d) Inventory management capability
You cannot talk about tips to effective business management without mentioning inventory. All successful ventures have a credible inventory management system. The inventory management capabilities help you to determine your stock levels at any time. Therefore, you avoid cases of overstocking or stock outs. Instead, you always have the right quantity at the right time which saves you cost and ensure smooth flow of your business.
In a word, an effective Point of Sale system should have the above four components. With them, you are sure that your business operations will be efficient.