EPOS vital role to play to counterattack credit crunch effect
by Niels Nielsen, GS Systems Managing Director
These are really, really tough times in the UK for anyone involved in running or managing a business involving discretionary spend.
The current economic climate and uncertainty are unprecedented in my lifetime, especially as the hospitality and retail sectors are particularly susceptible.
Yet despite the doom and gloom, optimism abounds when I see how progressive forward thinking businesses are actively looking to tackle the consequences of the credit crunch.
Two areas stand out for special mention.
First, they are using their EPOS systems as a business tool to counterattack the effects of the credit crunch and protect their bottom line.
A classic but simple example is the recent story of one of our clients pro-actively instigating a full recipe cost audit via their GS hospitality suite.
This revealed wide ranging portion control variances - which is great for filling up customers' stomachs free of charge but not so good for the bottom line.
Thanks to our audit the client was able to make a massive saving on food costs - and add an impressive and very welcome 3% extra to the profit margin. A welcome boost at anytime but even more so today.
Tangible benefits like this highlight why an EPOS consultancy like GS Systems makes much more sense than a so-called business rival that simply delivers boxes and installs software.
Without banging the drum too much, our experience really does come to the fore as EPOS specialists.
After all, we have a track record stretching back thirty years as opposed to young upstarts with no real in-depth understanding of how the hospitality and retail sectors operate or others who offer EPOS as part of a very long and unrelated shopping list that has everything including the kitchen sink!
Second, they want to explore the full potential of EPOS beyond its everyday functionality.
Here's what I mean.
Often when I talk to clients, I tell them GS is most effective when we work with growing businesses.
That's because they understand and appreciate the value of EPOS - and our expertise.
They are the ones that will come out of this current recession stronger, fitter and better able to take advantage of new exciting opportunities as and when they arise.
From their perspective, they know the marketplace never stands still and that out of adversity comes new revenue streams.
That's why they are willing to challenge the status quo and preconceptions of what constitutes a standard retail or hospitality template.
And just like ourselves, they are always questioning what they're doing and how they can add new revenue streams.
Similarly, from our end we're constantly looking at new ways to add measurable value to an EPOS system so businesses can get an even better return on their investment. Innovations like web based loyalty and epos messenger help us stand out from the crowd.
By talking to one another and looking for natural synergy within our own areas of expertise, we can grow together.
The key is to ask how can EPOS help turn an idea into an exciting reality.
For instance, another client was looking at diversifying their business activities with eat in and eat out options and were exploring how to achieve this before realising the logical solution was to use the existing EPOS system.
It's saved them a lot of development investment and given them a better end product.
Welcome to our E-Blog
Hello. I'm Niels Nielsen, the managing director of GS Systems, one of the UK's leading independent EPOS providers. This blog is my take on what matters to those of us who use EPOS to ensure their businesses grow. If you want to find out more about anything I'm saying simply email me or call 0800 655 6264.