By Erik Warila Research shows that 8 out of 10 retail establishments are out of business within the first 5 years of operation. Simply because many owners do not structure their business for success.
Most failures are due to unrecognized problems, solved by minor adjustments after an internal audit.
There are many theories regarding business failures, but all center around 10 crucial areas. As a former retail manager and an employee at Direct POS, I have researched the industry extensively. A common problem for most small retailers is the lack of ability to know where their money is going. A POS system will not be able to solve every problem with cash flow, but it can assist you by measuring your sales and giving you information of sales trends so you can prepare for future busy times and defend against impending slow periods. Therefore we must justify why we purchase things.