If you're in the restaurant industry, there's a good chance you've heard of SpotOn, a software company that helps restaurants track their income and expenses more effectively. The truth of the matter is that the company provides a valuable service to restaurants of all types and sizes, one that makes it much easier for them to operate with a profit. However, you might be interested to know that this information can also be used to track other things like how expensive things are becoming for the average, everyday consumer. Since every person needs to keep a close eye on their bank account these days, that's probably something that piques your interest. If you want to know more, here are 20 things about SpotOn that you didn't know but will probably find useful, even if you're not in the restaurant business yourself.
1. They create reliable Point-of-Sale systems
One of the things that truly makes this company stand out is that they have a reliable Point-of-Sale system that can be used for a variety of different needs. Clearly, they're not the only company doing business that has such a system, but it is difficult to find a company that provides these types of tools at this level. As a matter of fact, a lot of people would probably go as far as saying that it's almost impossible to find any other company that offers such tools charging more money than most businesses can comfortably afford. That puts this company squarely at the top of their game, merely because they're able to offer something that others can't.
2. They can scale their products to fit any size
Another thing that helps them stay head and shoulders above the competition is that they can scale their products to fit any size of business, ranging from the smallest food truck or mom-and-pop shop to the largest corporation that needs additional tools to operate efficiently. They don't try to sell the exact same package to everyone. As a matter of fact, they're more than happy to work with their customers and walk them through every aspect of the tools they offer so that their customers can decide what they need and what they don't. This prevents consumers from purchasing tools and products that they don't even use, thus keeping costs down.
3. Their system is fully mobile
One of the main reasons that consumers decided to utilize them is the fact that their system is fully mobile, up to and including taking payments. This truly puts the customer in charge because it allows them to operate their business in whatever manner they need to in order to make money. People aren't restricted to operating complicated systems out of a central hub. Everything that they need can be downloaded on a smartphone and taken on the go.
4. Using their system can help you earn more money
Obviously, knowing exactly how much money you are making and being able to compare that with all of your expenditures is an excellent way to help you make more money. When you use a system like this, you're better able to discern exactly where your money is going. The truth of the matter is that a lot of business owners are surprised by how much money they're spending on certain things when they could in fact be reducing those costs. Using a system like this gives you the opportunity to know exactly where those types of expenditures are occurring so you can address them accordingly.
5. They’re now offering products for businesses outside of the restaurant industry
They may have started out offering products almost exclusively for the restaurant industry, but they have since expanded in a major way. They now offer products tailored to fit almost anyone in the hospitality industry as well as retail, automotive shops, and even online businesses.
6. You can even use their products to advertise more effectively
Something that a lot of people aren't aware of until they start using their products is that the company is capable of helping their customers advertise more effectively. This is largely accomplished through helping them reach customers on various digital platforms more easily. If you've been struggling with marketing, especially that related to digital platforms, this could be a real game-changer for you.
7. They use a fluid software system that can be modified easily
One of the greatest benefits of using their system is that their software is created in such a way that they can help you expand and then expand their products and software systems accordingly, based on your ever-changing needs. As your business grows, you don't have to worry about purchasing another expensive system. Everything can be reprogrammed with their software system to fit your needs so that they're able to keep up with your growth quickly, efficiently and affordably.
8. Their system is cloud-based
Another major benefit is that their system is entirely cloud-based. That gives you the opportunity to access your own information from anywhere. You don't have to be sitting in the office of your business in order to get access to the information you need, nor do you need to be on your computer. You can access it just as easily while you're in your car, directly from your smartphone.
9. They can even help business owners handle negative reviews
One of the things that every business owner dreads most is negative reviews. It doesn't matter if you own a restaurant or an automotive shop, these are the types of things that tend to keep you up at night. It's also one of the things that this particular company focuses on helping you handle successfully. That fact alone is enough to convince most people to learn more about purchasing some of their tools and products.
10. Interested parties can book a free consultation so they can learn more
Of course, no one is too keen on the idea of spending a lot of money on something when they don't have all their questions answered first. That's another advantage to using this particular company because they're more than willing to allow you to book a free consultation where you can have all of those questions answered before you invest even a single dime.
11. Their value has doubled in a single year
It's actually quite rare that you see a company whose value actually doubles in a single year, but that is exactly what you have here. This is important because it is so rare. When you see a company that is capable of this type of performance, you know that you're looking at something that has some aspect of doing business figured out better than their competition. That fact alone is enough to make everyone take a second look at the company, ranging from investors to potential clients.
12. They just raised $300 million
It will probably also interest you to know that they just raised an additional $300 million, all in a single round of fundraising. That's not always the easiest thing to do, even when you're talking about high-dollar tech companies that are working with theoretical forms of science. When you remember the fact that you're actually talking about a company that provides tools and products for businesses that help them earn more money, the fact that they raised this much becomes even more astonishing.
13. They now have a valuation of $3.6 billion
Currently, the company has a valuation of $3.6 billion. That is a level that very few companies ever reach. It serves as a testament to the dedication of the individuals who founded this company and it also proves that they offer products and tools that are effective at doing what they claim they can do. Otherwise, they wouldn't be valued so highly.
14. They’ve completed a staggering six rounds of fundraising in the last fiscal year
Most companies complete roughly four rounds of fundraising in a single fiscal year. It's not really typical to see one that completes more than that, but it also isn't outside the realm of possibility. In this particular case, the company completed a staggering six rounds of fundraising. Obviously, they've been very busy this past year. It's also quite clear that their efforts have paid off.
15. They’re still picking up new investors, too
Another thing that's quite impressive is that the company has maintained its core group of investors throughout all of these rounds of fundraising while simultaneously adding a new one, G Squared. Again, it serves as a testament to the quality of products and tools delivered by this particular company.
16. They have more than 1,000 employees
At the moment, this San Francisco-based company has a large number of employees, well above 1,000. As a matter of fact, some estimates suggest that they have closer to 2,500 employees who are currently working for them in various places around the globe. Considering how fast the company is growing, it's only reasonable to assume that this number will continue to grow for the foreseeable future.
17. So far, they’ve acquired five other companies
They've also acquired five other companies, including Appetize and SeatNinja. The other three companies rounding out this category include Lifeyo, EmaginePOS and Dolce Software. There is a chance that they will also acquire more companies in the relatively near future, especially if things continue to go as well for them as they have been in recent months.
18. They have 15 individual investors
As previously mentioned, this company has no shortage of individual investors. In addition to their newest investor, the aforementioned G Squared, other major investors include Andreessen Horowitz, Franklin Templeton Investments, Dragoneer Investment Group, DST Global and Mubadala. Obviously, there are also additional investors who have contributed smaller amounts. The mere fact that a company can attract so many investors during a time when everyone is becoming more conscientious about how (and where) they spend their money is something in and of itself.
19. They’ve been studying how inflation impacts American consumers
One of the more interesting things the company has been involved in lately is tracking the way that inflation impacts not only American businesses, but consumers in general. As a matter of fact, they've been using their very own technology to track these things and they've been able to break it down into some very interesting bits of information. For example, they can tell you which types of foods have seen the biggest price increases on menus over the course of the last year, giving you insight into how you can save money whenever you go out to eat by avoiding those items that are at the top of the list. Did you know that the price of tacos has increased by 10.5% over the same time last year? If you think that's a hefty price tag, consider the price of prawns, which have increased by a whopping 16%. If you're interested in knowing one of your more affordable menu options when you decide to go out and eat, it's good to know that pizza has only increased by 7%. It's still more than you paid this time last year, but it's less than half of what you would pay for seafood. The point is, they're actually trying to provide valuable information to American consumers by helping them better understand where inflation is at its worst so they too can save money on items that they purchase. That's a rather big leap for a company that doesn't have to provide this type of information. If they were like most companies, they would just keep the information to themselves and find a way to use it for their own benefit. Instead, they choose to help everyone, whether they are one of their customers or not.
20. They also provide real-world solutions to those who are willing to listen
One of the more interesting things to note is that they have basically figured out what would keep inflation down so that people can finally get a handle on the amount of money they're spending on everyday items. As a matter of fact, they seem to have a better handle on it than individuals in the federal government who are supposed to specialize in this type of thing. Perhaps people should start listening to them so that everyone else could benefit from a drop in inflation as opposed to paying higher prices on virtually everything they need week after week.
Written by Allen Lee
Read more posts by Allen Lee