Managing a restaurant or bar is daunting and time-consuming because it poses various challenges and complications that pop up at unexpected times. So, restaurant operators must develop policies and implement procedures that align with the business goal and streamline operations.
Controlling cost is one of the most significant challenges for restaurants and bars. However, optimized inventory management can help you overcome cost-related issues and reduce the risk of slim margins. Because food and labor are substantial expenses, you must implement an inventory management and optimization process in your business policy. Inventory control enables you to cover your food, beverages, cleaning supplies, and small wares.
Remember, this task is as challenging as the elephant in the room. However, if you focus on restaurant or bar inventory management and implement tailored solutions, you can overcome inventory-related challenges and streamline operations.
The primary objective of controlling and managing inventory is to track, measure, and analyze the amount of usage by item your establishment uses over time. You can also compare quantities of products with your sales and identify the gap between production value and sales. KEXY, a reputable restaurant inventory management platform, recommends the following practices to achieve inventory optimization goals. Read on!
Controlling your restaurant or bar menu is a critical area to start the optimization process. The chances are that fewer items are bestsellers on your menu, so you can’t miss a step on managing the inventory or supplies required for these top sellers on your menu.
Therefore, you must have the “tightest, “most thorough,” and “real-time” control of your bestselling restaurant or bar items. We suggest inventorying these items every shift and at least daily to ensure everything goes smoothly.
Implement a SMART Strategy
Creating a SMART strategy is essential to your business’s success. While you can modify your plan from time to time, depending on the circumstances, we suggest implementing a process and sticking to it.
Create an inventory management protocol or strategy focusing on specificity, measurability, attainability, and time-boundness. Likewise, take your time to perform inventory management or hold your top-level management teams accountable to complete the task.
The more diverse and complex your restaurant or bar menu is, the more critical it is to manage inventory to avoid waste, reduce cost, and optimize day-to-day operations. Thus, cost reduction and optimized processes are directly proportional to operational excellence, leading to increased sales and higher ROIs.
Use Inventory Management Software
Inventory management software or application, such as KEXY, allows restaurant operators to manage all supplies, products, and ingredients. For instance, you can handle orders, menu items, and stock levels.
At the same time, you align these processes with your business goals and ensure not even a penny is wasted on unnecessary items. Besides, an inventory management tool has several functionalities to increase sales, improve customer service, streamline communication, and make informed business decisions.
If you are looking for an inventory management solution for your restaurant or bar, you can use KEXY, a cutting-edge platform with customizable features that seamlessly align with your business vision and goals. You will get the following benefits via KEXY.
- Automated operational tasks
- Universal inventory tracking
- One-click ordering
- Streamlined vendor communications
- Easy learning curve
- 75% faster than traditional methods
- Multiple locations view
- Dedicated account manager
- A triple checkpoint system
- Product inventory setup