 9 tips that will help you change the way you run your business. 1. Learn from your customers- Customer feedback is key 2. Prioritize customer support and help center- Put the customers first. Make customer service your top priority, and you’ll see recurring engagements to your brand. 3. Stay focused on your niche- a common mistake of small businesses. Do not tap into several markets at once and stay committed to your niche 4. Keep your customer happy- excellent customer experience at all times 5. Be time-efficient- time is your most valuable asset. You must use it efficiently, and to help you do this, you have to take advantage of technology and automation. With technology and automated business tools, you can make the most out of your day and reinforce the way you run your business. 6. Use different channels and platforms to reach your customers- To make sure you build brand awareness and offer more options to cater to your customers’ needs to purchase your products, start developing an omnichannel strategy. 7. Don’t fear competitors- Have confidence. 8. Boost online promotion and online marketing strategies- Today, the best way to make your business be known is to take advantage of the internet. 9. Take data seriously- Use data analytics to your ultimate advantage. The most successful business owners do not just rely on gut feelings and fleeting emotions to make important business decisions. Check out the new blog here for more details:
  7. With the vaccines being rolled out in all parts of the globe and as the economy reopens, things are beginning to look up again for small businesses. Small business owners are hopeful that now is the best time to take that plunge or level up the way they run their business, as chances for profits are on the rise. To be successful, you will need to grab your consumer's attention and make your business stand out from competitors. Here are 9 game-changing tips every small business owners must do to grow their business. Hint: Think modern and innovative. 1. Learn from your customers As your business grows, getting feedback from your customers is crucial. It is essential to not only dwell on the negative feedback because the truth is both positive and negative criticism can be beneficial to your business. This way, you would know your market more and come up with ways to improve your products or services to make them more satisfied. If your customers are happy with the way you do business, everything else will follow. Your sales, management, and even marketing will be a breeze if you pay more attention to what your customers have to say. A great way to gather feedback from your customers is to have a fill-up feedback form ready in your physical store for them to leave their reviews and comments. You can also make use of email marketing. Some POS have a loyalty program as their feature that keeps contact information, including emails of loyal customers. You can send them a form asking for their feedback through this. Be sure that as you do this, you are encouraging your customers to communicate with you. Product reviews are a great way to garner feedback. Other ways to connect and receive feedback include social media and documenting customer support communication. 2. Prioritize customer support and help center The number one rule for businesses - especially for small businesses, is to put the customers first. Make customer service your top priority, and you’ll see recurring engagements to your brand. The companies that flourish today are those that keep their customer service and help center second to none. Orient your marketing and customer service staff, to respond quickly to emails, queries, and concerns, and make sure they attend to them in the friendliest and most accommodating manner. Prioritizing customer support gives your business the chance to turn unhappy customers into loyal ones. If you can be there in a blink of an eye, you can relieve the issue and deliver your brand promise. In addition, high-quality support can often lead to more brand awareness and brand loyalty, and trust. Remember that “with brand trust comes social media tagging between groups and good word of mouth.” 3. Stay focused on your niche When you begin a new business venture, it’s easy to get excited and carried away that you want to tap into different markets immediately. This is a mistake most small business owners often find themselves making. Remember that spreading yourself too thin can result in missed opportunities to capture a more focused and engaged audience. Stay focused on niche markets and constantly work on optimizing your products and services. If you're in the restaurant or food business, then try not to stray away from your lane in the food service industry. Focus on your online presence and build brand trust. No matter how tempting it is to explore different markets, as a small business, it is best to stay committed to your niche and expand digital marketing based on that. This way, it will be easier for you to stand out more from the pack. 4. Keep your customer happy We cannot stress this enough- your customers’ happiness and satisfaction is a top priority as you build your business and brand. Try to think of some of your favorite brands. Apart from great products and services, what is it about them that keeps you coming back? Yes, it is an excellent customer experience. It is how that brand made you feel from the time you walked into their store to finally checking out. Say you run a coffeeshop business. Your business could be offering the best-tasting coffee in town. Still, with lazy and unattentive staff and a lousy physical ambiance, those are enough reasons to drive even an avid coffee fan to go to the second-best coffee shop with excellent service. Customer experience has a domino effect- it is that powerful. If you do it well, you will see a boost in positive brand awareness, traffic, and loyal customers to your online or physical store. Many top business owners advise that small business owners should put priority on just that. Your small business may have the most humble beginning, but if you create memorable experiences for your customers and go the extra mile to provide them the best service, you are going to go far. 5. Be time-efficient As an owner of a start-up company or a small business, we all know that you wear many hats. You are the CEO, but you can also be the head for marketing and promotions and even store logistics manager- the list never ends. As you grow your business, one of your most valuable assets is time. If you don’t value your time, no one else will. You must use it efficiently, and to help you do this, you have to take advantage of technology and automation. With technology and automated business tools, you can make the most out of your day and reinforce the way you run your business. Many different tools can aid you in this department. There are calendar and scheduling tools, tools to run your e-commerce shop seamlessly, and even some to optimize your digital marketing strategies. One of the best tools to help you be more time-efficient is to incorporate the use of a POS into your retail business. The best quality POS has an inventory management system, a loyalty program, a Back Office for summaries and reporting, and many other useful POS features. With this technology, you can focus on more important things and let the system do most of the time-consuming tasks. 6. Use different channels and platforms to reach your customers Omnichannel strategies are becoming more and more popular today- and that is no wonder! Customers today are shopping in more places. On your e-commerce store, on Amazon, on Instagram, on an online marketplace… the list goes on. To make sure you build brand awareness and offer more options to cater to your customers’ needs to purchase your products, start developing an omnichannel strategy. Remember that as you begin, you may not be able to sell everywhere and anywhere. Develop your omnichannel strategy while you get to know more about your target audience, where they shop, shopping habits, and behavior. If you have an e-commerce business, it is best if your site has a live chat tool so your customers can reach you easily. Monitor all your social media channels closely and be prompt in responding to your clients and potential customers. This way, you’ll be able to capture more information about your customers and improve your relationship with them to optimize your omnichannel strategy. 7. Don’t fear competitors We are going to repeat it, loud and clear, Don’t fear competitors. And yes, we know that is easier said than done. You are fresh meat in a highly competitive market, and that can be pretty intimidating. Keep in mind that you’re introducing new products into the market because you believe that people need them. Your small business offers something your competition lacks. Focus on that and carry that with confidence and pride. David Zimmerman, Director of eCommerce Solutions at Kensium, encourages small business owners to “not be afraid to compete against companies that are bigger or older than you. Many of these older companies are still hesitant or unwilling to shift their businesses online, leaving the door open for small businesses to win their customers and capture market share.” A great way to get ahead of your competition is through technology. With the advancement of technology and automated business tools such as POS, the way you run your business and cater to your customer needs can be more efficient, modern and entails less work on your part and less time on your customers. 8. Boost online promotion and online marketing strategies You are a small business owner in an arena of serious competition. It is important to choose your battles wisely. This is why only the strong survive in the small business industry because the pains and challenges can be daunting and stressful. Focus on your most valuable assets and plans to stay steady on the path to success. Today, the best way to make your business be known is to take advantage of the internet. Small businesses should invest if not all, a huge portion of their resources to boosting their online presence through online promotions and marketing strategies. This is the most cost-efficient and effective way to get the word out about your brand. You can use Google ads, social media platforms, and review sites. Pair that up with SEO, email marketing, and collecting customer reviews and feedback. For those businesses that are already established, take a closer look at the following tips to boost your online reputation: Email marketing: Through the loyalty program in your POS, you may send a nice and friendly email to your loyal customers to inform them about new promotions, deals, or even just good news about your store to entice them to purchase again. SEO: It’s a lot easier when your brand has already established its name. Once your business has some authority, you can go after bigger keywords and rank for them more quickly in search engines. Website: Consistently update your site by keeping things fresh in both design and content. Not only will this make you more attractive to Google, but you will also be more likely to attract customers. Marketing automation: Create email sequences to welcome new customers to your business, send out abandoned cart emails, and provide weekly updates to build your relationship with your current and potential customers. 9. Take data seriously Use data analytics to your ultimate advantage. The most successful business owners do not just rely on gut feelings and fleeting emotions to make important business decisions. They have data- solid facts and figures to base their decisions on. Data is also an excellent basis to assess your growth and performance. By taking data seriously, you can make more informed and calculated decisions and make better forecasts so you will know what to adjust or change for the better. The best POS system has a Back Office that contains real-time data that assesses and summarizes your overall business performance. From stocks, sales and expenditures, to employee performance and other analytics, you will all find it in your POS Back Office. In just a glance, you will be able to make better decisions for your business. Conclusion: It is an understatement to say that the Covid-19 pandemic has not been kind to small business owners. Almost 100,000 small businesses closed their doors permanently in 2020, in the US alone. The skies weren't blue either for those that managed to remain open. Consumer habits have also shifted as they cut their expenses and businesses scaled down their budgets due to the pandemic's uncertainty. Even global revenues have dropped significantly. Business success is a tricky thing, with a lot of influential factors involved. In a “normal” year, small business success can be threatened by a wide spectrum of obstacles. But as things are beginning to look better with the global economy reopening post-pandemic, we hope that you find these tips we shared with you useful in growing your business. All it takes is hard work, endurance, and a dose of adaptation and flexibility in this innovative and modern era.
  8. Long gone are those days when people thought that the only way to increase restaurant sales is by paying for advertisements. Even though it can make your brand be known, it is costly, and there is no guarantee that it will help you succeed. Nowadays, with the help of the internet, social media and modern-day technology, there are more cost-efficient yet effective ways to spice up how you run your restaurant business. Marketing and Promotion shouldn't be costly and make you break the bank. Just create a page on social media or have a good-looking website up. Use these platforms to engage with your customers and reach out to a wider audience so your brand will be known. Also, the one hsould never underestimate the power of the 'Word of Mouth.' In fact, it is one of the most powerful marketing strategies where you let your satisfied customers do the talking and recommend your business to their friends and colleagues. Read our article on Loyverse Town to find out some of the best ways to optimize your restaurant business and improve overall customer satisfaction.
  9. Keeping your restaurant business up and running amidst the fierce competition and rapidly changing trends can be challenging. Seasonality, the economy, and even trends, so many factors come into play for people to continuously choose your restaurant. But one thing is constant for restaurateurs: no matter how much you sell, there is always something you can do to level up the way you run your restaurant business to increase sales and improve overall customer satisfaction. Long gone are those days when people thought that the only way to increase restaurant sales is by paying for advertisements. Even though it can make your brand be known, it is costly, and there is no guarantee that it will help you succeed. In this article, we will walk you through some modern and practical things you can do to spice up the way you run your restaurant business today. 1) Offer a diversity of services Competition is tight in the restaurant scene, and diners never run out of options when choosing where they can eat. So, in order to increase your restaurant’s sales, you’ll have to make it easier for your customers to choose you over a competitor. If you offer online ordering, you clear up your phones and the lines out your door, and your guests will be happy not to wait around just to be served. This allows your kitchen and staff to accomplish more orders in less time. This feature also betters your online presence making you more discoverable and have a wider market reach. Besides, Restrictions on restaurants due to the coronavirus pandemic are limiting dine-in services in many places. With online services, your customers will be able to order right from their computers or smartphones. Your guests want a convenient dining experience, not a complicated one. Make it easy for them and increase your sales at the same time by offering online ordering in your restaurant. Other services you can try to diversify your services for your customers’ convenience would be offering delivery services and optimizing your drive-thru window. In implementing delivery services, you don't need your delivery team thanks to the availability of reliable third-party delivery services like Grubhub and Postmates. When your customers can't come to you, you amp it up by bringing your services right at their doorstep. 2) Work on your online presence It’s no secret that more and more people have access to the web, especially on their mobile devices. Thanks to great free platforms for promotion and marketing such as social media, you can connect with your customers and increase your audience reach without taking much time out of your day. By leaving a comment on your fans’ posts, sharing photos of your food and staff, engaging with your loyal customers, and putting out exclusive offers for your followers, you create a community for your business that can grow far beyond your physical location. Social media helps increase awareness of your business in a world bombarded with countless restaurant choices and thus can help you improve your restaurant sales. It’s also a perfect way to connect with your community and humanize your brand. You can also increase your online presence by optimizing your website for phones and tablets. No matter how much time you put into your business’s website, most of your customers will scoot right out of your page if it’s not optimized for phones and tablets. Make sure your website looks great and is viewed well on tablets, phones, and desktops alike. Let’s say you still don't have the fun to build a website for your restaurant, the next best thing you can do to help customers find your business is to create a Google My Business (GMB) listing with your address, hours of operation, phone number, and pictures of your location. GMB listings also allow your customers to share their thoughts about your restaurant and post photos of your food dishes online to be seen by others curious about your business. 3) Craft a Great Loyalty Program and other Customer Retention Strategies It costs much less time, money, and effort to increase restaurant sales if you focus on your existing customers rather than trying to acquire new ones. Investing in a customer retention program is a great first place to start increasing your sales, and a loyalty program can help you do just that. Word of mouth is one of the best ways any business will gain traction. People generally don’t trust paid ads, but they do trust their friend’s recommendation of a favorite place to eat. A good loyalty program increases customers, as those looking for somewhere to eat are more likely to bring along coworkers, friends, or family to your restaurant. There are a lot of ways you can set up your loyalty program, but one of the most common is to create a point system that can track each time a customer visits your restaurant and makes a purchase, so they can work towards earning a free item of their choosing or an incentive. Offering free drinks and desserts is often a good choice because they’re less expensive than an entree, but they will still make your guests feel appreciated. A good POS system can help you set up a system that tracks points and keeps a record of details of your loyal customers. 4) Utilize Restaurant Technology Bulky computers and outdated cash registers can create long queues and jam up your lines, manually handwritten orders are often prone to mistakes or misunderstandings from your kitchen team, and dated technology is dated for a reason. The last thing you want is to have a customer completely scratch your business of their choices of places to eat because of your slow and inefficient service. We’re telling you, just having good food is not going to save you. Without a reliable POS system and the corresponding features that integrate with your system seamlessly, your restaurant’s efficiency is at risk of stalling, thus limiting the amount of sales you can process in a given time. Bring in a modern POS with a reporting feature so that you can streamline your operations and access all the data you need to know how to increase your restaurant’s sales. A good POS usually has kitchen display and customer display services to instantly bring in orders of your customers straight to the kitchen. Most POS also integrates well with other business tools so you can maximize your work using these technology such as accepting payments both on the physical and online setup. A great feature of POS that your restaurant can use is inventory management so you can keep track of your supplies and materials to accomplish the things on your menu. 5) Increase the Speed of your service with POS The more food you sell, the more money you make, and the obvious way to sell more food is to serve more people. This is where table turnover comes into play. So why not provide your staff with the tools they need to increase the speed and efficiency of service? Use technology to your advantage. The best restaurants will use POS systems to eliminate the need for servers to scurry back and forth to the register to process payments and credit cards. For example, a mobile point of sale (POS) device gives servers the ability to send orders directly from the POS to the kitchen. Also, you can hand your customers tablets with POS systems so they can now key in their orders that will go straight to the kitchen and register. This way, your servers don’t have to manually takedown orders with a pen and paper and race to and from a stationary terminal often jampacked by other servers. POS systems also have a feature that tracks the performance and schedule of your staff so you will know who is working and if your employees efficiently cover all guests in your dining rooms. Keep your serving staff on schedule. Ensure that your restaurant has enough employees to cover all the guests in your dining room and train your staff to take drink orders in a timely manner and promptly bring out the check at the end of the meal. Conclusion: Any customer that has chosen your restaurant to dine has expectations of great food and excellent service and failing to deliver both can cause your restaurant business to suffer tremendously. If your customer is happy and satisfied with your restaurant service, they are likely to talk about their experience with others and are also likely to return. Having happy customers starts with having great customer service, and having great customer service can start with these 5 Quick Tips we shared in this article. We hope this article has given you an idea of how to improve your restaurant service and provide an exceptional customer experience.
  10. These are some business tycoons who started with nothing and climbed their way to dizzying heights of success: Howard Schultz of Starbucks Ralph Lauren of POLO Do Won Chang of Forever 21 Steve Jobs and Steve Wozniak of Apple Sophia Amoruso of Nasty Gal Daymond John of FUBU Sam Walton of Walmart Kevin Plank of Under Armour Sara Blakely of Spanx Richard Branson of Virgin Atlantic Read their stories at:
  11. Everybody knows the challenges and risks of starting your own business. As tempting and promising as it may seem in our imagination, there is always a lingering hesitation we find at the back of our heads whether we would be able to succeed. Everyone has to start somewhere, and many of the most successful entrepreneurs came from very humble beginnings. These entrepreneurs started small but grew their companies to worldwide brands. They started with nothing and still hit dizzying heights of business success. You might be sitting there today wondering how you can make your idea take off. Successful entrepreneurs started with tiny, humble beginnings and grinded their way to successful, widely known businesses through persistence and hard work. If you need some inspiration, we got you. Because what could be more inspiring than the life story of successful entrepreneurs and the story of how they made it to the top. Howard Schultz Howard Schultz is known for building the world-renowned brand Starbucks, but he started as an employee. He joined the Seattle-based company in 1982 as the director of retail operations and marketing. In 1983, Schultz took a trip to Italy and discovered there were 1,500 coffeehouses in Milan. He imagined starting a local coffee chain in the U.S. and quit Starbucks to start his own company. In 1987, Schultz bought the original Starbucks and began growing the global empire we know today. Ralph Lauren Ralph Lauren graduated high school in the Bronx, New York, but later dropped out of college to join the US Army. He worked as a sales assistant at Brooks Brothers when an idea struck him to build his own clothing company. He wondered if men would be interested in exploring more colorful, bolder ties and incorporating them into their daily fashion. Lauren launched his business selling ties in 1967 and grossed $500,000 in sales in the maiden year. The next year, he launched Polo and built his company into the successful global empire that we know today. The Ralph Lauren Corporation is now a global multibillion-dollar enterprise and Lauren is a household name, counting A-list models and actors as close friends. As of 2018, Forbes estimates his wealth to be $7.2 billion, making Ralph Lauren the 91st richest person in America. “You have to create something from nothing,” and “The world is open to us, and each day is an occasion to reinvent ourselves.” Do Won Chang Who doesn’t know the fashion chain, Forever 21? With 794 chains worldwide and an annual net worth f $3.2 billion, one would find it hard to believe that its founder, Do Won Chang started as a janitor, at a gas station, and in a coffee shop when he first moved to America from South Korea before launching the retail empire in 1984. The first store he opened with his wife was 900 square feet in LA. He opened with only $11,000 in savings and dove all-in into the business. At first, the shop’s original name was Fashion 21 and most of the customers came from the Korean-American community. Not long after, the customer base expanded the name changed to Forever 21, which is now an international household name. His top tip? Never forget where you come from. Speaking to the LA Times, Won Chang said: “Forever 21 gives hope and inspiration to people who come here with almost nothing… The fact that immigrants coming to America, much like I did, can come into a Forever 21 and know that all of this was started by a simple Korean immigrant with a dream.” Steve Jobs and Steve Wozniak The Apple Empire story started in a humble garage in Los Altos, California. Steve Jobs and Steve Wozniak had just dropped out from their respective college courses and began developing consumer computer devices in Jobs’ parent’s garage in California. Before this, Steve worked an assortment of low-income jobs. After developing a couple of different models with Wozniak, it became clear that the pair would need more financing. So Jobs looked for a guarantor to get a bank loan for $250,000. When he died in 2011, he was said to be worth $10.2 billion. He’d built this up over time. He had a million dollars to his name in 1978, when he was just 23. As for his legacy? Well, it’s in our pockets, on our screens, at the cinema in the 2015 film Steve Jobs, and all around us. His advice for you? “Sometimes life is going to hit you in the head with a brick. Don’t lose faith.” Sophia Amoruso Inspiration to many female entrepreneurs and fashion-followers, Sophia Amoruso is the founder of Nasty Gal. She began her empire by scouring the racks at second-hand stores and selling her vintage finds on eBay. She used the money from her sales to move her stock into a warehouse, and She utilized her network on the social media site MySpace to promote her online store. In 2016, her net worth was $280 million. But life wasn’t always an entrepreneurial journey. Amoruso lived a nomadic lifestyle as a young adult, hitchhiking on the West Coast and grabbing food from bins to survive. Although Amoruso admits she had no real strategy, she grabbed every chance she could get chance to pursue something she was passionate about. More recently, Amaroso has lost half of her fortune but her star is still rising. She continues to evolve her brand, focusing on a best-selling memoir, a coffee table book, and a binge-worthy Netflix series about her past, Girlboss. Her advice? “Everyone has a different personality in the workplace,” Amoruso said “By bringing your best self and not letting the small things sway you, that will allow you to keep rolling ahead in work and in life.” Daymond John Daymond John is mainly known as one of the investors of thefamous American TV show, Shark Tank, but he’s also the founder of the contemporary sportswear brand, FUBU. He started his clothing line using sewing machines at his mother’s house in Queens, New York. Today, FUBU flourished into a global brand, and John went on to invest in dozens of other successful companies. He’s also the author of four books and owns a co-working space in Manhattan. Sam Walton Founder of the American superstore, Walmart, Sam Walton had just returned to private life after serving in the US Army during World War II, when he opened his first retail store in 1945. He started with nothing to his name, and he had to borrow $25,000 from his father-in-law, which he used to purchase his first store. Walton ran the business with his younger brother and expanded the franchise to own 15 different stores. But the company that managed the franchise chain was not willing to expand into rural areas. This urged Walton to start his own business. By the mid-1970s, Walmart was valued at more than $176 million. Today, it has more than 11,000 stores worldwide and has an operating income of more than $21 billion in 2019. One of his key principles is to follow your path, not the path followed by others. “Ignore the conventional wisdom,” he says here. “If everybody else is doing it one way, there’s a good chance you can find your niche by going in exactly the opposite direction.” Kevin Plank Kevin Plank started Under Armour using his savings and five different credit cards to afford his first store. In the first year of the company, he was broke and drowning in credit card debt. His big success came when he sold his clothing to Georgia Tech for $17,000.This purchase marked the take-off of his product and was used by NFL teams and picked up by major retailers. Today, Under Armour is a billion-dollar brand known across the world. Sara Blakely Sara Blakely was selling fax machines door-to-door when she started today’s largest collection of slimming intimates, Spanx. She used $5,000 of her savings as capital to start and climbed her way to success. To this day, she’s never taken on any funding and owns 100% of the company. She advises new entrepreneurs not to look to friends and family to validate their business idea, saying this “can stop a lot of multi-million dollar ideas in their tracks in the beginning.” Richard Branson Richard Branson is a British businessman whose name may be often associated with entrepreneurial success. But he came from a humble beginning, at one point believing he was “the dumbest person at school.” His first attempt at business was by founding Student Magazine that he launched in 1966. The youth magazines during that time were too “boring”, and his ideas for the magazine were considered “too revolutionary”. So he created a space that will allow fresh and new content that will interest the student audience. The magazine was a success, and this became a significant stepping stone for his future success. He’s now the founder of brands including Virgin Records, Virgin Atlantic, Virgin Money and his latest venture, Virgin Galactic — which he believes will be the world’s first space tourism company. “We didn’t need lots of money to start our first business, and that’s even truer today than it was back then,” he said as he encourages modern entrepreneurs to utilize the internet as much as they can to give their business a big break. His personality and unconventional business style garnered him awards, global fame, and fortune; he is now worth $4.2 billion. Lessons to Learn From Successful Entrepreneurs Who Started Small As these inspiring stories show, your background doesn’t define your future. Some of the people featured in this article were born into poverty, raised by single parents, or were even drowning in debts. And yet none of them let these “disadvantages” and “setbacks” hold them back in later life. Successful entrepreneurs know this clearly: Action is the only way to learn and move forward truly. The lack of wealth, in many cases, became the motivator for those who desire to build a better future. So don’t let your own life’s setbacks hold you back. Use them as fuel to power you forward on your entrepreneurial journey, too.
  12. The Point of Sale (POS) refers to the particular area in your store where customers pay for their purchases. The term is most often used to describe systems that keep tabs on financial transactions. Your POS could either be a cash register or a program integrated into your computer system that records and keeps track of the data that involves a business transaction to sell goods or services. This system is beneficial to manage retail stores as it is the most reliable tool for a store owner to manage and evaluate the overall business performance. POS varies in types and some offer simple features that can be seamlessly integrated on any PC or online-based system. At the same time, some offer a fully integrated system with mobile capabilities. Read the full blog here:
  13. Having an efficient Point of Sale system can go a long way, so you can rest assured that all your operations are centralized and work simultaneously. Retailers that invest the time and resources to administer such a system will reap the benefits. Here are some of the key features you should look for in a quality POS system for your retail store: Sales Process Sales Data Inventory Management Customer Relationship and Experience Loyalty Programs Employee Management Reporting Integrations Multi-store Inventory Management Full blog here:
  14. Running a retail store requires an array of skills in administration, management, and marketing. From ensuring that your inventory is stocked up to putting together monthly sales reports and summaries, these skills are necessary for your store to run smoothly. Having an efficient Point of Sale system can go a long way, so you can rest assured that all your operations are centralized and work simultaneously. What is a POS And How Does It Work in Retail? The Point of Sale (POS) refers to the particular area in your store where customers pay for their purchases. The term is most often used to describe systems that keep tabs on financial transactions. Your POS could either be a cash register or a program integrated into your computer system that records and keeps track of the data that involves a business transaction to sell goods or services. This system is beneficial to manage retail stores as it is the most reliable tool for a store owner to manage and evaluate the overall business performance. POS varies in types and some offer simple features that can be seamlessly integrated on any PC or online-based system. At the same time, some offer a fully integrated system with mobile capabilities. Retailers that invest the time and resources to administer such a system will reap the benefits. Key features of an effective POS System for retail stores Here are some of the key features you should look for in a quality POS system for your retail store: Sales Process The most crucial factor of a retail store is how fast it can provide service to the customers, most especially when it comes to paying for their purchases. Retails avoid jams and lines in your store. Barcode scanning is a key feature offered by POS that will make the payment process a lot quicker and more efficient. This feature will also help retailers categorize items and products. With just one scan of the barcode, the data can be keyed in as an accomplished sale. Sales Data One of the key features of an effective POS system is generating accurate real-time reporting for you on your sales results. It should do daily, hourly and real-time reporting. Today's POS system allows you to assess your sales performance in a yearly and dayparts. It should automatically analyze sales trends and provide you a business forecast based on those. Inventory Management In retail, cash is king. And the enormous ditch in retail cash performance is a fumbled inventory. A well-managed inventory system is a top feature your POS should be able to provide. It should be able to quantify inventory turnovers, sell-through rates, and even fill-in orders. A quality POS system will notify you when you are low on stocks and flag inventory that is not moving in your store. Your POS should also track down markdowns on certain inventories. A retail store should be able to perform an inventory count from time to time. Your POS solution should have a feature to conduct inventory count. Customer Relationship and Experience Many of the most successful retail stores have explicit knowledge of who their customer is, what they like and do not. Knowing your customers can give you a better idea of the kind of POS you should get for your business. POS systems store customer data and purchase history. This is a key feature that can improve your customer retention because it helps personalize the customer's experience. When you are setting up plans for advertisement and marketing, the collected data will help you select the exact customers interested in your sale. For example, in a fashion retail boutique, it would be a waste of money to send a sale flyer for a markdown on oversize T-shirts to a customer who wears a size 2. POS data on customer profiles can't help you avoid this kind of mistake. Loyalty Programs One of the best ways to optimize customer retention and entice recurring engagements to your retail store is an effective loyalty program. Studies have shown that customers are more likely to spend more money on retails with a solid loyalty program. Your POS system should be able to monitor these engagements for you. You may want to use the traditional punch cards to track their previous purchases, but it will be a whole lot better if your POS system can automatically track this for you so you can give the loyal customers their loyalty incentives. Employee Management Do you have the right staffing and staff performance to boost your sales? Do you have the right software to help you organize efficient staff scheduling, monitor their performance, including clock in, and clock out? One of the critical components of a POS system is an employee management system. It should track employee hours and sales performance as well. To help you track the sales performance and determine how productive your employees are, you can look at the metrics of each employee, indicating the number of sales made per hour. Imagine having four employees in your retail store all working the same time slots; how will you know which one is making the most profit. Reporting The POS system's ability to be able to generate customer reports for you is a crucial feature. Your system will have a set of predefined reports that you can run and monitor. Still, you have to make sure that your system provides you the ability to customize and tailor the information to your analysis. Look for a POS system that will show you weekly reports without you having to run it. Your sales report should also show your cost of goods sold, gross profit, margins, and tax, so you can better understand how much money is going back to your business. The report is a key feature because it is a great way to give you a platform to analyze your sales performance. It gives you forecasts based on your sales data, helps you make decisions for improvements, and also gives you a chance to celebrate if you have reached your goal. Integrations Add-ons and integrations can extend the capabilities of a cloud-based POS system. This means you can link your POS to another platform, such as accounting software, e-commerce platforms, and payment processors, so that data flows seamlessly from one system to another. For instance, if you integrate a payment gateway to your POS system, it should sync well and talk to each other. If you sync your system to, let's say, an online shopping cart, these two systems should be able to sync in your sales and inventory data so you can manage your stocks on both sales channels. Seamless integration allows you to make the most out of your POS system and helps you get a better grip on your overall business performance. Multi-store Inventory Management Multi-store Inventory Management is a critical feature if you're running more than one retail store or if you have plans of expanding to more branches in the future. You want your POS and inventory management system to give you centralized stock control capabilities to have the ease of managing products from multiple stores and monitor sales performance in different locations from one platform. A great feature of a quality POS solution is that it should be able to transfer stocks from one location to the next and generate reports for each store. This feature will save you the hassle of managing your stores from separate systems. So if you have plans of expanding your retail in the future, make sure you get a POS that can do everything from a single platform.
  15. There is no easy solution to the challenges faced by the retail world; however, understanding consumer behavior is a great place to start. It is best to have a good insight into consumer, retailer, and marketing trends to cope up with the changing times. Once you understand changing consumer behavior, it will be easier for you to adapt better in order to provide the customer service that will keep your business thriving. The secret is to adapt and stay competitive with the help of technology. Intelligent business owners utilize inventory management systems, POS, and other functional business tools to improve items management in their warehouses and stores and optimize the overall customer experience. It is also best to utilize both the online and offline platforms for your shop. You may keep your brick-and-mortar store up and running while having an extension in an e-commerce site or marketplace offering your products and services. This way you can have several platforms for customers to continue to reach your brand at their convenience. Read more here:

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