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4 Tips to Grow a Successful Small Business

July 18, 2022

The travel industry’s spending increased to $726 billion this year, up nearly 3% from 2021. While travel helps many small businesses, spikes in inflation have also created some uncertainty. For some owners, cutting back on upgrades or hiring seems like the logical answer. However, outdated equipment and poor employee retention can harm businesses long term. When growing a small business, owners need helpful and easy-to-implement small business management tools that work. Luckily, we have a must-read article that can benefit small businesses nationwide through simple and effective changes. Keep reading on and learn more about four small business management tips and how to get started today! 1. Upgrading the Back Office One simple but powerful piece of business management advice is to upgrade the back office. Outdated accounting and payroll systems are costlier in the long run since you’ll spend more time fighting old software systems and less time working on your business. An updated back office system is beneficial for several reasons, including: Easier payroll Organized time sheets Accurate pool margins Efficient inventory tracking Up-to-date price changes Schedule management Track purchases Control prices on the go This is the backbone behind owning a small business. Investing in a high-quality software system helps employees easily clock in and view timesheets and payroll. As a small business manager, it takes the burden off manually tracking inventory, ordering shipments, and calculating profits. 2. Invest in Employees Pay and burnout are two primary reasons employees leave their jobs. While some expenses need to go to keep our business afloat, an owner can’t neglect employees. Hold annual reviews and give raises or incentives to show that employees are a valuable part of small business growth. Another way is providing education pay benefits. This incentivizes employees to stick with businesses and fosters company growth and rapport. 3. Upgrade Old Equipment Tech equipment has a short shelf life. According to recent surveys, 59% of jobs that can be completed remotely are still considered “work-from-home.” The shift in how people work also spurs how we use technology. For businesses that cater to remote work, we need reliable and upgraded technology to streamline services and ensure the ship is sailing smoothly. Upgrading a few computers might put a small dent in your wallet, but it will last for years to come and avoid technological problems that slow down productivity. 4. Form New Partnerships A successful small business takes time to grow, and we can develop this relationship by networking. Use LinkedIn and other platforms to advertise a product or service. Reach out to fellow brands and business owners to build partnerships. Additionally, don’t forget about building a talent pipeline. Be proactive in job fairs and on social media. Reach out to passive candidates and develop a good brand rapport that interests high-quality talent. Building Small Business Management To manage a small business, we need an excellent product or service and a solid business plan. Backing this up with qualified staff and upgraded equipment makes the process easier. At Modisoft, we understand what it takes to get our small business management up and running. We work with several businesses, from grocery to liquor stores and everything in between. Ready to get started? Check out our pricing and start seeing the difference in your back office!

How To Prevent Employee Burnout & Turnover

July 7, 2022

In December 2021, the Wall Street Journal reported that three-quarters of US workers were stressed or burnt out by work. That number was up from 55% of workers just six months before. These findings impact businesses across the country. Employee stress is on the rise, which can have significant effects on our company. Employee burnout often causes workers to leave their jobs for more satisfying work elsewhere. Fortunately, there are some tips that can help prevent this from happening in your company. Read on to learn more about the solutions to this problem! Value Your Employee’s Work One way to reduce employee burnout is showing greater appreciation for their work. There are several ways you can do this. One option is celebrating successful projects with a catered meal on the company’s dollar. Quality food is often a satisfying reward for people; it also gives your employees a chance to foster deeper interpersonal relationships. Another approach is to survey your teams to determine what tokens of appreciation they may like to receive. After a successful week or month, you can distribute gifts that people enjoy. Also, it helps to appreciate people on an individual basis. You may consider celebrating an employee’s birthday by posting about them on your social media accounts. Provide Technological Help for Workers Another source of employee stress and anxiety is overwork. People often feel they spend their time at the office doing repetitive, meaningless tasks that take away their ability to focus on more important work. There are ways to solve this problem, too. One possibility is using automation software to eliminate repetitive tasks. For example, back office software can integrate several tasks into its system. These include integrating payroll, reporting, banking, etc. Doing this allows your workers more time to focus on other tasks. Promote Work-Life Balance Increasingly, it seems like a work-life balance is impossible to maintain. The prevalence of working from home or taking work devices home allows people to work anytime, anywhere. While this is often convenient, it isn’t healthy. Instead, promote ways for your workers to retain a work-life balance. There are multiple ways to approach this. It could help to give workers more flexibility in their schedules. For example, some workers may have significant others with irregular work schedules. Letting your employees match their loved-ones schedules can give them a deeper work-life balance. It also helps to promote vacation time. Make sure that people feel comfortable taking time off when it’s appropriate. Automate Your Work Systems with Our Back Office Software These approaches can help you reduce employee burnout. However, some of these strategies may be easier said than done for your company. For example, maybe your business model can’t accommodate flexible schedules. In these cases, we strongly recommend using back office software to eliminate repetitive tasks for employees. This can eliminate significant sources of stress and make your company more productive. To that end, check out our solutions today! We provide services for several types of businesses, ranging from restaurants to offices. Find the solution you need with us today!

What eCommerce Trends You Should Follow in 2021

September 7, 2021

2020 changed a lot of things for eCommerce, as online sales became more important. With 2021 in full swing, here are the top four eCommerce trends you should be watching out for. Customers are choosing marketplaces over eCommerce stores 2021 has been an important year for businesses having easy-to-navigate websites that make purchasing easier and more straightforward. However, many consumers are looking towards marketplace platforms to make purchases. Marketplaces make it easy for customers to look at multiple items that are similar and make a choice based on the items available. Consider marketplaces as another avenue for expanding your brand and listing the products available. By prioritizing convenience, you are able to take advantage of the high traffic volume on marketplace platforms to increase your customer base and take part in the faster shopping experience. Keep in mind not to rely on marketplaces, as you are unable to track data more closely as you would with online sales directly from your own platform. Omnichannel Selling Is Growing The more access your customers have to your brand, the more sales you will have in the long run. Across tablets, mobile phones, and desktops, consumers are looking at all different modes of technology to make purchases. Omnichannel selling is expanding to social media platforms and affects how consumers and influencers interact with your brand. By tapping into the ability for customers to see and purchase products across mobile and desktop capability for multiple social media channels, you can increase brand awareness and sales in the coming year. Self-Service Platforms Are On The Rise Online sales have changed how small businesses are able to compete with other big companies. With self-service platforms that make purchasing easier for customers, brands are able to tap into more purchasing power with digital sales that do not require a whole team of developers. If your brand is already established, consider using a platform that you can easily add your products and services to in order to quickly get set up and start expanding your online and in-store purchases. AI Is Becoming More Beneficial AI is getting smarter and more beneficial for entrepreneurs and established businesses. Chatbots, messenger apps, and voice search are all aspects of AI that businesses are choosing to take advantage of to increase positive customer experiences and to automate operations for better organization. By tapping into AI, you can improve back-end operations, ordering, and selling all within one app. Determine what your business needs this year to keep up with trends and to expand customer reach.

8 Steps To Creating Your Small Business

August 6, 2021

Starting a small business can be challenging, especially in today’s global economy. Nearly 20% of businesses fail within their first year, and only half make it to five years. With adequate research and a willingness to understand the nuances of running a business, there is room for success in your business idea. In this guide, you will learn 8 simple steps to get your business started. With the right steps in place, you can grow your business idea and find success. 1. Conduct Market Research Conducting market research helps you understand the competitive landscape you are entering into. Whether you have a physical location or are strictly an eCommerce store, there are always competitors who are similar to your business idea. Learn what those competitors are doing to understand the industry you are entering into better. What companies inspire you? What would you do differently than other stores? Keep an accurate record of your findings and write a summary of your research. If you ever feel stuck in honing in ideas, your market research can help you make a plan moving forward. 2. Write a Comprehensive Business Plan A comprehensive business plan can take a lot of time and careful consideration. A business plan summarizes everything about your business and what it needs financially to operate at its best. Aspects to include in a business plan include, Executive summary Mission statement Environment considerations Market analysis Competitive analysis Management plan Financial plan Product lists Potential investors By knowing exactly what your business needs in your plan, you can keep on track for a successful start to your small business. 3. Consider Accounting Options The type of business you start can affect how you pay taxes, raise money, and the personal liability involved. Many small business owners talk with an accountant or attorney first to understand better how opening a small business affects their finances. Types of Businesses Sole Proprietorship: A sole proprietorship gives you complete control of your business. This type is not considered to be a separate business entity, which means your business assets and liabilities are connected to your personal assets and liabilities. Partnership: A partnership involves two or more people who own a business together. This can be a limited partnership (LP) or a limited liability partnership (LLP). An LLP helps protect a partner from potential debt that the other partner may accrue. Limited Liability Company (LLC): An LLC combines the aspects of corporation and partnership structures. This type protects personal assets such as vehicles, houses, and savings accounts. Keep in mind LLC is still considered to be self-employment, which means you have to pay self-employment tax. C Corp: C corp means a corporation and is a legal entity that is entirely it’s own. Corporations are able to make a profit, pay taxes, and can be held legally liable. It is the strongest type to protect personal assets, but also requires more acute reporting. S Corp: S corp is a subchapter corporation that is created to avoid taxation complexities. S corps are allowed to gain profits, experience some loss, and be passed to a business owner’s personal income. 4. Register Your Business After deciding what type of business works best for you, then it is time to register your business. Registering your business creates a tax ID number, otherwise known as an employer identification number (EIN). This helps track your business for tax reasons, but keep in mind that if you are not a corporation or partnership, you will not have to register for an EIN. Make sure to register your business in the state you are in, as income and employment taxes differ per state. Talk with your attorney or accountant to further understand what is required to fully register your business. 5. Consider Payment Options Setting up payment options for future customers can seem like a daunting task, but it can be made very simple with a POS system, merchant account, or payment gateway account. More customers are utilizing debit or credit cards, which makes it a key aspect that is needed when starting a small business. Choose a credit card machine or point of sale (POS) system that works best for your business model. More advanced POS systems like Modisoft are able to offer inventory management, as well as manage schedules and regular reports, which can help you increase profits. There is also the option to set up a merchant account or create a payment gateway account. In the US, eCommerce represents 10% of retail sales, which means online sales are becoming even more crucial for businesses to adapt to. With a payment gateway, there is the ability to encrypt data and ensure that the information is secure for customer payments. However you choose to collect payments, make sure to check for any hidden fees or transaction minimums before signing up for a service. 6. Apply for Licenses or Permits There are regional, state, and federal licenses and permits to consider before you can open your business. Depending on the type of business you plan to open, the type of permit will differ. If you are opening a restaurant, you will have to consider a food handler’s permit, as well as a liquor license. For retail, the licenses may differ depending on what state your business is located in. 7. Define Your Business Concept Define your business concept down to every detail before you consider opening the doors to your business. Consult your original business plan and make sure you are on track with your financial plan, product line, or menu items that should be considered beforehand. The more you can define your business, the more customers will be able to identify with your brand. In turn, you can create a loyal base of customers who believe in your business and continually want to purchase more from you. 8. Open The Doors Once you have everything in place, you can open the doors. Ask

Learn How Digital Ordering Can Impact The Way Customers Interact With Your Business

July 9, 2021

Digital ordering is an important way for customers to dine, particularly when it comes to bigger orders. There is anonymity to ordering digitally, which leaves space for customers to order bigger meals than they would normally from a server. It also helps people order what they really want from a restaurant, rather than considering what the group or restaurant suggests. Part of the issue is shame over ordering menu items. Many customers do not feel comfortable ordering what they really want in front of others, as well as are unsure of what the final bill may be. With online ordering making it easier for customers to choose and see the full price, many customers are finding it a better way to get the items they enjoy. As a result, it creates more profit for businesses that they did not consider before the pandemic. Many larger corporations like Starbucks are encouraging online ord犀利士 ers in advance, which eliminates wait time and increases profitability for the company. Restaurants or casual dining are also utilizing mobile ordering that makes for contactless delivery and pickup. Keep Revenue High Among Shortages Businesses are reporting a labor shortage, which makes it increasingly hard to grow profits in an already hurting economy. Mobile ordering takes away the need for staff and creates an avenue for businesses to maximize time and direct their costs accordingly. While other businesses scramble for workers, there are simple ways to implement a digital ordering system that saves you time and creates a positive customer experience. Whether you decide to implement a QR code system, a kiosk, or an online ordering software program, there are several ways to keep revenue high even among shortages. Create Efficiency and Monitor Expenses Digital ordering creates more efficiency for your business by optimizing services. By streamlining the process for customers in a more manageable way, you can monitor expenses and profits more closely. Many businesses use an order management system that tracks orders along the ordering process from start to finish. With the ability to track orders more acutely, you can ensure every customer is taken care of for takeout orders and delivery. Track data along the way and stay ahead of the competition by implementing promotions at the right time and offering deals to loyal customers who continue to return to your digital ordering platform. By adopting a digital ordering system, you can ensure your business stays relevant into the coming year.

What is Point of Sale Software?

June 23, 2021

Point of sale (POS) software was created to assist retailers, restaurants, salons, and any other type of business that accepts in-person payment methods. Some POS systems are installed through a cash register, while others are available through mobile devices. It mainly serves as a way to calculate the total cost of purchase and to securely process payment from customers. Businesses are able to utilize a POS system in different ways, depending on the app utilized. From the ability to boost sales, cut costs, or automate processes, there is a multitude of ways that POS system software can positively impact your business. Manage Orders POS software has the ability to track inventory management, which means the technology alerts you when supplies are running low. By knowing what items you need and when it significantly saves time for you and your staff. Balance Calendars A POS system can efficiently show shifts and allocate them to the correct employees any day of the week. It can also process payroll to ensure employees are paid on time and there is a track record of what employees were working when in case of any issue. Build Loyalty Programs A loyalty program can be created within a point of sale software to entice customers through rewards. Within a POS app, you can also design gift cards and send them digitally or physically to customers. Some loyalty programs are able to integrate with SMS, email, or postal mail, which helps you monitor promotions and discounts to preferred customers. With funnels, reminders, and delivery schedules, you can track everything right from your smart device. Receive Comprehensive Reports POS software delivers comprehensive reports that help you understand your business better. From understanding what items should be phased out to what hours you should extend to, there is a multitude of ways that a POS report can help you create better opportunities for your business. With the ability to access weekly, monthly, and yearly reports, you can keep track all year long and adjust business approaches accordingly. Access the Cloud Previously, you could only access a POS system that was hosted locally. With new technology, you are able to access your POS system from any device and any location. Cloud-based POS systems require little setup and do not need on-site servers. With regular updates, you can ensure you are always receiving the latest that technology has to offer. 24/7 access to your payment environment helps you track all locations for your business within one app. This means less time tracking each business individually, which leaves more time for you to take care of other aspects of running a business. Choose The Ideal POS System For Your Business There are many different types of POS systems available, which is why it is important to consider your options. While some apps offer third-party integration, other apps like Modisoft are all-inclusive for your business needs. Before making a decision about a POS system, first consider functionality, cost, and scalable solutions. Make sure fees are transparent and what minimum quotas are required for transactions. Migrating to a cloud-based POS system helps you handle payments better, create cost-saving techniques, and keep customers satisfied along the way. From small businesses to large corporations, a POS system helps reduce waste and creates more efficiency in operations.

Convenience

Increase revenue with every scan for your Convenience Store

Grocery

Boost the reach of your grocery store using a point-of-sale (POS) system designed for supermarkets.

Liquor

Manage vendors and distributors within a trusted liquor store POS system.

Smoke Shops

Connect with customers through a smoke shop POS system.

Café & Bakeries

Intuitive POS System for Cafes & Bakeries.

Fast Food

Deliver next-level Fast Food service

Full Service

Keep in touch, sync and integrate all your services.

Fast Casual

A seamless experience for fast casual restaurants.

Bars

Smoothly run your bar and brewery with the right solution.

Insights

Robust Insights for effective monitoring & reporting.

Point of Sale

Frictionless Point of Sale.

Cartzie

Boost Sales with Cartzie’s Online Ordering and Rewards

Payments

Easy Payments with Modisoft.

Digital Display

Modisoft Digital display let you embrace the future while making a positive impression of your business.

Self-Service Kiosk

Smoothly run your retail and foodservice business with the right solution.

Boost

Accelerate your growth

Boost offers a unique opportunity to run promotions funded by National Brands that aim to increase your profits and reach.

INTRODUCING

Digital Lottery

Add a modern digital lottery display at your location to attract more customers and boost lottery sales.

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