Take Inventory Frequently
Ok, maybe taking inventory isn’t unique, but being able to take accurate inventory in roughly 15 minutes is. (You can with our app) Fast inventory is a big deal because you’ll take inventory more frequently. And frequent inventory is a big deal because it reduces shrinkage and gives you good data that you can use when making important business decisions such as establishing pars, setting drink prices, etc.
Make Sure Your Pars Are Accurate & Adjust Them Seasonally
You need accurate par levels so you don’t 1) run out of product and miss sales and 2) overbuy and have sitting inventory or dead-stock. Check out our post How to Establish Par for a step-by-step guide to setting par and adjusting par by season. (Again maybe not unique, but the detailed instructions are.)
Buy In Bulk To Avoid Breakage Fees
Distributors want to sell more, and they don’t want to break up cases so they offer buy-in-bulk deals and specials. If you’re on top of your par, buying in bulk is a great way to keep your costs down.
Keep Inventory In a Secure Location
Your product is your biggest asset. Think of it as cash and protect as such.
Set Profit-Maximizing Drink Prices
The formula to set the best drink price is Cost of Ingredients / Target Pour Cost, but determining your target pour cost can be complicated; location, customer, competition, and shrinkage all play a part. We go over all the details in this post.
Use a Quality Draft System and Keep It Clean
An out-of-balance draft system can create too much, or too little, foam resulting in wasted product through pour-outs and overpours. Further, dirty draft lines can make beer cloudy and off-tasting. Keep them clean to keep your customers happy.
Over-pouring causes significant loss. Have your bartenders measure with jiggers or put precision pour spouts on your bottles to avoid it. Generally, you’ll get 2-4 additional drinks out of a bottle poured with a pour spout.
Keeping a log of spillage leads to less spillage. No one likes to have their mistakes recorded.
Have A Comped Drink Policy
Allow each staff member to give a fixed number of comped drinks. You can control the cost while still treating loyal customers and staff well.
Hire experienced staff
It takes experience to work well in a fast-paced restaurant or bar. Experienced servers and bartenders waste less product and keep a smile on their faces even at the busiest times. It’s worth it to pay higher wages for experienced staff: they pay for themselves over time, are more likely to stick around so you avoid the hassle and expense of training new employees, and make customers happy.
If you’d like help increasing your profit or want to try out our 15-minute inventory app, contact us here