The last 12 months have been tough for those in the retail industry, even in an industry where the margins are normally tight. An increased number of bankruptcies shone a light on just how difficult it can be to succeed in retail.
As retailers move forward into 2020, they’re seeking ways to streamline their operations even more. The usual culprits are all on the list. You’ll look to save on labor costs, energy costs, and so much more.
Have you checked the equipment you use to handle currency lately? New currency handling equipment may not seem like the surest bet to streamline and cut costs, but it has a host of benefits for retailers like you. Here’s what you stand to gain when you invest in new equipment to handle your currency.
How much time does your team spend handling currency every day? Chances are it’s much more than you think. Depending on the processes you’re using and the equipment you have, it can take a significant amount of time to count tills, prepare deposits, and make up floats.
If you’re leaving most of these tasks up to your human team members, you could also be experiencing a higher number of errors. Mistakes happen, but finding and correcting them puts other tasks on pause. In turn, you’re losing even more time to currency handling.
New currency handling equipment can resolve this efficiency roadblock. With faster processing and smarter devices, your team can move through their to-do list at lightning speed. Better yet, they’ll make fewer mistakes.
Reduce Cash Handling Costs
How much does handling currency cost your business every month? How about in a year?
Much like the situation with time, your costs are probably much higher than you realize. Again, new currency handling equipment might be the answer.
Since new devices can improve efficiency, they can also reduce the labor costs associated with handling currency. On top of that, they reduce the number of errors, which also run up costs.
Finally, they can help you streamline banking fees. A better deposit and withdrawal schedule can reduce CIT and deposit fees. A smarter system could assist you in determining the optimal float for your business and free up your capital, which can reduce fees, penalties, and interest payments too.
Invest in Security for Your Business
Currency carries a host of risks, which most retailers are well aware of. You can reduce shrinkage by investing in new currency handling equipment.
Most newer devices come with increased security features. Take currency recyclers, for example. Better tracking and recording help you keep track of your currency at all times. With this big-picture view of your cash, it’s easier to spot where shrinkage is happening and take steps to prevent it.
Improve Reporting and Make Better Decisions
These tracking and recording features also help you when it comes time to prepare reports. Most machines have already collected the data for you: You simply have to tell the device which data to include and what kind of report you want.
Reconciling the books has never been easier. With more data at hand, your reports will also be more complete. From there, you can even take a look at trends in your business. These data-backed insights could help you make smarter business decisions and better support growth.
Reduce Labor Costs
New currency handling equipment frees up your team members. With it, you may be able to shorten shifts, reduce overlap between shifts, or even schedule fewer people at a time.
If you’re looking for a way to reduce your labor costs, then new currency handling equipment is a smart investment for your business.
With all these benefits in hand, retailers will have a better chance at success, even in a tough environment.
Source: Andrea LoMbardi, CASHTECH