Inventory control is a key component of managing a successful bar. It ensures service runs smoothly, reduces waste, improves forecasting and purchasing, and increases the bottom line.
Without a properly managed inventory, you could find yourself dealing with stock shortages, upset customers, unsellable products and more.
To help you on your way to a well-managed bar inventory and, ultimately, greater success, we’ve created a bar inventory checklist of everything you need for success:
Before you can start successful inventory management on your stock, you need to make sure it is well organized. This will help you keep better track of your products and make sure nothing is missed or miscounted. To help keep your stock organization, implement these best practices:
While inventory can be done by one person, this is not recommended. If only one person is completing inventory, there will be a lack of accountability, increased risk of errors and even the potential for internal theft.
Always make sure you have two or three people doing inventory in rotation, either alone or in pairs.
There are many different ways to track bar inventory from pen and paper to spreadsheet, but there’s no doubt that the use of a bar inventory management system is the best option.
However, whichever you choose, ensure you are collecting the right information, so you have proper oversight and data for strategic decision making. Here are some of the information you should be collecting:
You may have noticed in the last section that we mention quantity wasted and the cost of that waste as important information to track.
Waste has a huge impact on your profitability. If you aren’t keeping track of how much is being wasted, you will not know how much it is affecting your business, whether you're improving, or why it keeps happening. Visibility into your beverage waste will also create accountability and reduce the risk of employee theft.
To help reduce waste, and in turn increase your bottom line, consider these steps:
Par level is the minimum amount of product your establishment needs to have on hand to serve customer demand until more inventory is delivered. This will help prevent your team from having to 86 items, while maximizing profits and increasing cash flow.
Par Level = (Average Inventory Used Each Week + Safety Stock) / # of Deliveries Each Week
Interested in learning how Sculpture can help you with all of the above and implement a highly-strategic inventory management plan that makes your business more profitable? Get in touch with our team of inventory experts today.