With the end of financial year (EOFY) on the horizon most businesses in Australia will be looking to get a few things in order before July 1st. Whether it’s an EOFY sale for retailers; hosting corporate EOFY parties at bars and pubs; gearing up for a final big push for sales organisations; or looking for a charitable organisation who’d love to receive a tax deductible donation, there’s plenty to do.
But this time of year is also a golden opportunity to take a look at your business critically, and see what you can improve. With your year end reporting available, you can start the conversation with your advisor on how you can improve your business processes: whether you have room for growth and look to hire more talent, or you have opportunities to cut unnecessary costs, this is a great time to lean on the knowledge of the expert advisors.
One of the best assessments you can make at this time of year is to take a look at your software stack. What are you currently using in your business to automate processes, keep your staff and customers informed (and happy!), and save you time and effort?
When is the best time to look at changing business processes?
We know that there really is no quiet time for retail stores. With seasonal sales driven by big retailers, and new product launches coming thick and fast, it can feel like it’s always go time.
Wouldn’t it be nice then, to be able to remove some of the stress out of the unseen parts of your business?
Automating the flow of data between your inventory, registers, and staff can make a huge difference: smooth, easy transactions, with happy customers; or hectic phone calls to re-order stock, frustrating processes for staff, and long queues in-store. An unpleasant shopping experience can mean an end to repeat customers for many!
Key areas to assess
Jeri from WhichAddon explains why this time of year is so good for a business to start making the switch.
“The end of the financial year is a great time to change the point of sale and inventory system for your retail business as it is when everyone closes down and makes time to do a stocktake. This is the fundamental starting piece of the puzzle of a good inventory management system. Start with the right stock numbers and then simply maintain it. When you know what stock you have - which really is money on the shelf - you can plan better and focus on serving your customers.
The biggest pain points all retail businesses experience - not just yours - are cash flow and stock management. Staffing would be another one. Technology can help you with all three. Firstly, Xero is an easy to use and intuitive accounting platform that enables you to keep the pulse on your cashflow and truly understand how you are performing as a business, every single day. With bank feeds and the mobile app - and a connection to a great addon - like DEAR Inventory, Cin7 or Vend - that runs your store - with the right setup, you can literally understand exactly where you are at from a cash flow perspective every day. No more guessing - you have the data at your fingertips."
WhichAddOn have helped many businesses all over the world get their retail business up and running on cloud apps, or move them to more suitable cloud apps that better suit their growing business. With retail, it's not just about the point of sale. If you are selling on multiple sales channels, like Shopify, Amazon, Ebay, Etsy or even just various stores, there are a lot of moving parts to juggle and manage.
Keane Ceramics was typical of many retail businesses suffering from disconnected systems. They had no real-time information on their stock or finances that they could trust. We helped them move onto DEAR Inventory and connected it to Xero and Shopify. They use the POS module of DEAR in the beautiful showroom on the Central Coast and manage their trade shows with ease now - always keeping their finger on the pulse of their stock and the cash flow across various sales channels