Inventory management has always been one of the most challenging aspects of running a business - have too much and you run the risk of waste, have too little and you could disappoint customers - it’s enough to send a shiver down any business owner’s spine.
It’s all about striking the right balance, but how? Modern-day technology can provide the solution, and in this article, we’ll explain how tPOS can help you nail inventory management and get creative with your stock.
Sounds obvious, right? But tPOS can transform any business owner into the Goldilocks of stock management by ensuring you don’t order too much or too little, but just the right amount of stock to meet demand.
It’s possible thanks to the smart stock management functionality built-in which tracks stock in real-time and sounds the alarm if anything is running low. Not only that, but it’ll even send automatic purchase orders to keep levels healthy at all times.
And if you’re not on-site don’t sweat it, you can log in any time, from anywhere, on any internet-enabled device. So put your feet up (you deserve it), and rest easy in the knowledge your stock is taken care of.
If for whatever reason one of your best sellers isn’t shifting one week, you can use the stock information in tPOS to create custom specials and promotions to help move any excess and reduce waste.
So for example, if you’ve got excess fruit juices that need using up pronto, you can spin up a cocktail special and offer it at a discounted price. Don’t forget to let your customers know it’s first come first served and the offer will only last until stock runs out - you’ll create a real sense of urgency and your excess is sure to fly off the shelves.
Thanks to the portable nature of tPOS you can check stock levels tableside and upsell items you have too much of or are nearing their best-before date.
For example, if you predicted more people would order your mozzarella sticks and have too many taking up precious fridge space, when it comes to taking orders you can simply ask ‘can I interest you in some mozzarella sticks to start?’. We know we couldn’t resist.
It’s not all about ordering exact quantities when it comes to effective inventory management, it’s also about having a firm grip on what you’ve already got - consumers want to feel they’re in safe and knowledgeable hands, and tPOS can help.
So, when a diner asks if one of your dishes contains nuts because they’re allergic, your tPOS will tell you what’s in each of your dishes down to the ingredient level so you can offer an accurate and speedy answer, and keep your diner safe.
There’s nothing worse as a consumer than reading through a menu, getting excited about a certain dish, and then being told by your waiter it’s all sold out - super disappointing and doesn’t leave a great taste in the mouth.
But, these things happen, and it’s usually because said waiter hasn’t had time to check in with the kitchen staff during his shift to learn of the stock issue. Well, with tPOS the waiter will have this information in the palm of thei hand, and be able to inform the diners before they even look at the menu of any unavailable dishes.
Last but not least, tPOS provides real-time as well as historical data about how your business is performing i.e. when it’s busiest, which items are selling best and when, and so on.
This data is invaluable when it comes to inventory management - you can use it to order more or less of certain stock items to meet demand on different days and at different times.
Not only will this allow you to ensure you always have ample stock during busy periods, but it’ll also highlight when things tend to get quiet so you can create custom offers, promotions, and discounts to increase business then.
You can probably tell we’re super proud of our brand new tPOS system! So now we’ll give you the low down on exactly what it’s all about.
tPOS is an integrated EPOS terminal that comes in Counter and Complete versions.
It allows you to take payments as well as manage your business effectively. You can easily manage your stock from one place, from adding new products, assigning them to a category and even inputting their stock levels.
Similarly, you can also manage your staffing, from adding new staff members and assigning different levels of access, to having full visibility of who is working and ensuring you have enough staff in.
Plus, you can log into your back office from anywhere and see your business in real-time and access every tPOS feature remotely via the Management Portal.
The real-time data it provides will allow you to make informed decisions on sales, stock, staff, accounts, and heaps more, effectively helping you manage your finances and operations more efficiently for success.
Prices for tPOS start from as little as £45 per month (plus VAT) for the retail
At takepayments we tailor each of our pricing packages to suit individual businesses, so if tPOS sounds right up your street, get in touch today and our experts will come up with a plan that’s right for you. Plus: