I was reading here about the three problems that concern SMBs in the retail industry now. Two we can help you with to measure directly.
Inflation
The Australian Bureau of Statistics (ABS) figures show that inflation which was at its highest level in 13 years, at 3.7%, is now 5.1%, and we all know it is going up. We are looking at the worst inflation here in fifty years.
What you need to know is your business rate!
The reallocation in consumer spending
There can be little doubt now that after two years of COVID, buying habits have changed. People are not travelling as they used to, not going out as before, etc. The tourist that many of my clients depend on is not coming.
So what do we need to see what is working now?
Where we are going, no one knows. But what your POS System can tell you is where you are now and how you got there.
So here is how you can get your figures?
Go to main menu> Sales - Register> Sales Comparison for a given Period.
Now do this in two hits.
First, put in the last 12 months and compare the results to the 12 months before. That will give you a picture of the change in your department sales between the two years. Also, for the total and each department, the inflation rate.
Now go back in and put in three years ago. Now compare that to the last 12 months, which will give you these pre-COVID figures, which will give you a better idea of where you are going.
There is much more in there, but this is a good start for this analysis.
Let me know how you go.
