If you operate in the retail industry, chances are you’re always looking for ways to improve operational efficiency. After all, streamlining your business can help you lower costs and increase your bottom line. In a business like retail, this just makes sense.
One of the solutions you’ve been investigating is retail cash automation. You’ve heard all about the benefits of automating your cash handling, and you’re ready to sign up for lower costs, higher productivity, and greater efficiency.
There are right ways and wrong ways to introduce cash automation in a retail business. If you’re thinking about adopting this solution, be on the lookout for these five missteps.
1. Adopting the Wrong Retail Cash Automation Solution
The first, and perhaps most common, misstep is adopting the wrong solution for your business.
Usually, this happens when retailers are hoping to spend less money. They adopt the lowest priced solution, without critically evaluating their needs first.
While a cash counter is a good starting point for many businesses, it may not yield the results you want. This is especially true for a larger business or one that handles many cash transactions.
At the opposite end of the spectrum, some businesses invest in the most advanced retail cash automation solution even when they might not need it yet. They handle relatively few cash transactions or are so small that a comprehensive solution isn’t needed.
Always evaluate what your business needs and adopt the right solution based on your unique requirements. Adopting either the lowest priced or most expensive solution isn’t necessarily the right answer.
2. You Forgot to Train Your Employees
Now you’ve adopted retail cash automation, and your devices have arrived. As the weeks go by, however, it becomes apparent that you’re not getting the best value from your investment. What happened?
How much training and support did you give your employees? For many retailers, the answer is “not much.” If your employees aren’t trained on how to use cash automation technology, chances are they won’t use it correctly.
Untrained employees who use the machines incorrectly won’t help you lower costs or increase productivity. If people are complaining that the machines take more time or don’t give accurate results, it’s time to investigate. Is everyone using the new technology as it’s intended to operate?
Employees who are improperly trained may also skip using the machine altogether. By providing training, you’ll help everyone succeed at their jobs and see improvements for your business.
3. You Didn’t Change Your Procedures
Another common misstep when it comes to retail cash automation is that business owners forget to adjust their processes. With the adoption of new technology, you don’t need to do things the old way.
Be sure to update your manuals and rules around handling cash. Giving your employees the guidance they need to perform their jobs will help you adopt cash management technology with ease.
4. You Didn’t Think about Maintenance
What happens when your machine breaks down? While you expect a new machine will have a long life ahead of it, you should also recognize that malfunctions are a fact of life.
Proper care can help avoid malfunctions, but many business owners forget to factor in regular maintenance when they adopt retail cash automation. The more you take care of your machines, the better they’ll perform.
5. You Didn’t Read the Fine Print of Your Service Contract
You’ve adopted retail cash automation, but the service provider hasn’t been living up to your expectations. Maybe your business is growing and you need to expand.
If you didn’t read the fine print of your service contract carefully, you may find yourself stuck in an agreement that no longer meets your needs. Be sure to carefully review contract terms before you sign on the dotted line. You want a provider who can grow with you.
By avoiding these common missteps, you can successfully implement retail cash automation in your business.