Technology and Business Systems

Comprehensive Consulting Solutions for Small Businesses offers a variety of business consulting and coaching solutions for small businesses and individuals. This Blog Post is Example 1 of a new series of posts, which details examples of how we have helped small business owners increase efficiencies and maximize profit. This blog focuses on increasing efficiencies through the use of business systems.

Background:
We recently met with a new client that was concerned about their onsite POS System that was being phased out by the vendor. The client had spoken to the vendor several times and did not feel like their questions were answered or that the vendor had their best interest in mind. A client of ours introduced us to the business owner.

After a couple of meetings with the new client, we identified opportunities to increase efficiencies through technology and the integration of the systems used within the business - systems such as Point of Sale, Inventory Management, Website, Invoicing, and Time Keeping, among other things.

Key Facts:

• This client has a product-based business in Northwest Arkansas that they purchased in second quarter of 2019. The systems were inherited from the previous owner that had owned the business for many years. The business is currently running an on-site Point of Sale System with a lot of manual inventory management tasks.

• Monthly sales average of approximately $40,000 (usually much higher in a pre-COVID environment). The business sells mostly over the phone and in-person since their products are highly customized. The business owner stated that offering all the available options online would be a nightmare right now but could be a possibility in the future.

• Estimates are created through one system, but invoices are completed on another.

• The POS system doesn’t interact with the website or anything else.

• Time keeping is done through the POS and then manually entered into their accounting software and then sent to their CPA. Also, this business has employees that travel and the current time keeping system does not track location or offer geofencing.

• Sales Tax is manually entered and reported to the appropriate tax authorities.

• Payments are run through a merchant account and payment solutions provider that was recommended by the POS vendor. The payment fees are extremely high, and, in some months, the business owner was paying almost 15% to collect credit card payments.

Key Opportunities Identified:

• Select a POS that integrates with other systems and offers less manual and more efficient inventory management + Must have the ability to import products into the new POS

• Sales tax management, if possible (ability to run reports is vital, the reports on the current POS are incredibly detailed).

• Substantially decrease payment fees

• Ensure that the website works with the POS - if online sales occur in the future

• Need location tracking for employees - The business owner wants to be able to see location, so can advise the customer or vendor of when the employee will be there.

• Need 1 system that send estimates and converts to invoices in a couple clicks

Solution:

After research, the client’s Small Business Consultant created a simple comparison document and spreadsheet comparing three options for the client. Each hit on all opportunity areas, saved time on manual inventory tasks, and greatly decreased payment fees.

The information was presented and the client was asked to schedule a call with each vendor. The call with the vendor is a call to make sure the technology will do what the client needs it to do. Our client asked us to be on the calls, but if they had not - our consultant would have offered to be on the calls with the client and vendors.

Sometimes shopping for systems or technology can be frustrating for some business owners. Vendors may talk in a techy way and the small business owner does not follow the lingo, which leads to a lot of frustration and makes the interaction more confusing and missing a lot of clarity. From our experiences, having a Small Business Consultant on the call alleviates issues of clarity or understanding, since we have conducted research, understand the client’s needs, and can speak techy talk too.

After the calls are completed, the client will know which system is best for their needs and what the next steps are to move forward. Within a couple weeks of our initial meetings, the client will have a more efficient way to conduct business on a daily basis, lower monthly costs, and a lot less manual labor.

If your business has systems that don’t speak to each other, outdated technology, or high payment fees, Comprehensive Consulting Solutions for Small Business may be able to help you increase efficiencies and maximize profit by identifying improved or integrated systems for your business! Call a Small Business Consultant to schedule a free consultation!

Resources:

• Point of Sale (POS) Definition - Investopedia

• Point of Sale (POS) System

• Inventory Management

• What is Inventory Control? Definition, Best Practices, and Inventory Control Systems

• Topic 10 Inventory Management Systems

Other Blogs to Read:

• Benefits of Using a Small Business Consultant

• Recruiting Resources for Small Businesses in Northwest Arkansas

• Content is King for Small Businesses

• How Business Consulting Can Help your Small Business

• Lead Follow-up and Why It Is Important to Small Business

Please note: the resources listed above aren’t endorsements by us – they are provided only as information. We were not paid by or affiliated with any of the companies listed.