By Kris Harris, POS Nation
This summer, I had the pleasure of attending a Charlotte small business owner’s meeting. I find most networking meetings somewhat dull, sometimes spending more time with a group of competitors than potential clients. This meeting, however, added extreme value to my current business.
After a brief meal, we had the pleasure of listening to the perspective of a local small business owner. This individual in particular owned a handful of restaurants in the Charlotte area. The topic was growing costs. Honestly, I was skeptical. I feared that this meeting would turn into another gripe session about how costs are rising, margins are shrinking, and the small business owner continues to lose. However, I was pleasantly surprised.
“Costs are going up!” he began, like a southern Baptist preacher. I wholeheartedly expected him to ask the group for an “Amen.”
“With costs going up, you only have the option to raise prices, right? These days,” he continued, “demand the small business owner to be adaptable. Rather than raising menu prices, in my case, I must constantly analyze costs, such as labor, inventory tracking, and other costs.” This individual had only spoken for about one minute, and he captured my attention. The point that stuck with me was inventory.
If used correctly, a point of sale system can help restaurants save money two ways: 1.Tighter inventory control and 2. More accurate inventory forecasting.
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