Small businesses are presented with many unique challenges. Not only are they constantly competing with larger businesses, but they also do not have the same resources available for growth. One of the most common challenges is with obtaining profits. Small business profits can be affected by minimal marketing resources, ineffective leadership, and poor tracking of sales. The poor tracking of sales can be corrected with the following strategies.
Hire an innovative CFO
Financial tracking and success metrics are constantly changing. As new and improved methods are identified, older methods are disposed of. If you do not currently have a CFO that is updated on newer financial methods, your business could be suffering. This is not to say that you have to fire your current CFO and hire someone much younger. There is still value in experience. It is, however, important that your CFO stay up to date with new point of sale and coin counter machines for optimal profit tracking.
Extend the training period for employees
Studies show that employees with greater amounts of training make fewer mistakes. This is especially important if your employee directly affects sales or physically handles the profits. Coin counter machines can be beneficial in reducing human error even further. Extending your employee?s training by just a week or two can make a huge difference in income accuracy. After all, it is necessary to understand your financials and if you do not know exactly where your money is going, this can be impossible to achieve.
Equip locations with coin counter machines
A current counting machine is a machine that counts money, either stacks of banknotes or loose collections of coins. Cash and coins are the most common miscounted items in a store. This is not always done intentional. Employees can lose track or improperly count cash, and report the wrong earnings. Later on, you are left wondering where the extra cash came from or where missing money went. Coin counter machines and cash recycling machines can reduce these mistakes almost entirely. Cash counting machines allow a business to maintain 100% assured accuracy for cash transactions.
Do daily bank drops
Going too long in between cash counting and bank drops can increase error. When money is reported missing, it can be harder to track whether it was a mistake or theft. Doing daily bank drops allows you to use advanced cash management solutions and to understand your income on a day by day basis. Also, doing daily bank drops and using cash counters can save time for everyone. Counting notes by hand is time consuming and is usually carried out two or three times to make sure the numbers are correct to correct any human error.
Invest in an automated banking system
You have probably notices that larger businesses and banks now have automated systems. Automated systems reduce error and punch of an exact number, without having to do mental computing. Some of the more advanced systems can even identify how much cash or coins are in the coin boxes. Cash register operators no longer have to physically count out all of the cash or coins by hand. Instead, the advanced register can do all the work.
Smaller businesses sometimes find it difficult to compete with medium to larger businesses, especially when it comes to financial considerations. Smaller businesses have more cash and income errors. Fortunately as a business owner, you can overcome these difficulties by having an innovative CFO, extending employee training, using coin counter machines, and upgrading to an automated money system.