Your inventory is your largest asset. It represents a HUGE investment of your business’s cash and it can’t be put towards any other costs.
In our most recent edition of 2-Minute Tuesdays, Sr. Manager of Customer Education Trevor Bernatchez, outlines the importance of taking inventory at your restaurant.
Read on to learn more, or watch the whole video (~2 mins) above.
So, why is taking inventory important? Well, the first reason that comes to mind is simple, and should make you want to do inventory regularly.
Your inventory is your largest asset. It represents a huge investment of your business’s cash and it can’t be put towards any other costs.
If you’re just buying things without taking inventory, you’re not gonna have a great understanding of where your dollars are going.
You need to keep track of how much and what variety of product you have so you don’t overstock or under-stock, and make sure you are purchasing products that actually sell.
Besides protecting your investment, putting a system in place for taking regular inventory counts can also show you what your product variance is, where your loss could be coming from, how to set pars for each product, what your pour costs should be, and how your bar is performing financially.
Not only that, but building strong inventory skills will make you even more of an asset to the business. You’ll turn yourself into the person that’s going to be able to save the bar money, spot problems, and ultimately solve them!
If you want to keep yourself from being the next bar or restaurant to close its doors for good, you need to implement a system of taking regular inventory counts
Whether you use a clipboard and a pencil, an Excel spreadsheet, or some kind of tech solution like we provide at BevSpot, it all comes down to taking regular, accurate inventory counts to make sure you have a pulse on the majority of your restaurant’s cash flow.
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