If you’re in the restaurant business, you know just how competitive the market is. Without the right tools, software, and equipment, you get lost in the mix with no way of standing out. It doesn’t matter if you’re a new business owner or a seasoned professional; the right tech helps you grow as a restauranteur. And it starts with a robust POS system.
Below, you’ll learn the ins and outs of owning and operating a POS system. You’ll discover its advantages and challenges, as well as hear stories of real restaurateurs who changed their entire operational structure with such technologies. However, if you still need more information to help you find the software that works best for you, check out this restaurant POS guide.
What is a Point-of-Sale System (POS) Exactly?
POS hardware refers to the technology used to capture payment information after a customer puts in an order and wishes to settle their bill. There are different technologies for restaurant patrons to close their tab. They can provide their preferred method of payment to the server who assisted them who then goes to a central terminal used by your business’ staff to close out the ticket. Or, there are self-check-out POS monitors that sit on tabletops that allow customers to initiate the transaction themselves if they wish to pay with a debit card or credit card.
Alternatively, restaurateurs can utilize a POS software program integrated into a basic tablet. The software has all the same functions, without having to purchase an expensive or bulky terminal.
In addition to making sales, a POS system manages the content of customers’ orders, how they’ve chosen to pay, and even the tip they included on the bill. It also allows your staff to manage supply inventory accurately, provides revenue reports, and offers customer loyalty programs. The technology serves as a personal assistant of sorts by eliminating the need for other software programs and accounting methods.
Benefits of Using a POS System in Your Restaurant
The functionalities of a POS system serve as benefits themselves, but when using such a technology, you’ll find additional perks. For starters, a cloud-based POS software is cost-effective and easy to implement. With personalized notifications and updates, you will never fail to meet industry standards or government compliance. POS software brings incredible potential for scalability and adaptability.
Anthony’s Coal Fire Pizza took its understanding of POS technology and leveraged it so the company could manage its 66 locations throughout the nation on a single device. Menus and pricing could then be adjusted accordingly to meet the demand of the public. Talk about scalability!
If you create a special offer exclusive for your restaurant app users, you can analyze the success of the promotion by tracking how many customers took advantage of the deal. Paying close attention to this data allows you to create future offerings that drive sales and profitability.
Allset is an app that allows people to prepay for their orders. It’s convenient for people who are pressed for time but still want to enjoy a meal at a sit-down restaurant. It’s currently available in select cities and with certain restaurants but plans to be the ‘Uber’ of food apps.
You could easily offer the same type of service through the app you develop for your restaurant. You’ll then be able to incorporate your POS inventory system with orders placed through the mobile application. It allows you to gauge the success of such offerings as well as be able to understand why specific discounts applied to a bill.
How to Achieve On-Going Growth in a Competitive Market
By staying on top of industry trends and investing in the latest technologies such as POS systems, your restaurant can rise to the top despite having stiff competition. There are many ways to set yourself apart from other restaurants in the area. Providing excellent customer service consistently is far more comfortable when you have the right tools, technologies, and systems in place to aid you with the process.
A POS system makes your restaurant more efficient. It helps you keep better control of your bottom line by maintaining accurate inventory counts. As long as you continue to upgrade the POS software as needed, you have a tool that helps your business grow exponentially throughout the years.