Convenience store owners must be on their toes at all times. They are responsible for managing full retail operations, staying afloat, and boosting sales, and often do not have many staff members to rely on for help. This leaves a large burden of responsibility on the owners to manage their businesses, stores, and cash effectively. In a business like a convenience store where many transactions are for small cash amounts, it is imperative that good cash management practices be the norm. When your business largely depends on cash, you want to ensure that you can manage that cash to your benefit!
If you are a convenience store owner, here are 5 ways that you can enhance cash management practices in your business and create a more secure and profitable store:
1. Only Have Minimal Cash on Hand
When nearly every customer is paying in cash, your cash draws can quickly fill up! An overflowing cash drawer can have multiple issues that can reduce the security and efficacy of your cash management process. Firstly, an overflowing cash drawer can easily become very unorganized, particularly during a busy period. This can lead to cash being misplaced or lost completely if proper attention isn’t paid. Additionally, an overflowing cash drawer can be an incentive for theft as a potential thief can easily see how much cash is lying around. It is important to only keep the amount of cash that you will need in the cash register.
2. Keep Your Cash Secure
Once your cash register is getting full, you will need to have somewhere secure to transfer it to before you can make a deposit. One way to increase the security of your cash in a convenience store is to invest in a smart safe. Smart safes have the ability to count, sort, and track all of the cash that is deposited into them, adding an extra element of security into your business. They can also be linked with your cash register system to provide complete security and reduce any contact that your staff members have with cash. Smart safes are a great addition to a store to eliminate shrinkage and protect from theft.
3. Accurately Check for Counterfeit
Small bills are both the most common to be counterfeited and often used in convenience stores to pay for purchases with a low dollar value. This means that convenience stores have a great risk of becoming victim to counterfeit fraud. Investing in counterfeit detection technology can save your business a lot of money in the long run! Counterfeit detectors allow you to accurately identify counterfeit currency as they are able to check security features that might not be immediately apparent to the naked eye.
4. Make Transactions More Efficient
If your store is in a busy location that does steady business each day, you may want to consider investing in a cash recycler. Cash recyclers are machines that complete virtually the entire cash handling process from accepting transactions to balancing cash. Cash recyclers increase the efficiency of transactions as they automatically accept cash and make the correct change, giving you the opportunity to spend more time providing better customer service while also increasing the security of your business.
5. Evaluate Policies and Procedures
If you feel as though your cash management process is costing you money, whether through mistakes, inefficiencies, or security problems, it is well worth it to evaluate your cash management policies and procedures. Figuring out exactly where problems are happening will give you the chance to correct them for good! Once you figure out where things are going wrong, updating your policies and procedures to reflect best practices will give you the best chance of success!