Is your small store starting to grow? Are you putting out new products for a certain time of year or dramatically expanding your entire inventory and selection? You might need a little additional help keeping track of each item in the store as your business takes off. It might also be beneficial to get a bird's eye view of which products are selling or which promotions are working the best. Here's how using a scan data reporting program can help you stay on top of every barcode in your store.
Data-Driven Analysis of Your Sales
A barcode and scan data system will have you put a barcode or label on every product in your store or at least provide the cashier with a list of codes to punch into the register depending on what is being purchased. You'll be able to see how many of every product you have on hand and you'll see on a report that you can access at any time just how many of each SKU you've sold. You will be able to determine what is selling and what is not. This data will let you optimize your inventory over time for more profit and fewer write-offs.
Historical Sales Data to Help You Prepare
Is your business a bit seasonal in nature or do you have ups and downs depending on which month of the year it is? Once you get started using a scan data reporting program, you will be able to spot trends over time. You'll know if it's likely if you need to re-order more of a certain SKU ahead of a certain time of year or if a certain item's sales drop off a cliff when summer is over. This will let you plan for the future and once again optimize and streamline your inventory.
Evaluate Your Marketing Campaigns
A scan data program can be used to monitor a sale or ongoing marketing campaign. You can ask the program to focus on specific SKUs that are part of a big promotion. You'll be able to see if there was a bump in sales in direct response to the extra effort you or your employees put in or if you maybe need to retool your marketing message.
Share Data With Suppliers
Your scan data is your business but there may be times when it could be beneficial to share this information with your vendors or suppliers. You could use the data to show a supplier that you deserve to receive a larger allotment of their products sooner rather than later. It may also provide the supplier with ideas for how to optimize or customize what they are providing you in the interest of boosting sales for everyone.
Share30 May 2023
Tax time comes around every single year. Do you file married jointly or separately? Do you claim your property taxes and medical bills? What about a home office and the expenses for it? Were there any changes in tax laws that you should be aware of? My site is filled with advice for small business owners for tax time. You will learn how to get the most from your return and what could trigger an audit or red flag on your tax forms this year. Hopefully, what I have included on my site will help at least a few small business owners get through tax time with less stress.
