cross North America, the great majority of businesses aren’t enormous conglomerates. Rather, in both the US and Canada, most businesses are small operations. Many are run by just one or two people.
Many small business owners struggle with slim margins and the constant battle to improve overheads and tame costs. Savvy business owners like you look for solutions all across the board. You may have thought about streamlining your staffing or evaluating how you order supplies.
One avenue business owners often overlook is cash automation. Some people believe they don’t handle enough cash to warrant automating. Others aren’t aware of exactly how much it costs them to use cash. Mostly, though, they lack awareness of the many ways automating cash handling can help a small business boost profit margins.
It Reduces Errors
One immediate advantage of cash automation is that it limits the number of errors making their way into your books. Manual processes rely on humans, and humans are prone to making mistakes.
Even small errors add up, especially when you consider the time and effort you need to sort them out. By automating cash counting and sorting, you let a machine tally up your cash accurately and sort it neatly for you.
How does this benefit you? Quite simply, it helps you account for your cash quickly and correctly. That saves you time and money, and it keeps the books in good order.
It Streamlines Employee Tasks
How many people do you need to have in the cash office, making sure the registers are counted up correctly? Does your team spend hours counting cash or preparing bank deposits? What about your cashiers? Do you need to schedule overlapping shifts, or allow extra time at the beginning and end of each shift, so they have time to count up the drawers or prepare floats?
If you answered yes to any of those questions, cash automation could help you by assisting your employees in their day-to-day tasks. With the right cash handling equipment, your team doesn’t need to spend so much time preparing deposits or counting up tills.
In turn, you can reduce the costs associated with cash handling. You may be able to stop scheduling extra employees at the beginning and end of shifts during till checks, or you may be able to reduce the number of people in the cash office at a given time.
How does that boost revenue? It could help you streamline overhead costs, which could help the bottom line or allow you to reinvest in revenue-generating activities.
It Boosts Productivity
Another way cash automation could help you improve the bottom line in your business is by freeing up your employees’ time. You may still need to schedule as many people per shift, but they might be able to redirect their energy to revenue-generating activities.
Consider employees in a gift shop who are able to spend less time counting up cash and more time facing shelves and creating attractive displays. Customers could be more enticed to buy – and to buy more.
Another example is the cashier who can now spend more time delivering great customer service. Your customers will be more satisfied. They may spend more, pop in more often, and tell their friends to visit your shop. By freeing your employees from the constraints of cash management, they can turn their attention to making more sales.
It Lowers Your Fees
Another small boost to revenue may come from being able to streamline banking and CIT fees. With cash automation, you can rationalize your deposit schedule and reduce your overhead. In turn, your freed-up capital becomes an asset to the business and provides a bit more padding on the bottom line.
Cash automation could help you increase revenue in a few different ways. Discover the right solution for your small business’s needs.