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POS SOFTWARE

A while ago, here I showed people how to get their credit scores free. When we discussed this, a couple of people told me that checking their credit score frequently will reduce their score. I checked, and it does not. This is the advantage of doing it yourself; if the bank does it, it can reduce your score. This is because bank enquiries they record. Now suppose you speak to a mortgage broker. The broker does a credit check; there is no problem. If that broker goes to ten banks on your behalf, the ten banks' enquiries will be significant. These enquiries, as they are frequent, give the impression that you are short on cash and/or are a person that keeps looking, which banks do not like.

Many consistently track their credit score, especially if they have poor credit risks.

How important are these credit scores?

In my experience, not so much if your score is over 600. I have seen people with bad scores having to go to many banks and credit providers. We had one broker we used a lot because it did not matter what the person's financial state was; that guy seemed to be able to get the money. Still, as long as you are willing to hunt around, in my experience, a bad credit score does not seem to be a significant factor to credit providers. They look mainly at your serviceability, the security and then you. You are not being silly if you go to the loan officer in the bank smartly dressed and acting confident. Still, I would prefer to go to a bank with a good credit score than with a bad one.

If you want to look at your score, the one that seems the most popular is Experian, and you can get your score here.

Note: I am not a financial expert, and this is not financial advice.

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POS SOFTWARE


 

What you can do in your POS System is set a budget for each department? Now here is a quick way that works well how to calculate such a budget in a typical shop which will take you less than five (5) minutes to do. Of course, no shop is standard, but what do you want for less than five (5) minutes of work.

Divide the shop into nine segments, as I have done above.

Now on the top in black, you will see the scores 3, 2 and 1. This is because, in Australia, people tend to go to the left when they go into a shop, so the left of the shop is more valuable.

Similarly, on the side, you will see the scores 3, 2 and 1 in black. This is because the front of the shop is more valuable than the rear.

Now when you add them up, you will see in red the totals, which is the addition of the top and side scores.

Now, add another 4 to that area segment where most of the front counter is.

If you are setting a budget, you take the total shop budget. Your call whether you do it as profit or sales. Divide by forty (40) and multiple by that segment total, for example: if the shop's budget was $800,000 a year. For the bottom front segment, see green arrow its budget would be $800,000 / 40 x 6 = $120,000

Now there is one caveat: the very front of the shop is used for display and is a decongestion zone where people often walk through without thinking. This part varies so much in different shops that you must make your own value.

The quickest way to proceed is to run a totals report for the past twelve months. Now take your total sales and divide it by 40. Now multiple by its total above for each area segment giving you a figure for each area segment.

Now for each department, look at its area segment and note its figure. If three departments share a segment, divide it by three and use this figure on the report. If a department is in a few areas, add the figures up. Now see how its sales figures compare to these figures. Maybe you have some rearranging to do?

Now here are some key points using this analysis.

1) On the right of the diagram, you will see a thick line in blue. Once people enter your shop, most shoppers will turn to the left. Count the right (4+5+6=15 points) and compare it to the left value (2+3+4= 9 points)—a big difference in score. 

This left side is what we call your power wall, as this is where customers naturally end up. It is where much of a shop's sales occur, so make sure it looks attractive. Style it up. Have your high-margin items there.

You can see why large suppliers, e.g. card companies, want you to put their product on the right side of the shop. They have done this maths too.

2) Why do most retailers prefer the front counter on the left of the shop? The space is less valuable there.

3) Why do many retailers like counters on the back. Well, the area there is less valuable.

Have a go; I am sure you will find these five (5) minutes of work helpful.

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POS SOFTWARE

Having two prices on one item is asking for trouble. Even if it is clear your intent, people will have problems.

This happens a lot. A typical example might be a sale item. After the sale, the retailer puts a new price on top of the sale price, but the sale price is still visible.

One client of mine got into an argument over this when a customer demanded a lower price claiming that she must sell the item at the lower price by law. She replied coldly, " I do not have to sell you the item at all." The customer stopped arguing but did not buy, so who won that argument? To me, it was an unnecessary argument.

This started a discussion and some research. As far as we understand the law, it depends on your terms and conditions; if they are not displayed, then there might be problems. It should state that you can cancel orders and withdraw products because of pricing errors. Also, you need to consider if it goes further is whether it was not an error rather than an attempt to deceive. In this case, this practice can lead you into a lot of trouble unnecessary.

Take the old price label off.

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POS SOFTWARE

Too often, my clients miss out on sales as they are not prepared. Don't be disheartened; okay, this year fizzled, but there are good reasons for attempting next year. 

In business, you need to be organised.

I suggest you go over your diary and write your business's critical retail marketing days. Put in a check date when you need to get your stock organised, a date when signage has to be up, and the marketing day date. Your POS sales reports can give you many good ideas about what you need to get.

Here are the important key retail dates that every retail should know and plan for: 

July 2022 (Now)

- EOFY Sales
- Stocktake sales 

September 2022

- 4th Fathers Day
- AFL Final season

October 2022

- 31st Halloween‍

November 2022

-1st Melbourne Cup
- 25th Black Friday sales‍
- Christmas season begins

December 2022

25 Dec Christmas Day 
26 Dec Boxing Day sales
31 Dec New Year's Eve

However do not stop here, go over your business and I am sure you have important sales dates for your market space too.

eg Fashion shops - Winter sales (now)

Card sellers - 30 July – Islamic New Year

etc

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POS SOFTWARE

 

Arbitrary coherence is a marketing technique used by some retailers. What happens is when people are faced with a product line they don't know will often select an arbitrary price to determine its value. A typical example is in gifts who knows what the price is of a gift item?

Now imagine in the shop there are two similar items:

1) $15 item

2) $20 item

Now you add a third item

3) $50 item

Studies show that by having the $50 item on display, sales go up as people buy more $15 and $20 items because the cost seems reasonable compared to the $50. This is true even if no $50 item is sold.

Works well even if the product is not in the shop for example when doing special orders. Start with the $50, then quickly mention the cheaper ones. 

Check out the video below if you want to think more about it and its business use.

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POS SOFTWARE

It is said that a business person has two happy moments when they buy and when they sell. So many people, when they sell, are in such a hurry to leave that they leave potential bombs. I have seen issues that spill over long after the transfer. I have seen problems with property rentals and leases on equipment and vehicles. This is why you hire a business agent.

One problem is that your computer software, which in our case, and almost everyone else's, is sold under license. We say that the business holds a business software license. If ABC Pty Ltd buys the software, they have the rights. Now, if ABC Pty Ltd sells the company to someone else. The licence until we are notified remains with the original party; this can cause problems as the new owner does not have rights.

If you have sold your business or brought a business, please notify us.

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POS SOFTWARE

What is often a revelation to our new clients is how much they can save time and money from our rostering system. Unlike many, it unifies rostering into a single platform, permitting you to see your shop’s retail performance as you have never seen it before. It allows you to ensure there are enough employees on-site. What it does is it comes with a forecasting tool that helps you to organise accurate schedules. This ensures you have skilled employees available and shows you when they need to be at work. As it is centralised, it is easy to see who is working at any given time.

One report that I recommend you study while creating a roster is the traffic analysis report by the hour of your shop, which you will find above.

You can find it here.

Put in dates from a previous period that you feel will give you typical results for the roster you are trying to create. Now, you will get a colour-coded analysis showing the activity in the shop divided into four groups with red for the busy period. This graphically shows you when you can expect to be busy.

Why wait? Give it a try now.

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POS SOFTWARE

The reality of the current market for computer and POS equipment is that shortages are everywhere. We have inflation, and the Australian Dollar, over the past 12 months, is down to the US dollar. 

Bottom line, product availability is challenging, and prices look like they are going up. If you think of updating your computer system, now is a better time to buy than in six months.

Also, if you move now, you can claim a revised tax write-off, which opens up many options for businesses.

This allows businesses an immediate tax break, which can be quite cost-saving. It enables you to buy high-quality equipment that will benefit your bottom line for many years. 

You need to do it to move immediately. As even if the products are ordered and paid for but haven't arrived at your premises, you cannot claim the deduction.

For details on the EOFY sale, please click here.

Please, note I am not an accountant. The information in this article is not legal advice, nor is it intended to be used as a substitute for obtaining independent professional advice. That is what you pay them to do.

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POS SOFTWARE

While anecdotally, they say that uncertainty around elections causes shoppers to curtail their spending. This is as, during times of uncertainty, we often hear that shoppers are deferring their spending. They are taking a wait-and-see approach. This is true for major items such as real estate and HiFi sets, but in the stuff like food, groceries, petrol, etc., they do not defer. Then once it is over, most of them are happy.,

There have been many studies that show this. I did a data-mining analysis going back to 1982 in Australia with a few of my clients' data and found little. Some minor effect on clothes sales caused by the high ticket items, but nothing else. If anyone wants to see my report, let me know.

The real problem of the elections is that from a business administration, it's a bother. People have to go and vote. This can take some time in some places.

One thing I did notice looking at the polling booths, the one where I usually vote is not open this year, and I have to go to another. So check here first your booth. Put in your desired location. You get a list like this

Then check your closest voting booth.

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POS SOFTWARE

Many of my clients use financial advisors every year. So we have worked with a few financial planners on behalf of our clients. So the information they need is in your POS system for your shop.

Generally, the cost is between $1,500 and $3,500 a year; yet it can be more. For example, here. Look at the case study below and see the green arrow pointing to the first year fee.

 

​That is $13,660 initially and an ongoing fee per year of $8,000. That is a lot of money on a personal $400,000 investment fund.

There are several reasons why the cost is so high. Part of the reason is that it takes almost as much effort to do a plan of $400,000 as it takes to do one of $4,000,000. The items, decisions and complexity are similar, and all that changes is the amounts. This is a typical problem in accounting.

But the other reason is the time taken by the financial planner to put together the plan. You go to them and say you need this. They then request a heap of information. You then hunt for the information, put it together, and they then examine this information. They interrogate you for clarification, then, as sure as day follows night, they ask for more information, so you have to hunt around for some more documentation, supply it, and only then can they start. Most of the time is spent collecting the information, not doing the actual work.

The result is that you pay much more than you should.

I will give you a personal example of how the price can spiral. I paid $1,500 for a financial plan, which I did not want, but I had to get one for taxation reasons. Then, after paying that, I received another bill of $500 to pay the accountant fees used in the plan. Then, after paying the accountant fees, I found that there were two entities involved, so the other had to be done too. Then it was announced that this was a yearly fee. So a one-time fee went from $1,500 to $4,000 yearly, which was stated as a very cheap fee. I felt that there had to be a better way.

I knew that I could save a lot by being organised and doing much of the job myself.

So I looked at a few online tools. I generally found them of limited use, more for amusement than helpful.

Then I found one I liked "projection lab."

It a professional online tool. You enter in the information. Since its only me, only I have access to the information. Then I could then experiment with it and so model my financial future. I know what I put in will not precisely match real life. But it's better than a vague concept in my head. Plus I can ask it questions and decide what I like about the consequences.

It had enough functions for me but I suppose as I learn more, I will use more. for now its fine.

Best of all, my accountant told me that it should be acceptable for the ATO for my purposes. Of course, if I had to go to a financial planner, I would be better organised as most of the information would be on hand for them.

It is free, so give it a go. At least if it does not work for you, you will have a better idea of what you need.

Let me know how it goes for you.

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