Decrease cash outflows
Minimizing cash outflows is an inseparable part of in-store cash flow management. Let’s see how to handle it.
Carefully manage inventory: do you want to import new products just to store in your warehouses or pile up your inventory? Of course not, right? But if you don’t have a clever inventory management plan, you are doing that without notice. Noticeably, poorly managing inventory can breed you to the verge of debt. Remember to always keep an eye on your inventory on a daily basis.
Reduce fixed and variable costs: internet, phone, rent, staff salaries are some of the fixed costs incurred during the year. Besides, you also have to pay for variable expenses like shipping fees.
As your daily operations seem to tie closely with a POS system, you can surely take advantage of your powerful POS to manage inventory and staff performance. A POS system allows you to record and track inventory in real-time, separate staff log-in to measure each staff’s performance is a good fit for your business.