Taking Advantage of Your Lynx Software Sales Analysis Tools
Sales Reports are not just about seeing how many dollars your business is turning over. Your Lynx Software system can provide so much more. Are the products you sell all profitable enough? Are certain items priced too high and therefore not selling? Are there trends in your sales you can learn from – for promotional or staffing purposes?
Here are 5 different report options available in the Core Module of your Lynx Software program (version 6) that can help you effectively manage your business:
1. Item Sales Report (with ‘Show Cost of Sales’ enabled)
Understanding what items you are selling, and how much profit they are adding to your bottom line is vital. You need to ensure that popular, profitable items are well stocked. Low-profit items might not be worth stocking unless you have a high-enough turnover. This report is useful over any date range, and can be narrowed down to an individual department for specific analysis.
2. Item Sales By Day (Grouped by Group/Department, Summarised)
Understanding sales trends based on the day of the week that items or product groups sell can assist you in recognising target markets to aim for, or help you find areas in which specific promotions may increase your existing sales. This report is probably more useful when based over a longer date period (eg. Last Month) so that significant trends can be recognised.
3. Hourly Sales By Day
This report is particularly useful for recognising peak periods in your business day that might require additional staffing, or slower periods that could be boosted by promotions (eg. Happy Hour). It is also probably more useful when based over a longer date period (eg. Last Month). Please note: This report is only available if your cash register returns ‘hourly’ sales totals to the software.
4. Worst Sellers (by ‘Sales Quantity’)
This report helps you ascertain the viability of your stock on hand. You could run this report at the beginning of each month to assess stock performance for the previous month. If you have an item in stock that isn’t selling, you can assess the reason – Is the price too high? Is the product no longer in demand? Would a promotion help get the product moving again? If you hold large volumes of slow-moving stock, it costs you money. Shelf-life becomes an issue – there is nothing worse than having to discard out-of-date stock. Moreover, stagnant stock could be robbing you of shelf space better used for new or more profitable products.
5. Zero Item Sales
This is another report that could be run monthly to help you ascertain the ‘health’ of the stock in your system. Used in tandem with the ‘Worst Sellers’ report, you can make decisions on how to better manage the stock you hold on-hand. This is particularly important if you have a large item database, because you might not detect a one-off problem item unless a report like this one brings it to your notice.
Every business is different, and reporting requirements vary depending on your business’ needs. But the versatility of Lynx Software’s reporting capabilities means that you can often tailor your reports to suit your needs. And with version 6, you can save pre-set reports and schedule them to be emailed to you or saved to a ‘cloud’ drive on a regular basis. So once you define a set of reports you want as a management tool, you can get them sent to you automatically.
Feel free to contact POSLynx for advice on getting the most
out of your software’s powerful reporting capabilities.
We want our software and services to assist you in turning
your cash register into a powerful business management tool!