You recently decided to start a restaurant business. You have found a suitable location. You have bought everything – chairs, tables, utensils – you think you will need to get started.
While that might sound like good news to you, running the business without a good POS system could make your lovely investment a huge money pit. Unfortunately, most POS systems come in different varieties and are made to serve a different set of needs. Finding a good POS can be a mind experience for many people.
In this post we are looking at some of the defining qualities of a good Point of Sale system that can help you through your journey to purchasing a POS for your business:
1. Competitive pricing
Small businesses often run into financial constraints. If you are new to industry, news is that you have entered at a great time. While most standalone POS systems have high price points, the advent cloud computing has made things a little bit better for you.
Today, you can easily find a reasonably priced model cut for your specific needs. News is, there are still many on the market today. And finding the best for you – competitively priced with transparent pricing – may not be easy.
2. Speed and ease of use
Your POS should be easy to single-handedly install and use. Even when it comes to training your employees, it should not be a month-long affair. Few minutes, even for part-timers it should suffice.
- Why is it important? A poor quality POS can be maddening to your employees.
- Does it have a steep learning curve?
- Is the layout too sophisticated for the average user?
Then chances are your cooks, managers, waiters will be intimidated by the POS. That means you will be treating your customers to a dreadful Breaking Bad experience that would surely hamper profitability.
3. Good for keeping inventory
Inventory woes scare every restaurant owner more than a warrior wasp’s sting. Poor inventory could be the easiest deathbed for your business. But if you have devised effective methods of inventory management and reporting, then you are able to tell when and where you make your most money.
Since restaurants are head-to-head with this extremely competitive space, a good inventory-capable POS can be your blessing in disguise. So you can easily and almost effortlessly keep track of every drink, item (and even every ingredient) sold.
4. Excellent reporting features
In the modern business environment, business intelligence is everything. And numbers do not lie. That means as a manager or business owner, you need to have a sophisticated, industry-specific system that gives you numeric insight into what all the departments are doing, items preferences, how time is spent, how many customers have been served, etc.
A good POS should offer real-time reporting and update you with pricing, logging times, inventory, promotional and procurement.
5. Above reproach customer/technical support
If you have ever worked in a restaurant environment, you must be familiar with the panic mode that engulfs the employees when the POS system breaks down.
If you can’t get anyone on the line to help, you troubleshoot the problem in less than 24 hours, think twice before taking the plunge.
Consider buying from the vendors who offer (and can guarantee) you prompt response to your call/emails just when things go awry.
The support team should also be ready to help you with credit card help, training and software upgrades if need be.
Related: Restaurant Sample Business Plan
Your POS should allow connections to other apps and tools that are equally important for your business. For example, if you want to collect customer emails for follow-ups campaigns, you may want to integrate your POS with.
That means when you are sending emails to your loyal customers, you can skip that point of having to update your email list. There so much integration you can do. It all boils to your specific needs.
While it is so easy to rent and equip your restaurant, steering it to profitability is not always easy. To succeed, you need to get efficient systems that help them manage their businesses. Unfortunately for starters, getting a good POS can be a daunting task. And it gets worse if you know your specific POS needs and how to choose the best system for your business.
Set Up Your SME For Success With Fibre
Boost your business potential when you plug into fibre. It offers unprecedented benefits, taking your business to the next level of connectivity.
More South Africans are turning to fibre for fast Internet access. We’re witnessing a boom in fibre expansion and as a result, it’s becoming a more affordable option for SMEs. Once businesses connect to fibre, they can access a reliable, ultra high-speed connection that unlocks the full advantage of cloud-based processing.
Cater to usage demands
A slow Internet connection can derail your business. It’s imperative for business owners to prepare their networks to handle additional usage requirements. Failing to do this might lead to interruptions, slowdowns and a potential impact on your bottom line. An Internet connection should be a tool that supports innovation and uninterrupted productivity.
Shift to the cloud
More businesses are accessing cloud-hosted information via Software-as-a-Service (SaaS) tools and other platforms. In 2018, nine out of 10 companies in South Africa said they had increased spending on cloud computing, according to a report by World Wide Worx and F5 Networks. Running your day-to-day business on the cloud requires you to have a more powerful Internet connection.
Support video and VoIP
Some businesses make use of video capabilities for training and meetings, and VoIP for sales and marketing. On a fibre line, businesses can ensure they meet these demands without putting a strain on the network. With fibre, business owners can run voice and Internet data on the same line but may look at installing a second data connection for redundancy.
Get what you pay for
There’s no denying it, fibre provides exceptional speeds and offers a brilliant price-to-performance ratio. You won’t receive the same contention ratio as other connection mediums – you will get what you pay for. Bandwidth caps are less of an issue with fibre because there’s a choice of affordable uncapped deals on offer.
Make the right choice
- Before you decide on your fibre deal, ask the right questions, understand exactly what you’re paying for and match your business requirements with the right amount of bandwidth.
- Choose a provider that allows you to manage growth for the long term – one that allows you to choose your deal, scale when necessary and not throttle your fibre line.
- You’ll also want an ISP to have your back further down the line. Insist on obtaining a comprehensive list of services along with the monthly fee. Ensure you are provided with a full service including all necessary support and equipment to deliver optimal fibre performance.
Ignite’s drive and purpose is to be the spark that inspires SMEs, which is why the Ignite Fibre service is structured to put you in control. Ignite offers you tailored packages that take into account your daily Internet and business startup needs.
(Video) TomTom Telematics – Let’s Drive Business (UK)
How Sasfin Bank Is Beyond A Banking Platform – The Evolution Of B\\YOND
From opening a business bank account in one day to advanced business analytics at the touch of a button, B\\YOND is asking business owners what they need most from a banking platform — and delivering on it.
- Visit: www.sasfin.com/bank/byond/
- Call: 0861 SASFIN for more information
Imagine you pay millions each month in rebates. The thousands of transactions are batched and go out on the first of each month. What happens if a few are incorrect and the entire batch is rejected and needs to be recaptured?
For one business owner, the entire process meant that he always needed to be available at the beginning of the month and customers were often paid late, creating a reputational risk for his business and limiting his opportunity to grow his portfolio with existing clients.
It was a huge pain point that many entrepreneurs share, and one Sasfin’s online banking platform, B\\YOND was determined to fix. “We asked real business owners to tell us what the banking issues were that they either hated the most, or that affected their businesses the most,” says Rodger Dunn, Head of Transactional Banking at Sasfin.
“This is just one problem we’ve solved, and since joining our platform, that same entrepreneur can now work remotely, knowing that his rebates will be paid on time, even if a few transactions need to be fixed.”
The Evolution of B\\YOND
What do business owners need most? What are their pain points and what tools will help them make money, save money and be more efficient? How can we deliver these solutions in a simple-to-use, intuitive way?
These are the questions that Sasfin’s B\\YOND team sat down to answer when they began working on their new online banking platform. In addition to offering business owners a platform where they can transact online, they wanted to build a strategic business tool that solved real everyday problems for entrepreneurs.
“We launched in March this year with a platform that offered much more than the normal functionality of online banking,” says Rodger.
“Through B\\YOND, our customers are able to apply for a business bank account online; perform their own payroll management; create and send personalised quotes and invoices directly from the platform; manage revenue and expenses; and connect their Sasfin Bank transactional data with Xero, the fastest growing Cloud-based accounting software provider in the world.”
For B\\YOND users, this was just the beginning. “Customers already on the platform will find additional functionality being added regularly,” explains Rodger.
“We have a vision, but we are also listening to our customers. Within the core team are two business owners who bring key insights to the product, but we also have a closed group of businesses that regularly test new functionality.”
B\\YOND’s key competitive advantage is how the entire platform integrates traditionally disparate functionality into one portal. “Everybody offers an accounting package, transactional banking, a credit card and so on,” says Rodger. “However, B\\YOND’s platform integration and how we make everything work together is our advantage, because that’s how we save customers the most precious commodity: Time.
“Let’s use Xero as an example. Instead of manually populating payments, with Xero you get secure, direct daily feed integration from your Sasfin bank account into your accounting software.”
Removing banking barriers
“B\\YOND’s Cloud platform enables us to take any manual process and make it digital. The benefits of this are endless, but we started at the beginning of a banking journey and worked our way up from there,” says Rodger.
“If you want to open a business bank account, you generally need to meet with your banker or stand in a long queue at a branch. If there’s more than one shareholder or director in the business, multiple parties need to be at that meeting. Once the bank has laid out its value proposition and you agree to go ahead, you then have documentation to fill in, which everyone needs to sign.
“As a result, setting up a business banking account can take up to a few weeks with multiple in-person engagements. We saw an opportunity to change that by creating a seamless, online process. If you have everything you need, you can have a business bank account up and running on the same day that you begin your application.”
How has Sasfin managed to fundamentally change this time-consuming and paper-based process? “We’ve taken something that’s serial in nature and split it into parallel processes,” explains Rodger.
“Our objective is to remove as much of the friction and barriers of opening a business bank account as possible. We’re a technology-based business, but we’re also high-touch. Technology should be an enabler, it shouldn’t take the place of people or complicate processes. We understand that business owners don’t only want to deal with a platform. They want consultants who understand their business and needs.”
Thinking out the box
As an alternative bank, Sasfin has looked for ways to make business banking more efficient and supportive of entrepreneurial needs, while lowering the costs for clients.
One way this has been achieved is through a branch-less and ATM-less environment. Sasfin customers can draw money for one flat fee from any ATM across the country.
“You’re paying for usage, instead of an entire infrastructure you hardly ever use,” says Rodger.
B\\YOND plays a key role in this value proposition. “Instead of migrating businesses onto different platforms as they grow and evolve, we’ve kept things simple. More people and money generally means more controls. As businesses grow and more people need access to the banking platform, the system becomes complicated and more expensive. Those platforms were designed for large corporates, not growing entrepreneurial businesses.
“We have reduced the costs and complexities that corporate-focused platforms often come with. Our platform allows you to bank in a manner that supports your particular type of business, for example the platform caters for one or many users in a business with view access that aligns to the person’s role in the business.”
Another key functionality that B\\YOND has added is client classifications. Everything can be tagged and categorised. At the click of a button a full recon can be pulled, showing what was spent. All recons can be done directly from B\\YOND’s banking platform.
Looking to the future
There is a lot still to come. “We are building one single platform that you can run your entire financial management through.
“Our three-year goal is for B\\YOND to be a business analytics tool that entrepreneurs can access through their Internet banking platform,” explains Rodger.
Bank outside the box
The Sasfin Transactional Banking Business Account is designed for SMEs that want to focus on what they’re most passionate about — their business — while their banking platform sweats the small stuff, but also helps manage and grow their business.
- Do you spend unnecessary time on banking?
- Does your bank pay you market-leading interest rates?
- Does your bank give you easy cash management in real-time?
- Would you like to manage your payroll and invoicing from your bank account?
- Does your bank help you keep track of your cash flow, manage your admin, and provide tools to help run your business successfully?
Sign up today and have access to a whole new world of better banking for your business.
Women Entrepreneur Successes2 weeks ago
Watch List: 50 Black African Women Entrepreneurs To Watch
Support for Women Entrepreneurs2 weeks ago
Funding And Financial Assistance For SA Women Entrepreneurs
Accounting & Payroll2 weeks ago
Wilting Away – How To Boost Your Financial Management Team After The Big Financial Year-End
Snapshots6 days ago
How Pepe Marais Went From Bankruptcy To Founding Joe Public And Becoming An Entrepreneurial Success
Snapshots5 days ago
Ian Fuhr Explains Why He Likes To Launch Businesses In Unfamiliar Industries And How He Made Sorbet A Success
Company Posts2 weeks ago
The Future Of Fleet Management Is Now
Support for Women Entrepreneurs2 weeks ago
Too Few South African Women Become Entrepreneurs, But This Can Change
Company Posts2 days ago
Designing Her Destiny