How To Run A Small Business: A Comprehensive Guide For 2024

Starting and running a small business is often a hugely-rewarding undertaking, both financially and personally. However, not all of them are successful.

According to Investopedia’s analysis of Bureau of Labor Statistics data, about 20% of small businesses fail within the first two years of opening. Still, 80% is a decent success rate.

This number drops significantly after five years though. In fact, the same analysis found that:

• 55% remain in business for at least five years

• 45% remain in business for at least 10 years

• 25% remain in business for 15 years or longer

So, while starting a small business is a considerable challenge in itself, operating one can be even more difficult.

That’s why, in this article, we’ll cover all the key aspects of how to run a small business. 

We’ll begin by exploring how to start your small business, move onto tips for long-term operational success, and close with some common pitfalls small business owners should avoid.

Key Takeaways

• When starting your small business, be sure to develop a comprehensive business plan by conducting market research and writing a detailed business plan.

• It’s vital to set goals and track them with key performance indicators so you can make progress towards those goals and create sustainable success.

• For your small business to make money, you need to minimize costs while maximizing revenue. 

• Incorporating comprehensive technology solutions, like Toast’s integrated POS system, is critical for keeping up with your competition and streamlining operations to make the most of limited resources.

How To Start A Small Business

If you haven’t started your small business yet, don’t worry! We’re here to help guide you through the process.

On the other hand, if your business is already up-and-running but you’re looking to optimize your operations, skip ahead to the next section.

Develop A Business Plan

Starting your own small business requires you to come up with an idea, analyze the market, write your business plan, and select a location.

Think of a Small Business Concept

To launch your own small business, the first thing you need to do is come up with a concept. 

Now, small businesses can encompass anything from a brick-and-mortar coffee shop to an ecommerce apparel retailer.

To figure out which idea will work best for you, think about your skills and passions. Your idea should be something you’ll be able to stay interested in long-term, as well as something that aligns with your areas of expertise.

Also, consider how you can solve a problem. Is there a lack of vegan dining options in your neighborhood? Then maybe you can start a vegan-food based restaurant. 

Or, is there a lack of reliable childcare services in your city? Then you might think about launching your own babysitting service.

Whatever concept you go with, be sure to consider how you can stand out from the competition and provide a unique product or service.

Conduct Market Research

Once you have an idea, or several ideas, you should research your market to get an idea of trends, demand, and the potential for growth.

Additionally, you’ll want to determine your target audience. This will allow you to tailor your products, services, and branding to a specific group of people, helping build a deeper relationship with them. Ultimately, this will result in more repeat business, which is key for sustainable business growth.

Lastly, study your competition to identify their strengths and weaknesses, as well find gaps in the market.

For example, say you want to start a coffee shop, but there are a few competitors in your neighborhood. However, if you notice none of them provide vegan options and there’s a significant vegan population in your area, maybe you could start a vegan-focused cafe.

Pick A Location

You’ll also need to select a good location for your business. While you might decide to start an ecommerce business and operate entirely online, brick-and-mortar businesses should give careful consideration to their location.

Some things to consider when choosing where to set up shop include:

• Convenience for customers (for example, is there ample parking? Are you located near complementary stores?)

• Good foot traffic

• Budgetary constraints

Meanwhile, online businesses should pay special attention to key elements of their online presence, like web design and social media profiles.

Write Your Business Plan

Writing a business plan is an essential part of starting your small business. It not only helps you clarify and refine your concept, but it’s also key for securing funding.

To write your plan, begin with an executive summary detailing your concept, goals, and how you plan to achieve them. Your plan should also include information like:

• The products and/or services you offer

• Your target market

• Your business model

• A market analysis highlighting your market research findings

• Marketing, branding, and sales strategies

• The organizational structure of your business

• Financial projections and funding requirements

Ultimately, your business plan is the blueprint for your concept, making it an essential document for running a successful small business.

Choose Your Legal Business Structure

Once you have a business plan together, you’re ready to choose your legal business structure. The structure you pick will affect your taxes, legal liabilities, and your ability to raise capital. 

Some of the most common structures for small businesses include:

• Sole Proprietorship: The business is owned and operated by one person, and there’s no distinction between the business and owner. 

  • Advantages: Simplest and most common type of business structure

  • Disadvantages: Owner takes on unlimited personal liability, raising capital can be challenging, and limited growth potential without changing structure

• Limited Liability Company (LLC): This is a hybrid of a sole proprietorship and corporation.

  • Advantages: Limited liability protection for owners, pass-through taxation, and more credibility with customers and suppliers

  • Disadvantages: More complex and expensive to set up than a sole proprietorship, as well as more stringent reporting requirements

• S Corporation: Allows profits to pass through to shareholders’ personal tax returns, avoiding double taxation.

  • Advantages: Limited liability for shareholders, pass-through taxation, and potential tax benefits

  • Disadvantages: More formalities and regulations than an LLC, and less flexibility in profit sharing and ownership structure

Before selecting a structure for your small business, be sure to do some additional research to determine which one may work best for you.

After determining the right structure, you’ll then need to register with the IRS in order to obtain an Employer Identification Number (EIN). The government uses this to identify your business for tax purposes.

Depending on your location, you may also need to register your business with state and local government agencies.

Fund Your Business

Some types of small businesses, such as ecommerce dropshipping or online services, require virtually no capital to get started. 

However, others, like brick-and-mortar retail stores, can require significant funding. Some common funding sources for small businesses can include: 

• Self-Funding: You can invest money from your own savings without incurring any debt.

  • Advantages: Full control over your business and no debt obligations or interest payments

  • Disadvantages: Risk of personal financial loss, as well as limitations on the money you’re able to invest

• Bank Loans: You’ll receive a loan from a bank and pay it back with interest payments.

  • Advantages: Fixed repayment terms and interest rates, as well as retaining full ownership of the business

  • Disadvantages: Requires a stringent application process, strong credit score, and obligation to pay back the loan regardless of business performance

• Small Business Administration (SBA) Loans: This type of loan provides small businesses with long-term, low-interest funding.

  • Advantages: Favorable terms and interest rates

  • Disadvantages: Requires a lengthy application process, and the obligation to pay back the loan regardless of business performance

• Angel Investors/Venture Capitalists: Individuals and firms provide funding in return for an equity stake in the business.

  • Advantages: Access to significant funding, as well as mentorship and networking opportunities

  • Disadvantages: Give up full control of business, and typically only available to businesses with a high potential for scaling

• Crowdfunding: Platforms like Kickstarter allow you to pre-sell products or offer rewards in exchange for funding.

  • Advantages: Validates your business idea with potential customers, no debt required, and retain full control of business

  • Disadvantages: Requires strong marketing campaigns, high competition, and no guarantee of reaching funding goals

Ultimately, the funding method that works best for you will depend on the type of business you operate, the amount of debt you’re willing to take on, and other factors.

Set Up Your Operations

Once you’ve come up with an idea, have your plan together, and secure funding, you’re finally ready to launch your business!

As you get started, be sure to consider the following aspects of setting up your operations.

Business Bank Account

While some sole proprietors may not require a business bank account, other types of small businesses will definitely want to set one up. 

This helps make accounting simpler, and also provides some additional credibility for your business when conducting transactions.

Brick-and-Mortar Lease

While ecommerce stores and online businesses don’t need to worry about securing a lease, it’s a key consideration for brick-and-mortar businesses.

As we mentioned earlier, choosing the right location is critical for attracting customers to your business.

Be sure to negotiate favorable lease terms that fall within your operating budget. Additionally, think about the cost of utilities. While it may be a minor expense for some small businesses, others, like an ice cream shop, will likely need to pay more because of refrigeration costs.

Finally, ensure you carefully review your final lease terms to ensure you understand key aspects, like maintenance responsibilities and renewal options.

Licenses and Permits

Most businesses require at least a general business license to operate in a city or county. However, all the types of licenses and permits your small business requires will differ depending on the industry and location you’re in. 

For example, restaurants, cafes, and food trucks will need a health permit to ensure they meet health and safety standards. Likewise, you’ll need a liquor license if your business intends to serve alcohol.

Small service businesses, like accountants and cosmetologists, may also require professional licensing in order to practice legally.

Other types of licenses and permits can include:

• Sales tax permits if you sell taxable goods

• Signage permits if you intend to place signs outside your business

• Construction permits if you plan to rebuild or renovate your physical space

The above is by no means a comprehensive list of the different types of licenses and permits your small business may require. So, be sure to conduct thorough research and contact local officials to determine what you need in order to operate legally.

Insurance 

Like licenses and permits, the types of insurance coverage you should obtain will differ from business to business. However, some common types of insurance that many businesses secure include:

• General Liability Insurance

• Property Insurance

• Workers’ Compensation Insurance

• Business Interruption Insurance

Ultimately, it’s a good idea to consult with an insurance advisor to ensure you’re adequately covered in case anything goes wrong.

Suppliers and Inventory

While many service-based small businesses shouldn’t have to worry too much about suppliers and inventory, this is a key consideration for retailers.

Firstly, it’s important that you build strong relationships with suppliers in order to obtain quick deliveries, high-quality products, and competitive pricing. Be sure to evaluate potential suppliers based on reliability, quality, communication, and terms of service.

Second, efficient inventory management is vital to the success of your business. This is especially true for food retailers, where overstocking can result in significant waste.

However, managing inventory effectively is important for all types of retailers, as it prevents holdover costs from overstocking and lost sales from stockouts.

Overall, it’s a good idea to implement an inventory management system so you can track stock levels in real-time, as well as easily manage reorders.

Team Members/Employees

Even though some small businesses are one-person operations, chances are you’ll need to build a team by hiring employees.

When hiring, you should be clear about job responsibilities and expectations. Additionally, be sure you provide thorough training so they can do their jobs well.

By providing ongoing training and development opportunities, you can enhance their skills and knowledge. This not only improves employee performance and satisfaction, but also gives you a pool of trusted and reliable people you can promote if you plan to scale your business.

Of course, you also need to think about payroll, benefits, and scheduling. So, consider implementing a comprehensive scheduling and payroll system to streamline the process, provide clear communication, and ensure you pay workers in a timely fashion.

Online Presence

As you launch your small business, you should also give careful consideration to your online presence. Namely, you want to focus on building a sleek professional website and establishing your social media profiles.

Your website should have some key functionalities, such as:

• Showcasing your products and/or services

• Providing essential business information, like your operating hours and location

• Including an easy way for customers to contact you or make a purchase

Likewise, you should use your social media profiles to engage with your target audience. You can use platforms like Instagram, Facebook, and TikTok to:

• Build your brand image

• Share updates

• Interact directly with customers

• Promote your products and services

Overall, while this is supremely important for online small businesses, it’s also essential for brick-and-mortar businesses to stay competitive. 

Building/Design

One more thing to think about as you start your small business is the layout of your physical space. Your design should reflect your brand identity, and also make customers feel comfortable.

To accomplish this, be sure to give careful thought to:

• Ergonomic layouts

• Aesthetic appeal

• Functional efficiency

By considering the elements above, you can create a welcoming atmosphere that encourages repeat visits to your store.

Finally, keep your storefront design in mind as well. Like your interior design, your exterior design should align with brand identity. By creating an enticing storefront, you can encourage first-time visitors to step foot inside your business and see what you have to offer.

How To Run A Small Business

Now, it may feel a little overwhelming trying to figure out all the aspects involved in running a small business. After all, there’s a lot to keep track of!

So, to help you manage all the moving parts, let’s explore the key things you should keep in mind as you optimize your operations.

Management Practices and Tracking KPIs

Running a small business effectively requires strong management skills. This involves leading by example, maintaining clear communication, and fostering a positive work environment.

Of course, it also involves setting clear goals. You should track your progress towards those goals by measuring key performance indicators (KPIs), such as: 

• Sales Revenue: This is the total amount of revenue your store generated over a specific period of time. This can help you understand your overall financial performance and identify trends.

• Operational Costs: This is the total amount of expenses your business spends over a given period of time. Be sure to track all of your costs, including but not limited to rent, utilities, payroll, supplies, and cost of goods sold (COGS).

• Net Profit Margin: Your net profit uses the previous two KPI, revenue and costs, to determine the amount of profit you made over a specific period of time. While not all businesses have to be profitable right away, for most this is likely the most important indicator of your business’ financial health.

• Customer Acquisition Cost: This KPI represents how much, on average, it costs you to attain a new customer. By refining your marketing strategies and targeting the right customers, you should see this cost start to decrease over time.

• Customer Retention Rate: Customer retention refers to the percentage of customers who make repeat purchases over a specific period of time. A high retention rate indicates high customer satisfaction.

• Inventory Turnover: With in-depth sales reports, you can identify which products sell quickly and which tend to sit on the shelves for a while. This can help you forecast demand, ensuring you stock the appropriate amount of each product.

Ultimately, effective leadership and management requires setting goals, implementing procedures to reach them, and measuring them with KPIs.

Budget Effectively

Not only is strong leadership key to running a successful small business, but so is effective financial management. After all, there are two methods of increasing profits: boosting revenue and reducing operational costs.

So, as you develop your small business budget, be sure to consider these tactics to less your total expenses over the long term:

• Strategic Lease Management: Beyond securing a space, negotiate lease terms that align with your long-term growth plans. Look for opportunities to negotiate rent concessions, tenant improvement allowances, and favorable escalation clauses.

• Energy Efficiency: Invest in energy-saving technologies and practices. From LED lighting to smart HVAC systems, reducing utility costs not only supports sustainability, but also boosts your bottom line.

• Strategic Supplier Partnerships: Cultivate strong relationships with suppliers based on mutual trust and clear communication. Remember, collaborative partnerships foster innovation and reliability within your supply chain. However, you should still attempt to negotiate favorable terms and perform periodic contract reviews to manage variable costs effectively. 

• Lean Inventory Practices: Adopt lean inventory management principles to minimize carrying costs and reduce waste. For instance, make use of demand forecasting and just-in-time delivery strategies to optimize stock levels and improve cash flow.

At the end of the day, budgeting and financial management is one of the most important aspects of running a small business. So, be sure you spend ample time looking for ways to reduce costs, allowing you to devote more of your budget to revenue-generating activities, like marketing and advertising.

Refine Your Brand and Marketing Strategy

Like we just mentioned, investing in your marketing strategy is one of the key ways you can attract customers and boost sales. 

In fact, Newity reports that return on investment (ROI) for pay-per-click advertising typically falls anywhere between $2 and $8 for every $1 spent. Meanwhile, email marketing can drive $36 for every $1 spent.

Generally, however, a good ROI on marketing investment is $5 for every $1, though this can vary based on your industry. Additionally, marketing and advertising can help build brand awareness and provide more indirect benefits to your small business.

While there are tons of different small business marketing strategies, think about the following ideas as you consider how you can improve your campaigns:

• Data-Driven Marketing: Leverage customer analytics and market segmentation to tailor your marketing efforts. Develop personalized campaigns across digital and traditional channels to drive engagement and conversions.

• Brand Building: Invest in branding initiatives that resonate with your target audience and differentiate your business. Consistent messaging and compelling storytelling enhance brand loyalty and market presence.

• Targeted Audience Segmentation: Use customer data and analytics to segment your audience based on their behaviors, preferences, and demographics. Tailor marketing messages to resonate with each segment, increasing engagement and conversion rates.

• Strategic Partnerships: Collaborate with complementary businesses or influencers to expand your reach and tap into new customer demographics. Co-marketing initiatives can amplify brand visibility and attract qualified leads.

• Community Engagement: Foster a strong online and offline community presence through social media, local events, and partnerships with community organizations. Building authentic connections enhances brand loyalty and word-of-mouth referrals.

Finally, remember to analyze your data to see what is and isn’t working well in your marketing strategy. This can help you refine your brand image, target the right customers, and increase your ROI.

Increase Average Order Value For Customers

Of course, marketing isn’t the only way your small business can generate more revenue. In fact, there are several tactics you can take advantage of to increase sales.

For example, increasing the amount of money your average customer spends each time they make a purchase is a great way to improve your bottom line.

Now, this doesn’t mean you should arbitrarily raise prices. After all, this could drive customers away and make your offerings less competitive in the market.

Instead, consider implementing strategies such as:

• Upselling and Cross-Selling: Train staff to suggest complementary products or upgrades that enhance the customer's original purchase. Display related items strategically to prompt additional purchases, increasing overall transaction value.

• Premium Product Offerings: Introduce higher-margin premium products or exclusive lines that appeal to discerning customers. Highlight unique features or benefits to justify premium pricing.

• Bundle Offers: Create bundled packages or exclusive deals that incentivize customers to buy more items together at a discounted price.

Just bear in mind that some of these strategies will work better than others depending on your brand image. For example, a small business that emphasizes value will likely have better luck with bundle offers than premium product offerings.

However, be sure to test out different strategies and analyze the results to see how well they work.

Promote Customer Retention

Another great way to boost your small business revenue is by improving customer retention, which is an important KPI.

This measures the number of times a customer buys your product or service more than once over a specific period of time. After all, the more often customers make purchases, the more money you can make.

To encourage customer retention, think about incorporating the following tactics:

• Loyalty Programs: Implement a tiered loyalty program that rewards repeat purchases. Offer exclusive discounts, early access to new products, or personalized rewards based on purchase history.

• Personalized Marketing Campaigns: Use customer data to personalize promotions and recommendations based on past behavior and preferences. Send targeted offers or reminders to encourage repeat visits and purchases.

• Enhanced Customer Experience: Focus on delivering exceptional service and creating memorable interactions at every touchpoint. Build rapport with customers through personalized communication, proactive support, and seamless transactions.

Ultimately, the more value you can deliver to customers and the more you keep them engaged, the more likely they’ll be to make more frequent purchases.

Manage Your Staff

Good staff management is key to budgeting effectively. However, it’s also important for providing exceptional customer service and streamlining your operations.

To manage your employees well, consider cross-training them across different roles to enhance flexibility and responsiveness. This way, if an employee calls out sick or quits unexpectedly, you can fill in the gaps quickly and seamlessly. Additionally, it helps workers understand each others’ roles so they can better support one another.

You’ll also want to optimize your scheduling and planning to minimize costs while maximizing productivity.

Fortunately, you can use advanced scheduling tools to analyze historical data and forecast demand. For instance, if you notice your store is a lot busier in the afternoon than the morning, you may want to have extra staff on hand for peak hours and less for off-peak hours.

Finally, be sure to treat your employees with respect and compassion, and help them develop new skills. By encouraging skill development and long-term employment, you’ll have well-qualified and trusted employees to promote if you decide to expand your small business.

Ensure Legal Compliance

Ensuring legal compliance is vital to the long-term success of your business. After all, if you fail to follow laws and regulations, you could have to pay fines. 

Even worse, it can harm your reputation, leading to a loss of trust among customers, suppliers, and other key stakeholders.

While you should have gotten a decent overview of your required permits and licenses when setting up your business, it’s important to stay up to date with new developments. So, to ensure you maintain legal compliance, think about using the following strategies:

• Compliance Automation: Utilize software solutions that track regulatory changes and automate compliance tasks. This proactive approach minimizes risks associated with missed deadlines or overlooked requirements.

• Holistic Legal Review: Regularly review all permits and licenses to ensure they align with current operations and expansion plans. Seek legal counsel to navigate complex regulations.

• Outsourcing Expertise: Partner with specialized firms for accounting and legal services to ensure accuracy and compliance. Outsourcing these functions allows you to focus on strategic growth initiatives and operational efficiencies.

While navigating complex laws, regulations, and taxes can be frustrating, doing things right the first time can help you avoid fines and other financial penalties. Importantly, this can save you money in the long-term.

Use New Technology

Even though we’ve already touched on some ways to incorporate technology into your operations, we haven’t yet covered it in-depth. However, technology deserves its own section in this article, because it’s vital for the success of any small business. 

After all, The U.S. Chamber of Commerce reports that 95% of small businesses use at least one technology platform, meaning it’s critical for remaining competitive. 

So, be sure to consider implementing the following tech capabilities::

• Integrated Systems Implementation: Deploy an integrated POS system to streamline operations and enhance decision-making capabilities. Real-time data insights and automated processes optimize inventory control, sales tracking, and customer management.

• Cloud-Based Solutions: Embrace cloud technology for scalability, data security, and remote accessibility. Cloud-based software facilitates seamless integration across multiple locations and empowers agile responses to market dynamics.

• Automation of Processes: Integrate automation tools for routine tasks such as inventory management, order processing, and customer service inquiries. This frees up time for staff to focus on strategic initiatives and customer engagement.

• Data-Driven Decision Making: Implement analytics software to track key performance indicators (KPIs) and identify areas for operational improvement. Real-time insights enable proactive adjustments to optimize efficiency and minimize costs.

• Remote Work Capabilities: Embrace remote work solutions and virtual collaboration tools to improve flexibility and productivity. Cloud-based platforms facilitate seamless communication and project management across different teams.

Overall, using the solutions above will help you streamline your operations, giving you and your staff more time to focus on business growth. Additionally, it can enhance your customer experience and help you make better business decisions.

Continuously Improve Your Operations

One more key aspect of running your small business is to continuously look for ways to improve your operations.

For example, consider optimizing your operational flow by analyzing foot traffic patterns and adjusting your store layout.

Additionally, think about experimenting with strategic placement of products and services to enhance your customer experience.

Ultimately, exploring new tactics to boost revenue and reduce expenses is key to maximize your profits. By analyzing your data and tracking progress towards your goals with KPIs, you can refine your strategies and ensure long-term success for your small business.

5 Common Mistakes To Avoid When Running A Small Business

So far, we’ve covered all of the most important aspects of starting and running a small business.

Lastly, let’s take a look at some common mistakes many small business owners make so you can avoid pitfalls.

Neglecting Market Research 

Many small businesses fail to conduct thorough market research before launching or expanding. 

This oversight can lead to:

• Misalignment with customer needs

• Ineffective marketing strategies

• Poor product-market fit 

However, by understanding your target audience, the competitive landscape, and market trends, you can make informed business decisions. 

Underestimating Financial Planning:

Lack of comprehensive financial planning is a frequent pitfall for small businesses, as they sometimes underestimate:

• Startup costs

• Ongoing expenses

• Cash flow needs 

Without a solid financial strategy, you may struggle to manage expenses, secure financing, or weather economic downturns. 

Ultaimtely, regular financial forecasting and budget reviews are essential to maintain financial health and sustain growth. 

Ignoring Digital Presence

Neglecting your online presence can be a big missed opportunity for small businesses. While you might think a strong digital footprint is only important for ecommerce businesses, it can be just as important for brick-and-mortar stores.

In fact, Clutch reports that 76% of consumers search for a company website online before visiting in person.

A poorly designed website, inconsistent social media engagement, or inadequate SEO can hinder visibility and customer acquisition. 

So, remember that establishing a professional online presence, optimizing for search engines, and leveraging digital marketing channels are all critical for reaching and engaging customers.

Overextending Too Quickly

Rapid expansion or scaling without adequate preparation can strain your small business’ resources and jeopardize sustainability. 

Examples of overextending can include:

• Opening multiple locations

• Increasing inventory levels

• Hiring excessively 

So, it’s essential to grow strategically, ensuring operational capabilities and financial stability align with expansion plans.

Failure to Adapt and Innovate

Stagnation or resistance to change can hinder small businesses in evolving markets. Failing to innovate products, services, or operational processes may result in losing relevance or your competitive edge.

As Gina O’Connor, PhD, professor of innovation at Babson College and co-author of “Beyond The Champion: Institutionalizing Innovation Through People,” said:

“Companies that have been in business for a while — and they can be large and public or small and family-run — they get very comfortable in a particular marketspace… This is where you can get completely disrupted by a completely new technology. When that occurs, you haven't got a chance of surviving.”

So remember, continuous adaptation, staying attuned to industry trends, and seeking customer feedback are all crucial for staying ahead of the curve and sustaining long-term growth.

Run A Better Small Business With Cutting-Edge Technology

Clearly, starting and running a small business is no easy task. However, it can be an incredibly rewarding venture, both personally and financially. 

As we’ve mentioned throughout, incorporating new technology is key to keeping up with your competitors, streamlining your operations, and boosting revenue - giving you a stronger chance of establishing and operating a business with long-term success.

Why Toast Retail is Perfect for Small Businesses

In today's competitive retail landscape, selecting the right technology is essential for both new ventures and established businesses aiming for success. Solutions like Toast retail not only streamline operations, making them more efficient, but also provide invaluable insights to optimize the financial health of the business. 

By harnessing the power of point of sale technology, retailers can gain a competitive edge, improve customer satisfaction, and drive sustainable growth. Choosing the right technology sets the foundation for long-term success, empowering businesses to adapt to evolving market demands and thrive in an increasingly digital world.

The tech that redefined restaurants is now here to transform retail. Supercharge your store with the POS built for high volumes and complexity, offering everything you need to run your business on one platform. Toast's retail offering is a game-changer for businesses like convenience stores, liquor stores, and retail stores, revolutionizing how they operate and interact with customers. Here's why Toast is the perfect fit for these retail environments.

1. Helps Modernize How You Sell

Toast's intuitive, cloud-based system simplifies daily operations. Its user-friendly interface makes staff training a breeze, ensuring seamless adoption across your team. Whether it's processing payments in-store or integrating with online sales channels, Toast ensures a smooth and consistent experience for your customers regardless of how they shop.

• Intuitive Cloud-Based System: Our intuitive, cloud-based system is easy to learn and easy to use. Say goodbye to complicated interfaces and hello to streamlined processes. Toast is designed to simplify your day-to-day operations, from staff training to consolidated operations, ensuring maximum efficiency and productivity.

• Seamless Payment Processing: Toast’s seamless payment processing easily integrates with online payments for smoother sales every time, no matter how your customers are shopping. This integration ensures a hassle-free experience for both customers and staff, leading to increased satisfaction and faster transactions.

• Flexible Order and Checkout Options: Offer flexible and efficient order and checkout options with reliable hardware including handhelds, kiosks, and guest-facing terminals. Adapt to the diverse needs of your customers and reduce wait times at checkout with Toast's versatile hardware solutions, enhancing the overall shopping experience.

2. Streamline Retail Management

Efficiency is key in retail, and Toast delivers with automated, mobile-first inventory management. Say goodbye to manual inventory tracking and hello to SmartScan, a feature that enables quick product scanning and shelf placement. Managing thousands of SKUs becomes effortless with Toast's intuitive product database and bulk update capabilities.

• Automated, Mobile-First Inventory: Experience the freedom of automated, mobile-first inventory management with Toast. Create and print barcodes in bulk, and take new products from scan to shelf in seconds with our SmartScan feature. Say goodbye to tedious manual inventory tasks and hello to streamlined operations.

• Efficient SKU Management: Easily manage thousands of SKUs with our intuitive product database and bulk updates feature. Modify, reprice, and import multiple products at once, saving valuable time and resources. With Toast, keeping track of your inventory has never been easier.

• Retail-Enhanced Dashboards: Stay on top of your business with retail-specific dashboards and cost-tracking reports. Monitor trends, maximize margins, and ensure your top-selling products are always stocked, empowering you to make data-driven decisions that drive profitability.

3. Tailor Your Customer Experience

Toast empowers you to tailor the customer experience to fit your unique retail concept. Whether you're considering adding food service or expanding your offerings, Toast's flexible platform accommodates creative expansion.

• Creative Expansion Opportunities: Thinking of adding food service to your retail concept? Including Kitchen Display Systems and Order Ready Boards, our flexible platform allows for creative expansion. Explore new revenue streams and enhance the overall customer experience with Toast's versatile features.

• Online Ordering and Delivery Integrations: Give your guests the option to order from home with Toast’s Online Ordering and our third-party delivery integrations. Meet your customers where they are and provide convenience that keeps them coming back, increasing customer loyalty and satisfaction.

• Loyalty Rewards and Personalized Offers: Be your neighborhood's favorite shop (and incentivize repeat visits) with loyalty rewards and personalized offers. Transform one-time shoppers into loyal patrons by engaging with your community and offering enticing rewards, making your store the go-to destination for your customers.

In conclusion, Toast's retail solution is more than just a point of sale system; it's a comprehensive toolkit designed to elevate your retail store to new heights. From modernizing sales processes to streamlining management and enhancing the customer experience, Toast empowers retail businesses to thrive in today's competitive market.

Related Resources

• Small Business Equipment
  
• How Much Do Small Businesses Make
• Small Business Marketing Ideas
• Small Business Inventory Management
• How to Start a Small Business
• Best Small Business POS Systems
• Small Business Ideas and Concepts
• Small Business Plan
• Small Business POS Software
• Cost to Open a Small Business
• Small Business Licenses and Permits