Increasing Revenue With Your Restaurant POS System
Many restaurant owners think that a point of sale (POS) system can only be used for accepting payments. They might use the point of sale system for tracking inventory or managing employee schedules for their restaurants, but they often don’t think of many more uses beyond the more familiar ones.
However, a point of sale system can do a lot more for your restaurant. A point of sale system is a vital tool in optimizing the business operations of your restaurant. Your point of sale system is a warehouse of information, and it is right under your fingertips. Everything about your restaurant – from inventory to customer databases, sales, marketing, employees and more – can be tracked. By utilizing your point of sale system effectively, you can learn a lot about both your restaurant and your customers. By analyzing your data carefully, you can use your point of sale system to reduce expenses, increase profit and increase sales in your restaurant.
The following are some ways to make more money with your restaurant point of sale system:
Optimize your menu
You can use your point of sale system to optimize your menu. A point of sale system is a built-in database that learns more about your customers every day. Because each sale is tracked in the system, your point of sale system can say a lot about your customers’ preferences. It can tell you which items your customers like or don’t like on your menu. That means you can see which food items are the most popular in your restaurant, so you can make sure you have enough of those food items, especially on busy nights. It also informs you about items that do not get ordered and should be taken off the menu so they can be replaced with more profitable choices. Taking off less popular items also helps reduce spoilage and waste.
Enhance relationships with your customers
You can use your point of sale system to enhance your relationships with your existing customers. With your point of sale system, you can track your customers’ purchase habits and demographics. Customer information is typically provided when placing takeout orders or taking reservations. Aside from names, addresses and phone numbers, it is important to also ask for email addresses. By collecting email addresses, you can communicate with your customers via email newsletters. You can always reach out to them through traditional mail such as brochures, flyers and postcards. You can also communicate with customers via text messages and social media such as Facebook and Twitter.
Create restaurant promotions
You can use your point of sale system to create restaurant promotions. A point of sale system can help you decide what menu item to use for your food promos. It can also help you decide which food items are often ordered together so you can do cross-item promotions. The point of sale system can also help you create loyalty programs or bounceback incentives.
Market your restaurant
You can use your point of sale system as a marketing tool to get more traffic and sales for your restaurant. Promotions can even be printed on receipts. This is a great way to connect with customers, increase orders, and encourage repeat visits. When the promo is redeemed, it can easily be entered into the system so you can see which promotions are most effective at generating results.
Determine your restaurant’s best and worst days
You can use your point of sale system to find your restaurant’s best and worst days for business. The point of sale system can easily tell you which days of the week are slowest. This gives you an opportunity to create restaurant promotions during off nights. For example, if Tuesdays are slow for business, you can have buy one get one promotions on that day only to increase patronage. This can bring in more customers and therefore more profit during slow nights.
Keep track of restaurant inventory and reduce shrinkage
You can use your point of sale system to keep track of your inventory and reduce shrinkage in your restaurant. Shrinkage is the inventory that disappears from your restaurant because of misuse, waste or theft. Many restaurants do not keep track of all inventory since it can be time-consuming to enter each and every single item that goes through the kitchen. You can keep track of only certain things, such as high-risk items such as liquor or high-cost items such as meat. You can also keep track of indicators such as boxes or cups, so you can see if food items are being wasted or misused. By keeping track of a few items and updating weekly, you can keep an eye on your inventory and reduce shrinkage in your restaurant.
All of these benefits to a restaurant point of sale system prove that making the right choice for your business is of crucial importance. Any point of sale system can place orders and print receipts. However, in today’s changing market, be sure to consider all the possibilities offered by today’s point of sale systems so that you can choose the one that will offer your business the greatest return on its investment.
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