Does small and medium sized business really need a POS system?

Running a small or medium sized business (SMB) comes with a special set of challenges. A POS system can help you effectivize your processes, thereby increasing your profits. It also boosts customer and employee satisfaction. In this article, we’ll dive into what your company has to gain from having a top of the line POS solution in place.

What is a POS system?

For some, a POS system (point of sale) is merely a cash register or an equivalent that handles and processes sales. In the modern business place, it can be so much more, and it should be! The POS system can be the hub where sales, inventory, payments, business intelligence, customer experience and much more comes together.

The emergence of cloud-based all-in-one POS systems has raised the bar in terms of customer experience, efficiency and security. It’s definitely the type of solution that benefits all types of businesses, not just the big retail chains.

The biggest challenges for SMBs?

SMBs come in many shapes and sizes. A restaurant or a coffee shop requires completely different things than an ice cream truck or a second hand store, but they all benefit from using an all-in-one POS system.

We at Extenda Retail are well aware of this, and we have developed special solutions for several industries, such as grocery, fashion, pharmacy, wholesale and many others. The goal is always to effectivize the day-to-day and help your company succeed in today’s highly competitive business landscape.

Some of the biggest challenges for small and medium sized businesses are:

Warehouse and inventory management

It’s challenging to keep track of inventory and anticipate future demand. Products can sell out unexpectedly, and unsold goods can wind up occupying valuable space.

Shifting trends and peaks 

Many SMBs operate in dynamic markets with fluctuating demands (seasons, fashion, economy, etc.). Without data-driven strategies, it can be hard to adapt accordingly and optimize the business.

Discount and campaign management

Activating and attracting customers with discounts and targeted promotions is a great way to drive business, but it can be hard for small and medium sized businesses to do it effectively.

Accounting methods

Many SMBs suffer from poor accounting methods. Inefficient routines can waste valuable company time, and cause errors in bookkeeping and inventory.

Customer satisfaction 

It’s not easy to create amazing customer experiences with limited resources, but it’s often more valuable to retain satisfied customers than finding new ones.

Sales reporting and analytics

Basic or even manual sales reporting is time-consuming, and not having analytics readily available limits the ability to make data-driven decisions.

Talent acquisition and retention

Small and medium sized businesses often struggle finding the right talent, due to limited resources and time constraints.

Scaling

a growing business means that POS system and other technical solutions also need to develop. This can mean costly IT projects and devoting a lot of precious resources to scaling up.

Many of these challenges are much easier to deal with when you have the right ePOS system in place. Running the business more effectively means that you’ll be a step ahead of your competitors. You will be able to manage your retail operation on a different level, providing a better customer experience, benefitting from data-driven decision-making and strategies.

Does my SMB need a POS system?

Yes, definitely! A ePOS system can be highly beneficial for a small or medium sized business for many reasons. The upsides for SMBs include:

• Improved customer experience
• Better inventory control
• Business Intelligence insights
• Integration with accounting software
• Broad payment processing options
• Campaign and promotion management
• Increased customer loyalty

It’s important to choose a user-friendly system with an intuitive interface, as few SMBs have dedicated IT resources available to provide training and support. Learning and understanding the system should be easy, and quality ePOS providers also offer support when needed.

All in all, the right system will improve the day-to-day and long-term experience for both customers and employees. The ePOS will effectivize your processes and allow you to make decisions and form strategies based on reliable data.

Many SMBs are also under frequent development, and the technical solutions need to grow along with the business. The ePOS system should be easily adaptable to additional users, locations and features without requiring an overhaul. This flexibility is very important, since it helps you avoid wasting valuable resources on costly IT projects.

If you choose a scalable, cloud-native solution, the system grows along with your business, eliminating the need for expensive and time-consuming upgrades.

Can my SMB really afford a POS system?

A high-quality ePOS system will indeed cost you some money, but it’s an investment in the future. There are upfront costs and somewhat of a learning curve, but the long-term benefits will outweigh that. A superior setup equals cost-saving and increased sales, among other upsides.

Most SMBs also have clear growth ambitions. As your business develops, a modern, cloud-based ePOS system can scale gradually, eliminating the need to upgrade or introduce new solutions. Simply put: our system ExtendaGO is the last ePOS system you will ever need to onboard, as it will grow and develop alongside your business.

Why ExtendaGO POS perfect for SMBs?

ExtendaGO offers a wide variety of features and costs only 39 euros per month. It’s a pay-per-use solution that you can stop using whenever you want. Our specific inventory control app ExtendaGO CTRL is included. You will also have access to advanced sales analytics, allowing you to follow up on KPIs, create data-driven strategies, and much more.

We are aware that payment methods can be a challenge for many SMBs. That’s why the ExtendaGO POS supports various payment methods, including credit/debit cards, mobile payments and contactless payment, and is integrated with many of the leading systems in the area. It's also possible to integrate ExtendaGO with your accounting software to streamline your financial processes and reduce manual data entry.

The ExtendaGO POS system is under constant development, and the frequent updates and new functionalities are included in the base price. This assures that your business will have a leading platform in place at all times.

Maybe you want to try it out before making a commitment? No problem! We offer a 30 day free trial period so you can experience the benefits for yourself.