What’s a POS system? Well, at its simplest definition, a point of sale system is a set of equipment which records and processes transactions between a business and their customers, at the time where goods or services are bought.
A point of sale system can be the catalyst for a restaurant’s success or failure. POS systems are no more”black boxes” or clunky cash registers taking up counter space. The restaurant industry is now flooded with hot, cutting edge, innovative technology which take up minimal counter area, and are slick platforms that improve the guest experience.
Besides ringing in order, restaurant’s utilize point of sale systems in a variety of ways to benefit their operations:
An often-overlooked aspect of the restaurant company is also among the most important, and that’s the customer experience of really paying for the meal.
One extremely important part of the payment mystery is ensuring you are capable of accepting all forms of payment, including card and cash.
In an age where fewer and fewer people are taking money, not accepting card payment is an almost inexcusably bad customer experience, and one which can be avoided completely simply by having a modern point of sale system. And of course the fact that clients typically spend more money when paying by card.
The restaurant business is costly, as well as the most successful of restaurants operate on infamously tight budgets. We recommend you use this Jungle Scout Free Trial today.
Effective inventory management means understanding your stock inside and outside: how much stock you have on hand at any given moment; just how much of a component is supposed to be used each menu item versus how much is really being used; just how much is being lost to spillage, spoilage, erroneous order send-backs, and other issues–and the lost profits that these problems represent.
Having a point of sale system that doubles as a stock management applications, you may make more educated decisions on matters like worker direction, kitchen practices, menu management, and pricing. This makes each dollar spent on your stock as rewarding as possible.
When operating a restaurant, one of the chief concerns is safety –of the restaurant itself and the client.
Having a monumental amount of consumer data exchanged in electronic transactions, it is simple –and smart–to be skeptical of clients’ private information being exposed in a hack or information breach. Because of this, the best restaurant point of sale systems are implementing top-notch security measures, such as cloud-based storage and routine, automated security software updates.
Equally important is the safety of the restaurant –especially against employee theft. As a restaurant owner or manager, your employees can often feel like family, and it is sometimes a challenging point to look at that any of these would steal money from you.
But the hard reality is that annual costs from restaurant employee theft total between $3 and $6 billion. Statistically speaking, your restaurant will suffer from tried employee theft eventually.
Fortunately, a strong point of sale system can also help in detecting and stopping several sorts of employee theft. In their article about the most frequent kinds of restaurant theft, cornwelljackson.com suggests several ways a POS system can help curb these reductions, including monitoring orders by worker I.D., more transparent tracking of payment against requests, and monitoring tip records, amongst others.
The transaction is done, the money’s in the register, and the client has left full and satisfied, but the sale process isn’t over yet.
Now it is time to monitor and generate reports about the revenue figures.
There was a time when this measure could become an intimidating process–so many diverse reports to operate out of so many sources of information can get unwieldy and dull.
The fantastic news is that a high quality point of sale system can help alleviate this stress also. A POS system which holds different sorts of information and integrates seamlessly with different reporting applications can make generating reports like unit comparisons, labor reports, and meals cost analysis a breeze.
No one in today’s business world is unfamiliar with the word”Omni-channel”–the doctrine that a business must provide equal focus on the customer experience across all its stations (“brick and mortar” locations, direct sales, internet shopping, etc).
You might, however, be scratching your head in its use here in connection with restaurants.
Once upon a time, it was just considered a theory that applied to retail shops. Nobody would have dreamed that a restaurant may benefit from having an internet store.
But invention –as it always does–found a way, and if you have a restaurant nowadays, it’s a good bet that you have at least some online presence, from social media to real online ordering.
Benefits of an Omni-Channel Restaurant Strategy
So why should you consider an omni-channel plan for your restaurant? Well, focusing on an omni-channel restaurant version does not only make you trendy. Savvy restaurateurs realize that, the same as any company, opening and correctly fostering new channels opens up new revenue streams and can drive sales in ways which weren’t possible before.
For the client, an omni-channel focus means more and better ways to engage with and purchase from a restaurant. A consistent and high quality customer experience across all channels, together with the convenience of alternatives like online ordering will make customers more likely to choose your restaurant in the first place, and become repeat-customers down the road.
If you have already got an internet ordering service and delivery, you might think you’ve got all your omni-channel bases covered, but that’s far from the case. Along with taking a good look at how well-maintained and up-to-date your existing channels are, there are always more stations to take into account. Some that you may consider are:
- Curbside Take-out
- Food Trucks
- Curbside ordering/Drive-thru
- A Dedicated Mobile App
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