Nothing is more mind-boggling than doing inventory for your business, isn’t it?
Inventory is just one of the vital elements to a successful business, regardless bar of niche. Tracking every sales figure and purchase gives essential information that can either make your bar a bop or a flop. To stay on the edge of competition as a business owner, consider these nine key points to guide you to decrease retail price percentage and bar cost:
1. Make sure to properly set up your POS.
Proper setting up of your point-of-sale system will make it easier for the efficiency, speed, and gathering of in-depth data. Start by setting up your speed screen that works best for you. If your POS isn’t performing well, contact your vendor and let them recheck it for better performance.
2. Have a consistent size for serving.
Consistency in serving is one of the keys to customer satisfaction. Determine the amount of liquor to mix in a drink or the ounces of a glass of champagne and stick with those measurements.
3. Ensure recipes for your cocktail drinks are coherent.
Make sure bartenders make cocktails the same way each time a drink is made. This builds a business’s reputation and recognition across the market.
4. Make use of proper glassware.
Some bar owners may take this for granted. However, glassware inconsistency can hinder the sizes of your beverage serving. It is recommended to do a glassware audit and check the volume per type. Make some modifications depending on your preference and needs, or purchase new ones if you like.
5. Arrange your Storage Section
A messy storage area will most likely end up in:
- Patrons waiting because you have trouble finding what you’re looking for.
- A tendency to order too much because you can’t see what you have and don’t have.
- No proper rotation of supplies.
- Inventory will be very problematic/non-existent.
- Keep your storage closets and walk-ins organized and save everyone a headache.
6. Make sure all equipment and tools are running.
Don’t act when it’s too late? Better to be safe than sorry. As part of your bar cost management, make sure that all pieces of equipment are fully functional.
- Set up regular equipment in-house checks through draft vendors.
- Come up with helpful guide instructions for reporting issues and best equipment practices.
- Keep a waste log in the chiller.
7. Prepare a receiving inventory process.
The majority of inventory loss happens because of these elements:
- Bar owners didn’t receive any supplies, but they are charged for it.
- Bar owners did receive supplies, but they vanish prior to putting them in the storage.
- Bar owners received the supplies, but they didn’t ask or order them.
As much as possible, double-check everything each time an order is placed and delivered.
8. Set up a routine inventory audit.
It is ideal to conduct a regular audit for your inventory. This enables you to compare your sales to your supply reduction and check how much is lost per cycle, helping you plan for less waste in the future.
9. Have your staff check the inventory results.
Share your gathered data with your staff in a non-confronting manner. Encourage them to come up with ways that will help diminish waste and increase the delivery process.
Conducting a regular inventory definitely helps to keep your bar costs to a minimum. Generating accurate data in a timely manner is one of the critical steps to business success. Inventory audits done at least every one or two weeks is best for any bar owner.
ServingIntel is an international hospitality technology company that creates cloud-based enterprise and point-of-sale solutions serving a variety of hospitality industries, including restaurants, country clubs, hospitals, and senior living communities. Providing complete software, mobile hardware, and business intelligence software through its ServingIntel.com platform, ServingIntel increases revenue and profit in foodservice operations, while enhancing service and quality levels for the guests.