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 This step involves identifying the problem(s) you want to address and solve with your POS.Identify the solutions.Once you’ve identified the problem(s) you’re trying to solve, the next step is to understand how to fix them. Create a Needs Fulfillment document listing your problems and potential solutions. List as many potential solutions for each problem that you can think of. There’s usually more than one way to skin a cat. The more possible solutions you can think of increases your chances of finding a POS vendor who has a total solution. Of course, you will need some idea of what’s available out there in the POS marketplace. There are several ways to get this kind of information. One is to use resources like Google to find POS suppliers and become familiar with their capabilities. Another is to hire a POS consultant. Talk to a business aquaintance who is already using POS. The Small Business Depot’s downloadable eBook POS for Beginners is also a good place to start. (http://www.barsnstripes.com).Understand the benefits .In order to calculate your return on investment you need to compare the cost of doing business the way you do it now with the cost of doing business with a POS solution in place. We’ve identified three classifications of benefits derived from POS: Cost benefits Revenue benefits, and other (intangable benefits).Calculate your return on investment :The first step in calculating your ROI is to calculate the impact a POS will have on your costs. For example, POS can help reduce your business expenses. Now it is time to quantify those savings. Now that you’ve calculated your cost savings and revenue gains, you can estimate your return on investment. Your return on investment is simply your cost savings plus your revenue gains minus your cost of POS.ROI = Net cost savings + net revenue gains - POS cost.Of course this is just an estimate. The influence of POS on your business will depend on these and a lot of other factors. But if you do your homework and choose your POS vendor wisely there is a very good possibility that your POS will provide a handsome return on your investment.Choose a POS vendor.Once you’ve determined that POS is justified, and you have determined what problems you need fixing, only then should you go about the task of selecting a vendor and acquiring POS products.About the Author:Mike Tyler is a technology specialist with over 35 years experience. He currently operates a website hosting and development business at http://www.homepagekeeper.com and a technology consulting site at http://www.smallbizdepot.com |
 
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