As a business owner, you probably hear the term “data-driven” more times than you can count. This is because making decisions based on numbers, not feelings, is one of the most important things you can do for your business. There are many ways you can make sure you’re keeping on top of your data, and tracking your payment data is one of them.
The perfect place to start when trying to build data-driven processes for your business is with your inventory. Many of you may still be relying on clipboards, counting, and manual data entry to keep track of what you have, which could result in costly errors for your business. Having a payments solution with an inventory management feature links your sales activity to your inventory numbers, making it easier than ever to make sure you always have enough supply for your demand.
Check out the Fattmerchant Mobile App and learn how you can manage your inventory and sales activity from a single convenient location.
Understanding how your customers behave is essential to optimizing sales. Being able to make data-backed decisions about promotion, staffing, loyalty programs and more all stems from understanding the behavior of your customers. If your store is slowest Sunday mornings, you could be wasting money on unnecessary staff during those hours.
In addition, customer retention is vital to track in order to capitalize on interest and loyalty. If you start to see a trend in repeat customers, it could be a good time to launch a loyalty or referral promotion, encouraging those repeat customers to come back and bring a friend. All of this information can and should be housed within your payments solution, and can be found on the Fattmerchant Mobile App.
Not only is it important to be mindful of data, it’s important to be able to visualize the information in a clear and meaningful way. There’s no point in collecting data on your business if you are not inclined to look at the results. Having a dashboard with all of the most important information in front of you is an easy way to make sure you’re keeping it top of mind.
Although data tracking might seem overwhelming, the tools and support available to you as a business owner are designed to make it easier than ever. Making smarter decisions about your business will not only save you time, but money too! Visit fattmerchant.com today to learn more about how to stay data driven as a small business, or give us a call at 855-550-3288 and we’ll help find the perfect solution for your business!