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5 Questions Leader Need to Ask to Reach Peak Performance

Posted: 28 Oct 2019 01:00 PM PDT

There are five key aspects that every leader must examine if they are to succeed as a leader.  

1.  Do I serve my people?  

The call for servant leadership is more critical today than at any other time in business. Every CEO and leader should see themselves as a servant leader because it reminds the leader and the team that success really comes down to how well you serve someone else. The idea of selfless-service should be taught throughout the organization. This attitude teaches the tram to work together as a whole unit, not as individual parts. Teams always produce more than individuals, and it will be the organizations that are successful at building teams that will succeed both in growth and innovation.  

Often organizations and companies reward individual performance. Businesses must make the pivot to rewarding and encouraging team performance. A vital aspect of every individual's performance review should be how they engaged and propelled a team to help the organization. Another pivot that organizations should consider is moving from individual reviews to team reviews, and the leader evaluates departments and areas of a business. This shift will emphasis to each person on the team how they operate as a unit and provide honest and accurate feedback on the issues that the team will face that impacts the overall performance of a team.  

When a leader serves the team by listening to team members and getting team members to listen to one another, a leader is on the path of building success in their organization. Sometimes it takes a leader a moment when they get knocked back on their heels more than once for them to understand the importance of listening as a leader. However, when a leader truly listens to their people, it propels the leader to become a person of influence.  

2.  Am I building a great culture?  

A great leader can build a great culture. A great culture can build a great organization. A great organization can have a great impact. Therefore it is important for leaders to think about what they are doing to contribute to building a great culture. Many organizations today focus on cultural surveys to understand how people feel about their working environment. Cultural surveys often do not provide the real answers for how people feel about the leader and their workplace. A leader must take the initiative to be with their team and seek to know how their teams really feel about their work and their working environment.  

Great cultures are built on clear values. The leader must strive for clarity in how decisions are made and how people are to perform in the culture that they are building. Values drive clarity because they are an arbiter of how decisions are made and what expectations should be embraced in dealing with team members. Too many businesses try to build a culture, but never take the time to clearly explain and identify the values that make up the culture of the organization. For people to succeed, they must know and embrace the rules of engagement to use a term from the military.  

Leaders must embody the culture that they want to create in an organization. The leader's presence and character set a model for everyone in the organization to become like. The best way to explain a leader's presence and character is to highlight Bob Rosen's tree metaphor from his book Grounded. Your presence is like the tree's roots, what people can't see. Your character Is what people can see, the branches and leaves. If you hack off a branch, another will grow. If you kill the roots, the tree will whither and dies. The key to building a great culture is to focus on what others can't see by developing your roots and the roots of the organization. 

3.  Am I reaching my potential as a leader?

Every piece of equipment in the organization has a potential capacity. The best businesses use their resources to their best level of capacity. One example is the Blackhawk helicopter. It has two engines, each stronger than the one in the Huey helicopter. If a pilot made their approach too fast or too slow, they would not be able to stick the landing without exceeding the engine's capabilities. A successful pilot must know the engine's potential and monitor it correctly to perform at the highest level of performance.  

A question every peak performance leader asks is, what is the maximum performance I could achieve without exceeding any limitations? Leaders must know themselves. It is imperative that a leader knows their strengths and weaknesses. They must know their blind spots, and they must know how they work and where they need a team around them. A leader who hopes to reach their maximum performance will know when they need to take time away from the business to refresh and replenish their energy.  

One habit that I encourage leaders to employ is the idea of four day weekend. Too many leaders run on empty. These leaders have very little to offer to their teams because of their depleted energy levels. If a leader strategically plans for a four day weekend away from the business, it can often help a leader catch their breath and give the leader clarity on vision and next steps on a project or an issue that is facing the organization. Leaders can schedule to be off on a Friday before the weekend and Monday after the weekend. These two days can become an important day in the life of a leader. Short breaks can often lead to big breakthroughs for the leader and in the leader's thought process.  

4.  Am I being clear about my vision?  

Miscommunication impacts the performance of both the leader and the organization. High performing leaders communicate frequently and consistently about the vision of where a company currently is, and where the organization is going in the future. CEOs make a mistake when they keep their vision to themselves. Sometimes a leader is afraid of sharing a vision, thinking that they may not be able to accomplish the vision that has been established and then will look poorly in front of their team. Teams would rather follow a leader that has a vision that cannot be accomplished than to follow a leader that has no vision or is afraid to communicate their vision.  

Often an assessment that identifies a person's communication style can be a breakthrough for a leader so that they know how they communicate and how they should communicate with others. Once a communication style is identified, a leader can use cues to understand another person's communication style. Communication is about common understanding. If you want to connect with others, know what language they speak, and learn to speak their language. The leader must communicate their vision in a way that their people can understand and embrace it.  

5.  Am I open to changing how I lead? 

Too many leaders lead alone. Building a team and delegation is often a struggle for most CEOs and leaders. However, leaders who wish to lead at their peak performance will understand that building a team through delegating tasks is an important step for the growth of the leader and the organization that they lead.  

It is important for a leader to understand why they want to delegate. There are many reasons a leader might want to delegate, such as:

  • To reduce their workload
  • To get more done
  • To enhance specialization
  • To develop others

Of all the reasons a leader would like to delegate, the best reason is to develop others on their team so that others can reach their peak performance as well. When a leader seeks to find the best in the people that they lead, they can find others to lead with.  

One change a leader may make in their leadership is to join a peer retreat where they can learn from other CEOs and business owners. Many leaders are a product of the best leadership thinking in which they are exposed. When a leader listens to other leaders, they learn new ways to look at issues, they examine new ideas to implement, and they receive accountability to make new attempts to consistent in how they lead.  

In relation to accountability, leaders would be wise to hold themself accountable to Robert Greenleaf's best test, contained in an essay, he wrote a 1970 essay about Servant Leadership.  He asked the leader to examine the following questions as they sought to lead at their peak performance.  

  • Do those served grow as persons?
  • Do they, while being served, become healthier, wiser, freer, more autonomous, more likely themselves to become servants?
  • What is the effect on the least privileged in society; will they benefit, or, at least, not be further deprived?

When a leader can answer yes to those questions, they can rest assured that they are leading at their highest level of peak performance. Leaders need to lead better. And leaders will lead better when they ask themselves these five crucial questions. Leadership is too hard and too important for any leader of any organization not to lead well. May it be the goal of every leader to hear the words well done from the people that they lead and even from themselves as they think about leading effectively.  

LinkedIn 101: What Small Businesses Need to Know

Posted: 28 Oct 2019 12:00 PM PDT

Unlike other big-name social media sites (we're looking at you Facebook, Twitter and Instagram), LinkedIn was specifically made for professional networking purposes. Although other social media platforms have business elements to them, none of them are geared solely toward making professional connections, showing off your job history and linking up with other like-minded businesses. 

Why use LinkedIn for business?

You might be thinking that channels like Facebook, Twitter and Instagram are a better fit to promote your business on because they have a lot more users. The more people you can reach, the better, right?

But people scrolling through their social feeds might not necessarily be looking for a business like yours. They might instead be looking up old school friends, researching hot travel destinations or trying to find a breakfast recipe for their new beau. 

However, people on LinkedIn are actively in a professional mindset and are often looking for business information. The power of LinkedIn predominantly lies in its advanced networking ability. Users can link up with other professionals all over the world who are in their industry or parallel industries. 

Connections and leads are created organically through the platform, and the features like Pulse, Groups and the advanced search function provide businesses with numerous opportunities to grow their reach. 

What is LinkedIn used for?

People tend to use LinkedIn to list their job history and to network with companies they might like to work with. From the business side, companies can headhunt promising individuals and get more eyeballs on their business. 

The platform allows you to:

  • Join groups that are relevant to your industry (or create groups to build a community around your brand)

  • Collect information about promising individuals in your industry

  • Share articles and visual content to get more traffic and leads

  • Build your expertise through thought leadership content 

The ultimate aim is to create a business network, and LinkedIn's hyper-focused business environment provides the perfect landscape to do that.

What information should you put on LinkedIn?

The information you put on LinkedIn will vary depending on whether you're operating from an individual perspective or from your company's perspective.

For the former, you'll have a digital resume page, where you can upload things like:

  • A professional photo. This should be high-quality, up-to-date and professional. Usually this is in the form of a headshot and will have you looking directly at the camera and smiling. If you've taken the time to browse through LinkedIn, you might have noticed that many profile photos are in black and white – this is perhaps to give a more serious, professional feel and you may choose to follow suit.

  • A headline. This is one of the first things people will see when they visit your page, so make it count. You want to get across exactly what you do in one sentence (for example, you might put Owner at Your Business Name). The key here is to keep things descriptive. People can find you based on your headline when they use the search bar. So if you're a social media manager, put that in your headline so that you show up in search results for that term.

  • A brief summary. This is where you can elaborate a little on what your role is and what your business does. Keep it short and concise – about two to three small paragraphs work best. Make your summary descriptive and inject some keywords into it, as there is more chance of it showing up in search results if you do this. 

If you're using LinkedIn with the main aim of promoting your business, you're going to want to set up a company page. Here you need to share information like what your business does, what kind of products or services you offer, and any company visual collateral, like your logo and brand colors. 

Your company page is a separate entity to your personal page, but you can link them together to create a connection between you and your business. There are tons of widgets or sections to a company page, and it works in your favor if you try and fill out as many of them as possible. The more information you have, the more likely people are to stick around on your page and then get in touch with you. 

How to improve your LinkedIn for business

Once you've got your personal page set up and your company page is good to go, it's time to start leveraging the tools that LinkedIn has to make connections and generate leads.

There are several ways you can harness the power of LinkedIn:

Connect with individuals and businesses

Use LinkedIn's powerful search function to find individuals and businesses that are a good fit for your company. Making connections with other brands will strengthen your position in your industry, and the more individual connections you have, the more quickly word will spread about you and your business. 

Here, you can use the search function to search specific keywords relating to your industry to find businesses or professionals to make connections with. The LinkedIn Mail feature allows you to send a short note to people you want to connect with, so you can explain who you are and your reasons for getting in touch. 

Be active in groups

LinkedIn's Groups are a powerhouse of business potential. Search for groups that are relevant to your industry and start engaging in them. This doesn't mean spamming members with your latest blog posts and website URL. Instead, think of it as a professional conversation that you can add your expertise to. 

You can answer questions related to your industry, share interesting industry insights, and interact with people who might later on become collaborators, customers, or fans. The aim is to get your name out there and known as an expert in your industry. 

Post content consistently

LinkedIn may well be a professional networking site, but it also works like any other social media platform in that you can share your latest content with your connections and followers.

By keeping your page updated with valuable content, you'll create a legion of loyal followers who will continue to share, read, and interact with your content. 

The key thing to remember is that LinkedIn isn't Facebook – i.e. keep things professional. 

The content you share might include things like:

  • Your latest blog post, with a short blurb introducing it to your followers

  • Testimonials and case studies from past customers to provide social proof to future prospects

  • Upcoming events or conferences your business is hosting to encourage attendees to sign up 

  • Your latest service or product that you think your followers will benefit from to show off what you do

  • Content created by others that's relevant to your industry and customers

Leverage the power of LinkedIn

If used correctly and consistently, LinkedIn can be an incredibly powerful tool for attracting customers, generating leads and building the online presence of your business.

Start by making sure your profiles are packed full of important information and are optimized especially for your industry. Then you can get involved in groups, share your knowledge, and grow your authority in your industry. Finally, show up consistently by sharing relevant, engaging content and starting thoughtful discussions around your brand and industry. 

What the Workplace Will Look Like in 2025

Posted: 28 Oct 2019 10:00 AM PDT

Fast-paced technological and digital innovations have not only changed the way that we live but also the way that we work. Today, organizations around the world are integrating digital workplaces as part of their digital transformation strategy to make it easier for employees to communicate, collaborate and engage.  

Given the quick evolution of the digital workplace, we should pause and look toward the near future to see what digital workplaces will be like in 2025. If we know what will be essential to office workers in the future, we can build and select platforms that stay ahead of the curve.

Digital workplaces are the future of work

A digital workplace is the complete set of tools modern office workers need to complete their work. They drive employee mobility and flexibility without compromising on productivity. In fact, digital workplace platforms have the ability to revolutionize and disrupt the way employees work. When implemented in the right way, digital workplaces can reduce costs, increase efficiency and achieve business outcomes faster. 

Digital workplaces integrate all the required business applications including cloud storage, group messaging tools, collaboration tools, project management, automated processes and more. The rise in their popularity is a result of the increasing demands of workers to be able to handle more responsibilities. Today's manager needs to be able to lead projects, create custom processes, collaborate with remote workers, share documents and create a complete strategy. 

In today's workplace, we have baby boomers who entered the workforce even before email was normal, and now they must learn a new system every month to solve even the smallest of problems. Simultaneously, digitally native generations are entering the workplace who know nothing before smartphones and have high expectations for how tools should function. 

A digital workplace must bridge these gaps and be a tool that is extremely user-friendly, intuitive, highly functional and convenient to use.  The many benefits of digital transformation include:

1. Better collaboration 

By digitally transforming business processes, employees are able to easily communicate with each other and access all the required work files seamlessly. This fosters trust among employees and makes the work environment more collaborative. It also allows employees from different departments to work closely with little to no communication gaps.

2. Improved transparency

When employees are able to access all the required information about a particular project or task through a single platform, it improves visibility and transparency across the organization. More importantly, transparent and digitized business processes make it easier to identify any bottlenecks.

3. Increased productivity

Handling mundane and repetitive tasks every day that could have been easily handled by automation tools can take up a big part of an employee's time, which they could have used to handle more important and complex tasks instead. With digital transformation, companies can automate repetitive parts of a business process and in turn improve employee productivity.

Here are four of the essential dimensions of a digital workplace that must be present to unite the entire organization. 

1. Inclusive 

The digital workplaces in 2030 need to be inclusive of all employees no matter where they are working from or the device they are using. Workplaces aren't fixed physical locations anymore and digital versions should support that. 

When participating in a digital workplace, everyone should feel like they have access to the same data and contacts. A digital workplace can level the playing field by opening up all information and force teams to work in public so that everyone stays up-to-date and can celebrate together. 

With an inclusive digital workplace platform, employees are able to access their work data and projects online even while they are traveling or working from home. Virtualizing and digitizing workspaces allows organizations to optimize their business processes and bring change from within. 

Great digital workplaces also level the playing field when it comes to ableness and other marginalized groups by putting the focus on the work to be done rather than the environment. 

2. Immersive

Digital workplaces of the future will offer augmented and virtual reality features to employees who aren't working from the same physical office space. The capabilities that are currently being incorporated in digital workplace platforms will probably be fundamentally reinvented in the near future to align with the latest technological trends and workforce expectations. 

Digital workplace platforms will continue to adopt the latest technology to make sure that everything is kept on a common platform. The more work that can be included in your digital workplace, the better. This ensures a common system of record for everything that happens in the organization, and employees can access any of the business applications or data through a single interface. 

Digital workplaces also need to support monitoring control and only give employees access to data that is relevant to them. At the same time, chatbots can use natural language processing to simplify work interactions among employees and allow them to manage their core responsibilities seamlessly. 

The ever increasing capabilities of the digital workplaces will help empower the employees by completely overhauling job roles and responsibilities within the organization. 

3. Intelligent

Automation is already a part of digital workplaces, and by 2025, intelligent automation will allow organizations to automate complex parts of the business processes that require decision making and problem-solving. 

By 2025, artificial intelligence in digital workplaces will be able to help organizations optimize and digitize business processes to a much higher level than is currently available. At the same time, data-driven digital workplace tools will be able to make robust decisions without the involvement of any employees. 

Through AI, business tools will be able to analyze data and patterns in order to make optimum decisions. This will create a hyper-personalized digital work environment powered by data-driven behavior and allow employees to focus more on their core responsibilities.

4. Engaging

Organizations need to remember that work begins and ends with people. No matter what new technologies or tools they are using to accomplish their work, if the employees are not able to leverage the tools the right way or if the employees don't find the tools useful enough, then it defeats the whole purpose of investing in new technologies.

Therefore, the real focus of digital workplaces of the future should be on employees. Tools must align with employee needs and always focus on keeping it simple and streamlined. Organizations need to offer them with the right tools that can help them maintain work-life balance in order to hire and retain better talent. This will result in aesthetically beautiful, immersive digital work environments in the physical world. For a workforce increasingly concerned with health, wellbeing and happiness, this will also be a key employer attractor. 

Looking to the future

The practice of looking into the future and coming up with well-considered ideas and predictions is not new, but it does require rigor and creativity. When considering the dimensions of digital workplaces of 2025, you have to remember that while the dimensions will stay the same, the technology that you use to integrate these dimensions will depend on the latest technological trends of the next decade.

One thing that seems to be certain is that we will spend less time looking at interfaces and more time interacting with people in the environment. Our digital experience is therefore bound to become more physical as digital starts to disappear as a separate notion.

5 Reasons Why Franchising Could Save Your Retirement Plans

Posted: 28 Oct 2019 06:00 AM PDT

Many of us are back to work after our summer holidays, back in the rhythm of work and kids' school schedules. Although the return to routine might have us feeling energized and ready to take on our big goals for the second half of the year, planning for retirement is probably not on the list of immediate to-dos. That's a problem, because Americans are facing a pending retirement crisis that will soon impact millions. 

Current data from the Center of Retirement Research at Boston College indicates that the majority of Americans are grossly underfunded for retirement. The bottom line is that half of American households don't have a 401(k) or IRA account, and those that do have balances far short of the $1 million-plus that most financial experts agree will be required to fund retirement costs for the average 65-year-old.

Some are betting on the safety net of Social Security, but with an average monthly benefit of just over $1,000 a month, that won't go very far. The harsh reality that many people will soon be grappling with is that they will have to continue working full time and put off retirement for a decade or more. For workers approaching retirement age (and many younger workers as well), the dream of a long, enjoyable retirement may be just that – a dream.

One possible solution is franchising. Franchising has provided millions of people with a "shortcut" to business ownership and an opportunity to generate a living income while also building long-term equity in a business they own.

I have been researching the franchise industry for the past 15 years, and I believe that franchising could be the solution for many people who are facing an uncertain retirement. Here are five compelling reasons why.

1. A proven playbook

The vast majority of wealthy people in America are business owners, not employees. While many people dream of owning their own business, most never do. In studies of small business and entrepreneurship by the Kauffman Foundation and other organizations, fear of failure is the No. 1 roadblock to business ownership.

Franchising addresses this challenge head-on by providing potential business owners a proven playbook in the form of established business methods and strategies with a documented operations manual.

A good franchise company will provide all the training, support and business coaching you need to be successful. While your ultimate success with the business will be largely up to your own efforts and hard work, franchise companies provide the resources and guardrails to help you achieve your goals.

 

Editor's note: Looking for business franchising opportunities? Fill out the below questionnaire to have our vendor partners contact you with free information.

 

 

2. Skin in the game

Franchising is based on a licensing business model. As a franchisee, you are granted the rights to use the brand name and business systems of the franchise company. In exchange, you will typically pay the franchise company royalty fees and advertising fees of 5% to 10%.

While you certainly don't own the franchise brand name and business systems, you do own the business assets. This allows you to build equity in your business, which you can ultimately sell for a profit. When you explore franchise opportunities, it is important to research not only the short-term income potential of the business, but also its long-term equity potential.

3. Bank-friendly financing

Banks love making low-risk loans, and many bankers view established franchise companies very favorably. Given the current economic conditions, obtaining a small business loan for a known entity like a franchise business can be quite simple. 

Many reputable franchise companies are pre-registered with the Small Business Association, so the franchise can help you receive fast-tracked loans through SBA lenders in your area.

4. A stable economy

While there has been much talk lately from economic pundits about a possible downturn in the economy, the U.S. Bureau of Economic Analysis reports solid consumer spending and increasing disposable income.

A stable economy and strong consumer spending bodes well for franchises and helps new franchisees ramp up their businesses faster. Historically, many franchise businesses have performed well even during a recession, especially those in sectors related to child services, senior care, health and fitness, and low-cost food concepts.

5. Job security

Late-career folks are typically the first to be laid off when a downturn occurs and businesses tighten their spending. There is nothing better for your own job security than owning a business. While owning a franchise business isn't without its challenges, as the owner of the business, you don't have to worry about being let go. 

In fact, 88% of franchise owners indicate that they enjoy operating their business, according to Franchise Business Review research. Contrast that with The Conference Board findings that just 51% of employees are satisfied at work. 

How to get started in franchising

If franchising sounds like an appealing avenue to owning your own business and building long-term equity, there are several options to consider in nearly every sector and at almost every price point. But before you start shopping for a franchise, you'll want to do your due diligence so you fully understand what it means to own and operate a franchise – and to determine the best model and franchise opportunities for you.

A common misconception is that franchising is easy, since the business model and systems have already been established. This is far from the truth.

As a franchisee, you can expect to work long hours, especially during the first couple of years when you are getting your business off the ground. During this time, you'll be introducing your business to your market and building your customer base. Because you should expect to dedicate lots of time and energy to your business, make sure you pick a product or service you are passionate about; you don't want to burn out after year one. Look for a concept that is missing in your community and that you are excited to introduce to your city or town.

You also want to make sure you're investing in a franchise system that is healthy and has the potential to deliver a profit. To determine the health of the system you are considering, you should carefully review the franchise disclosure document (FDD), speak to current franchise owners who can offer their candid opinions on and experience with the brand, review satisfaction reports, and ask lots of questions of the franchise brands you are interested in.  

The FDD will be an important research tool for you as you dig into opportunities. This document lists valuable information, including financials, data on number of units open and closed, lawsuits filed against the brand, and current franchisee names. Once you are serious about a franchise, it is advisable to carefully review the FDD with an experienced franchise attorney.

Hedging your bets on retirement

If you're one of the many Americans worried that you may be underfunded for retirement, franchise ownership may be the answer. Certainly, owning and operating a business isn't for everyone, and not all franchise companies are created equal, but owning a franchise business might just be a good solution to achieve your long-term retirement goals. 

If you're interested in franchising, the first step is to learn more about the franchise business model and the different concepts available. With thousands of franchise opportunities currently for sale, it's important to do your research and talk to current owners who can give you an honest review of what it's like to own a franchise and a particular brand.  

A Guide to Help You Choose the Best POS Software

Posted: 28 Oct 2019 05:30 AM PDT

  • A point-of-sale (POS) system is a combination of software and hardware that allows businesses to complete purchasing transactions, in addition to many other functions.
  • The five major benefits of POS software are reporting, third-party integrations, employee management, inventory monitoring and customer management.
  • Your company's size, industry, budget and feature needs will help you determine the best POS software for it.

A point-of-sale (POS) system is a combination of software and hardware that allows businesses to complete purchasing transactions. If your business sells goods or services, you will likely need a POS system to operate efficiently.

As technology evolves, so has the functionality of POS systems. In addition to payment processing, there are hundreds of POS software features available. Your business should choose a POS software solution that has features tailored to your specific industry and size. Learn about which POS system software features are available to make an educated choice for your business.

What are the benefits of POS software?

The POS software that will be the most beneficial depends on the industry you're in, the size of your business, your budget and the features you need. Some point-of-sale software companies tier the features in each plan, so when you consider a plan, pay special attention to which benefits it includes.

Here's how five of the major feature categories of POS software can greatly impact your business. 

  1. It streamlines and integrates with your other business systems. Finding POS software that easily integrates with your other business programs can simplify your operations. For example, connecting your POS system with your accounting software can automate sales and billing operations.

  2. It creates and tracks data reports. As a business owner, you should track and monitor your business data to see how your business is progressing and where you need to make changes. Cloud-based POS software allows you to track this data in real time.

  3. It monitors your inventory. The ability to automatically track and monitor inventory is a helpful feature for most small businesses, even those with very little inventory. Some POS software can track your inventory, calculate markdowns and notify you when supplies are low.
     
  4. It helps you manage your employees. Employee management features can be useful for setting functionality restrictions and permissions based on user profiles. Your POS system should also be able to track sales by individuals, which is a great way to set sales goals and monitor employee performance. This data can help you see where your team is excelling and what can be improved upon.

  5. It incorporates customer management and loyalty programs. If you need to collect customer information – like email addresses for mailing lists, physical addresses for delivery, or birthdays for annual rewards – a POS system that incorporates customer management features is key. Some systems can include loyalty programs as well, though it may cost extra.

 

Editor's note: Looking for a POS system for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.

 

 

What's the difference between POS software and hardware?

When you get a POS system, you will need both POS software and POS hardware. The main difference between these two items is that the POS hardware is the set of physical components you need to operate, whereas the POS software is the digital technology program you use to access information.

The POS software could be in the form of a web-based program or a local server-based program. Cloud-based software is the most popular option among small and midsize businesses, as it includes useful features like easy installation, affordability and online accessibility. Legacy server-based software, on the other hand, offers a stable connection, but it's typically only beneficial for very large enterprises, as it can be very expensive.

Point-of-sale hardware can be purchased or leased, though you should always buy your equipment, as POS leases are notoriously unfavorable to merchants. Mobile POS hardware has become the norm and typically includes a tablet, tablet stand, receipt printer, cash drawer, and card reader or credit card terminal. Depending on your needs and budget, you can incorporate additional pieces of hardware such as barcode scanners, caller ID devices, coin dispensers, customer display screens, digital menu boards, kiosks, kitchen display systems (KDS), kitchen printers, scales and tablet cases.

What is open-source point-of-sale software?

There are multiple variations of POS software when it comes to compatibility, with open-source software offering the most flexibility. For example, if a POS software program is listed as open-source on merchant processing, that means you can use it with the credit card processor of your choice.

Some POS system providers offer in-house processing or charge an extra fee (sometimes per transaction) if you want to work with a third-party processor. Some POS systems are compatible with a handful of processors, giving you a small pool to choose from.

Open-source (or processor-agnostic) POS systems are the best option, because you can switch processors (if the rates go up, the service is lousy, you find a better deal elsewhere, etc.) without changing your POS system as well. This flexibility is especially beneficial for small business owners, because switching POS systems is more expensive and time-intensive than switching processors.

What are some POS software options for PC?

Whether you are looking for a retail or restaurant POS option for your business, several POS systems are available for your device. Some POS software is both browser- and app-based and works with a variety of devices, like iPads and iPhones, Android phones and tablets, and PC or Mac computers. Others are limited in their connections or may only work with dedicated, proprietary POS terminals. If you are looking for POS software for a specific platform, make sure you read the terms or speak with a representative about the hardware and operating system requirements.

What is the best POS software for your industry?

Each industry has its own software requirements. For example, a large restaurant may need software that focuses on ingredient-level inventory management, menu and order management, and employee scheduling and tip management. A retail store may need software that focuses on inventory management with size and color matrices, customer relationship management features that track interactions and purchase histories, and a loyalty program. The best POS system for your business will depend on your industry requirements, budget and feature needs.  

Best POS software for retail

If you're looking for POS software for your retail business, there are several factors to consider. You will likely need a system that has robust retail-centric features like inventory management for unique items and pricing, customer management for purchase histories and loyalty programs, reporting tools for sales data and performance, and third-party integrations. After researching several retail POS software companies, we determined that Vend is the best POS software for retail businesses.

Vend is compatible with multiple payment processors and third-party POS hardware, and it can scale with your retail business as you grow. The software offers affordable pricing with the option of month-to-month terms.

If you want to know more about why Vend is our choice as the best POS system for retailers, you can read our full review of this POS system.

Best POS software for restaurants

Operating a restaurant requires POS software with features designed with the food service industry in mind. The ability to manage food inventory, add nightly specials, send order tickets to the kitchen, monitor employee sales and tip out are just a few of the many features to look for in POS software. After researching several options, we determined that TouchBistro is the best POS software for restaurants.

The TouchBistro point-of-sale software can serve a variety of restaurant types, from small cafes to large establishments. The software is well suited for full- and quick-service restaurants, bars, breweries, and food trucks. It can be installed on one device or several, which is essential if you plan on expanding your business. In addition to TouchBistro's affordable rates, the software is compatible with third-party hardware, allowing business owners to use whichever equipment best suits their needs and wallet.

If you want to know more about why TouchBistro is our choice as the best POS system for restaurants, you can read our full review of this POS system.

Best POS software for salons

When you're choosing the best POS software for your salon, there are a few key elements to keep in mind. Your salon POS software will likely need to include inventory management to track nail and hair care products, integration with an online booking system to set up client appointments, and accounting software integration to monitor and track employee sales and tips. After researching several companies, we determined that Epos Now is the best POS software for salons. 

Epos Now is a flexible POS system with a long list of versatile features. It has an online booking system add-on that can be very useful for busy salons with large clienteles. It offers affordable rates and month-to-month terms.

If you want to know more about why Epos Now is a great POS system for your small business, you can read our full review of this POS system.
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