How to give your business a cash management makeover in 2019
DURBAN – As much as marketing strategies, productivity and customer service determine business success, how you manage the cash you make, is what makes or breaks a business.
Whether you are one of the few who have automated the management of the cash in store or not, now is a great time to turn over a new cash management leaf.
According to Richard Phillips, joint chief executive of Cash Connect Management Solutions said, "It saves money and time, enhances efficiency, improves cash flow and greatly improves the store’s risk profile while allowing owners and managers to focus on core aspects of running the business".
Implementing an automated cash management solution should be a well-considered business decision. Make sure the solutions on your shortlist tick these boxes before you make the final choice:
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1. Save time, money and resources
The solution has to improve business efficiency by addressing all the staff touch points associated with manual reconciliations and banking, counting, shrinkage, double-count supervision, and in-store as well as in transit cash insurance and overhead costs. You want a system that is fast, accurate and error-free.
2. No concerns around cash
Is your cash guaranteed from the moment it is deposited into the cash vault until the value reflects in your bank account? The provider you select has to take full responsibility for your cash, including while it is in transit.
3. Devices and procedures that reduce risk
The complete solution – from the cash vault to the cash collection process – has to help de-risk your business. Consider not only the risk of cash losses, but the broader harm that a violent armed robbery will do to your staff, customers and brand.
4. Focus on your core business
Your provider has to lift the full burden of cash handling and management from your shoulders, leaving you free to give your undivided attention to growing your business.
5. Same-day access to cash
It can take up to three days for cash to become available after being deposited the traditional cash handling route. Your automation provider has to guarantee that the cash will reflect in your bank account on the same banking day that the cash-in-transit company collects from your premises. This reduces your cost of funds and the opportunity cost related to cash.
6. Reputation as a crime deterrent
The trauma of living through an armed robbery often results in employees leaving because they feel unsafe. Likewise, even loyal customers can choose to rather shop in an environment they perceive to be safer than a shop that had been targeted. Businesses report a trade recovery period of up to six months after a violent attack. This can be avoided by choosing an automated cash management and payment solution with cash vault technology strong enough to act as a deterrent.
7. No-nonsense, 24/7 support
Unlimited in-field technical support and round-the-clock access to a professional first-line customer support call centre are non-negotiable requirements.
8. Reporting that supports decision making
An accurate and real-time picture of your cash situation is critical. Make sure your chosen provider delivers an easy-to-use record of all transactions via a user-friendly online information portal. You must be able to track your cash every step of the way.
9. Transparent costing
Ideally you want a one-price-covers-all rate with no hidden additional costs. Check that the quoted fee includes consumables, communications and maintenance.
10. Value-added extras
We all want as much value as possible for the money we spend on service providers. Your preferred cash automation solution shouldn’t be an exception. Two examples of such extras are the quick and efficient access to unsecured finance that Cash Connect Capital offers its existing clients, and the benefit of Instant Access to the cash whilst in your vault.
By simply changing the way you handle the cash in your business, you can improve profitability, staff morale and retention, and your brand reputation.
You don’t have to be part of the cash crime statistics in South Africa. Instead, join the ranks of successful businesses that trade in a safer and more efficient retail environment.
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