POS systemReady to up credit card processing within your business? Curious about the best POS system available? Uncertain about how to procure a custom POS system? Get the answers you need, all in one place, from FLO Business Solutions.

What Is a Custom POS System?

A custom POS system is exactly what it sounds like—a custom point of sale system. That’s the short answer, at least.

The longer one? While you’ll find several types of basic POS system frameworks on the market, you may need something tailored to your individual goals and requirements. That’s where a custom system comes in. With careful adjustments and alterations, you have a custom POS system designed to serve your business on a more specific level. It goes beyond the most straightforward POS system for retail, taking into account things like loyalty programs and inventory tracking.

Customized management systems allow you to better accommodate complicated pricing structures.  You can also better incorporate this type of retail POS system into other processes. Think your CRM tools, for example. Rather than having to manage these functions separately, you can have them operate side by side. This cuts down on inefficiencies, sometimes enabling you to execute multiple tasks at once. You’re saving time, while at the same time creating a workflow that’s much more sustainable for the long term.

At the end of the day, incorporating a custom POS system into your business can be a great way of saving not only time, but money. It’s also often easier for your employees to handle. This type of system is meant to work for you, specifically—there’s less of a learning curve. Add trainability to the list of qualities you can appreciate about a customized system!

Can I Build a POS System?

Technically speaking, you could build your own custom POS system. Whether or not you want to do it is another question altogether. Every business owner must make their own decisions regarding a POS system. This includes the amount of time, effort, and resources you’re going to funnel into customizing a system without assistance.

Keep in mind that while building your own POS system allows you to customize it personally, that also opens you up to a host of mistakes. If you’re not an expert, you can’t expect yourself to know exactly what to do. You might spend money that isn’t necessary, make mistakes that cause more problems down the road, or run into similar issues. With that being said, it’s often more cost-effective—and time-efficient—to work with POS solutions experts who can help you create the perfect system.

How Much Does It Cost to Create Your Own POS System?

It’s difficult to say exactly how much it might cost to build your own custom POS system. A lot of the cost will depend on your specific needs, as well as the complexity of the project. Generally speaking, building out your own POS system can cost around $40,000 to $50,000. However, it’s not unusual for the price to climb up to $90,000. It can also be less.

However, you should keep in mind that you’re not only paying for the system itself, but for customizations and the price of labor (if you employ any individuals for assistance). If you only want to track sales without features like loyalty program and inventory management, it may cost less. But remember what we said earlier—a more customized system tends to integrate more easily with other processes. This means, in the long term, it may be cheaper to simply have a more customized system installed with the assistance of a company like FLO.

What Are the Three Types of POS?

There are three main types of “modern” POS systems. They include:

  • Tablet-based. As the name suggests, this option allows you to conduct sales using a tablet, typically an iPad or an Android. The convenience here is that the tablet is relatively easy to use and portable. They’re particularly popular in specific settings like restaurants. A POS tablet system for restaurant environments allow the user to conduct business tableside. If you’d prefer it to be more stationary, a POS tablet system stand allows you to work without holding the tablet.
  • Mobile POS. A mobile POS encompasses POS software you can operate with mobile devices—including smartphones. This means you can conduct business anywhere, with customizations as needed. The software may be similar to that which you might find on the app store, creating a user-friendly experience.
  • Cloud-based. To put it simply, a cloud-based POS system is dependent on an internet connection. This means you can work through several types of devices—a major benefit for growing businesses.

POS FAQs

Still have some questions about a custom POS system? Luckily, we have more answers!

What are “Level 2” and “Level 3” payment processing methods?

Level 2 and Level 3 payment processing methods address business to business transactions with extra data in payment messages. Through this extra data, you’ll increase the payment’s security, as well as its general reliability.

What is the difference between Level 2 and Level 3 payment processing?

Level 3 processing requires all of the data needed for Level 1 and 2 payments, plus additional info regarding freight amount, commodity codes, and the product itself. Furthermore, it requires the most effort, as well as specialized software. However, this results in the lowest interchange rates of any level.

What are the benefits of Level 2 and Level 3 payment processing?

Both levels offer enhanced security, faster account settlements, fewer chargebacks, and lower processing costs.

Now that you know a bit more about POS systems—and your customization options—take the next step by asking the experts. Call FLO at 803-887-7356 or contact us here and get the advice you need.

inventory plannerEfficient inventory management is the backbone of a successful small business. Imagine walking into a store and finding that the product you came for is out of stock. Frustrating, right? Now, picture this scenario multiple times. Consequently, you start to see why effective inventory management for small business owners is crucial. In fact, mastering this skill might mean the difference between thriving and surviving.

Luckily, as our name FLO Business Solutions suggests we are full of solutions for business owners. Our one-of-a-kind point-of-sale (POS) system is equipped to provide inventory management to keep your business on track. It’ll take the challenge and headache out of it for you and allow you to focus on other important aspects of your business. Want to see this amazing POS system firsthand? Then, call us at 803-887-7356 or use this link to schedule a demo.

In the meantime, this blog post offers a comprehensive guide to understanding and implementing smart inventory management strategies. This ensures you keep your customers happy while optimizing your operations.

 

Why Efficient Inventory Management Matters

Efficient inventory management is not just about keeping shelves stocked. It’s about striking the perfect balance between supply and demand. Too much inventory often leads to financial strain due to excess storage costs. In contrast, too little inventory might result in stockouts and missed sales opportunities. For small businesses especially, these missteps potentially have a significant impact on profitability. Therefore, effective inventory management allows for smooth operations, satisfied customers, and a healthy bottom line.

Making sure your inventory processes are efficient helps free up cash flow. When you have too much stock, money is tied up in products. They sit on shelves, instead of being used more effectively elsewhere in your business. Efficient inventory management ensures you are purchasing the right amount of stock at the right time. Therefore, you free up cash to invest in other areas, like marketing or employee training.

Three Best Practices for Inventory Management

Implementing best practices is crucial for small businesses looking to optimize their inventory management.

Here are three best practices for inventory management for small business needs.

  1. Streamline processes
  2. Cycle counting
  3. Demand forecasting

One key practice is using technology to streamline processes. Inventory management software will automate much of the work. This reduces the risk of human error and saves valuable time. These systems provide real-time data on stock levels. In turn, this helps you make quick, informed decisions about when to reorder products.

Cycle counting is another effective inventory management practice. Regularly counting a portion of your inventory helps ensure accuracy without overwhelming staff with a full physical inventory count. This method keeps inventory data up to date, allowing for more precise stock control.

Demand forecasting is a vital practice for predicting future inventory needs. By analyzing historical sales data and market trends, you will make more accurate predictions about which products will be in demand. This allows you to plan and prevent stock outs or overstocking, ensuring a smoother inventory flow.

Guess what? All three of these practices are doable with the inventory management functions in FLOW Business Solutions’ POS system!

Tips for Choosing the Right Inventory Management System

Choosing the right inventory management system makes a significant difference in your business operations. Start by figuring out your specific needs. What features are most important for your business? Consider factors like integration with existing systems, user-friendliness, and scalability. You want a system that can grow with your business. Plus, you need robust inventory management software for small businesses and a useful inventory management app if possible.

Research different options and read reviews from other small business owners. Look for systems that offer a good mix of features, reliability, and affordability. We provide demos to walk you through exactly what you’ll get so you can see it first-hand before purchasing.

Finally, consider the level of support provided by the vendor. Good customer support makes a big difference, especially when you’re just starting to implement a new system. That is why we offer training resources, troubleshooting assistance, and responsive customer service for every client.

Maximizing Efficiency with Technology

Using technology is key to modern inventory management. Automation tools drastically reduce manual tasks, allowing staff to focus on more important activities. Furthermore, barcode scanners and RFID technology will speed up inventory tracking and improve accuracy. Finally, advanced analytics tools will analyze sales patterns and external factors such as seasonality. Thus, you are able to predict future demand with greater accuracy.

Frequently Asked Inventory Management Questions

Still have more questions about inventory management for small businesses? Then, you’ll want to check out our FAQ section below! Or call us at 803-887-7356 to discuss your unique professional needs with our experienced team.

How Much Does an Inventory Management System Cost?

At FLO Business Solutions, inventory management is a feature included with our POS systems! Book a demo today by clicking here to see it first-hand and get a custom quote.

We are also running a great promotion currently on our digital signage! Find out more about it here.

What Are the Benefits of Inventory Management?

As discussed in our blog above, inventory management is crucial to keep your business running smoothly. It provides major benefits, such as:

  • Enhances customer satisfaction
  • Reduces operating costs
  • Increases profitability

Is Demand Forecasting Necessary for a Small Business?

If you own a retail business or any business that has any type of inventory, then demand forecasting is vital to stay ahead in operations for your business. By analyzing historical sales data, market trends, and external factors, you can make informed decisions about inventory ordering.

Let FLO Business Solutions Help You Master Inventory for Small Business Needs

Effective inventory management is a critical component of running a successful small business. By implementing best practices, choosing the right systems, and leveraging technology, you optimize operations, reduce costs, and enhance customer satisfaction. Efficient inventory management is not just about keeping shelves stocked. It’s about making smart decisions that can drive profitability and growth.

Choose FLO Business Solutions’ POS System for inventory management for small business success! Ready to learn more and see our system? Schedule your free demo or call us at 803-887-7356.

For small business tips and news, follow us on Facebook and Instagram.

inventory plannerMany types of businesses need to maintain a supply of products to sell. Even some service-based industries like restaurants need to manage an inventory of ingredients to create their menu. Controlling the flow of resources is critical to the success of any company. FLO Business Solutions can help you with a comprehensive inventory planner.

The Importance Of Good Inventory Management

All products have a life cycle. It begins with its introduction to consumers, continues to the height of popularity, and ends with its decline. Additionally, some products have expiration dates. An efficient inventory management software system will keep track of the demand patterns and viability of all your goods.

Fundamentally, maintaining the optimal level of inventory is crucial to the success of your company. Out of stock items may cause customer frustration. Your customer may request a cancellation and never buy from you again. On the flip side, too much stock results in higher warehousing costs. In addition, you risk depreciation of the unsold products.

Ultimately, correct inventory management touches every part of a business:

  • Eliminates out of stock items
  • Creates satisfied customers with timely delivery
  • Reduces over-purchasing
  • Frees up cash
  • Minimizes storage need
  • Decreases business losses

Inventory Planning Begins With A POS

Keeping track of the coming and going of your products is the basis of an inventory planner. This system takes existing data and forecasted sales to create a strategy to maintain an optimal amount of product. It involves several steps:

  1. Analyzing Sales Data

Often, business will experience busier than normal times. For example, many product-based companies see an increase in sales in the days leading up to the holidays. Furthermore, some products become best sellers while others fail to generate interest.

  1. Creating Demand Forecasts

As you analyze sales data, you can identify trends in demand to forecast required inventory.

  1. Picking Suppliers

Ultimately, you want to form long-term strategic business partnerships with companies that will strengthen your company. Carefully consider the following factors when picking suppliers:

  • Cost
  • Reliable delivery times
  • Material quality
  • Reputation
  1. Establishing Storage Capacity

No matter the size of your company, you’ll have a limited amount of storage space.

  1. Evaluating Data And Forecasts

Inventory planning is dynamic and will need constant revisions due to consumers’ changing tastes and fluctuating economies.

  1. Keeping Abreast Of Innovative Solutions

Emerging technology can automate and integrate processes to make running a business simpler.

The Best POS System

The best POS (point of sale) can manage all these tasks simply and efficiently. Plus, you’ll get data in real-time for accurate up-to-the-minute information. Then, you’ll be able to minimize the risks for making inventory errors. Furthermore, you’ll be able to capitalize on changing conditions and situations.

Moreover, a POS can integrate other business functions into one system. This allows you to manage virtually every aspect of your business:

  • Inventory management
  • Sales
  • Accounting
  • Employee time management
  • Reward program monitoring
  • Analytics and reporting

FAQs About Inventory Management Systems

Are you ready to take control of your inventory, but still have questions? Below, we answer a few frequently asked questions. If you have others, give us a call at 803-887-7356.

What Is The Difference Between An Inventory Planner And A Demand Planner?

Both are part of an inventory planner system. Demand planning involves forecasting future sales while inventory management relates to controlling existing stock on-hand.

Inventory Planner Pricing: How Much Will It Cost?

Several variables will affect the cost of an inventory management system. For example, do you want a warehouse management system or integrated POS? Will you need to manage shipments from different suppliers? What type of inventory security management system do you want?

When you partner with FLO Business Solutions, we work with you to find the best options and solutions.  We offer a full portfolio of services and can tailor a system to meet your specific needs:

In addition, once you sign a contract with us, we lock in your fees for the life of your account. Thus, you’ll never experience a price increase. Plus, after processing your transactions, we send you your money the next day.  We can even offer you same-day funding for an additional fee.

Furthermore, many businesses can bundle our services at deep discounts. Sometimes, our package offer qualifies you for services at no cost. Of course, we also offer financing for both hardware and software.

Is A POS Hard To Operate?

Our systems are very user-friendly and we offer a free demonstration to show you how easy it is. If you find a POS system hard to operate, so will your customers.

How Do I Choose The Best Inventory Management System?

Admittedly, many inventory management systems options exist. Choosing the right one can help grow your company while the wrong one may ultimately cause bankruptcy. While cost is an important factor, customization and support are critical.

Ultimately, even businesses in the same industry are different from one another. Thus, you need custom and not one-size-fits-all solutions. Accordingly, we take the time to listen to you to discover your needs to find the perfect solution.

Finally, support is one area you need a dedicated team. Glitches and problems can crop up and when they do, you want a person to help you. At FLO Business Solutions, you can always talk to a real person.

Ready to start a conversation about how we can help you? Call us at 803-887-7356 to begin the process.