Yet too many small businesses close their doors before making a dent in the market. About 1 in 12 businesses close every year, according to the Small Business Administration. Now add the challenges of operating in a pandemic that has spurred a significant economic downturn. As a result, people don’t have as much money to spend on groceries, liquor, tobacco or home improvement projects.
While all of this may seem daunting, success is still within the new small business owner’s reach. The most successful types of small businesses are those that are well prepared for the elements long before they open, operate their establishments efficiently and use revenue generating POS resources provided by leading companies like National Retail Solutions (NRS).
Planning expenses carefully will give small business owners a good idea of how much profit they will need to keep business running smoothly. Be sure to factor in rent, utilities, staff salaries, shelving and other items needed to set up a store, and the going rates for the products you plan to sell.
Merchants must also figure out how to best display items, especially those on sale, for maximum revenue generation. Visual merchandising tools, particularly planograms, are helpful in this regard. Also be sure to scout potential locations for competition – do you really want to set up your liquor store across the street from a mass retailer that can easily beat your prices? And don’t forget to analyze your demographics so that you can sell items that are appealing to your community, especially in diverse, multi-ethnic urban areas.
One of the most important traits of successful small businesses is that they have the right POS system for their store. These establishments know that investing in a POS system that offers more than simply a basic cash register and credit card processor is essential to realizing healthy revenue and saving costs.
NRS has such a suite of software and hardware that help businesses do everything from track inventory using data analytics and ensure low credit card processing fees to making sure they have cash in hand without waiting on bankers hours to making it easy and affordable to accept EBT cards (the digital equivalent of food stamps).
As the leading provider of POS systems nationwide to independently owned, small to mid-sized groceries, bodegas, mini-marts, alcohol and tobacco establishments, and hardware stores, NRS knows its market the way you know your consumers.
The best successful small businesses have, and know, what customers need in stock on a daily basis. They don’t under-order or over-order, are aware of the hottest selling items – whether it be beer, tobacco products or food staples – and keep new shipments coming to replenish inventory.
This is where NRS’ all-in-one POS system makes a great impact. Its data-driven system allows merchants to track inventory in real-time and remotely. Yes, you can be in two places at once to your store’s benefit. For instance, creative proprietors may want to grow their store’s profile in the community. NRS customers can, for example, attend a street fair or community picnic and distribute samples of their items while checking and stocking inventory at the same time.
Making inroads – and gaining loyal customers – in your community means knowing, and properly serving, your demographic. For instance, if your establishment is located in a lower income neighborhood in which many residents rely on federal government assistance for purchasing food staples (milk, bread, fruits and vegetables) through the use of EBT cards, you’ll want to make sure your store accepts this form of payment. If you don’t, you may be the odd store out when it comes to consumers choosing where to shop.
Some merchants balk at accepting EBT cards because of high transaction fees. NRS offers an Unlimited EBT Plan that allows unlimited EBT card swipes for a flat, affordable, monthly fee with no transaction limit or hidden fees.
One of the most irksome expenses for small business owners is credit card swipe transaction fees, especially if they sign up for a program which has surprise hidden fees and charges. The most successful small businesses scout the market for great deals such as NRS Pay Cash Discount, which includes a free card reader and ditches fees per swipe for one approachable low monthly cost with no swipe limit – with no fine print whatsoever.
Another major annoyance for small business owners is having to wait up to two to three days for funds from credit card sales to make their way into the merchant’s account after batching out. Small business owners especially need a continuous cash flow to pay for new merchandise so that it arrives in a timely fashion, make payroll and rent, and conduct other vital business.
NRS Rapid Same Day Funding eliminates lag time between swipes and deposits by fast-forwarding money into a business owner’s bank account within 24 hours – including weekends and holidays – maintaining a steady cash flow for the company and giving business owners new-found confidence and stress reduction.
There are many tools available that can help a small business owner generate revenue, save costs, build a loyal customer base and run their store smoothly with no cash flow interruptions. The most successful types of small businesses use these tools to their advantage to not only keep pace with, but also excel in, today’s heavily competitive small business environment.