In a nutshell, a successful business is all about the numbers. Are you making enough money to cover your costs, pay your staff, and pay yourself? Can you save on any costs to make a profit, or to reinvest in your business to remain competitive? Are you charging enough for each menu item? Can you … Continued
If you’re going to run a successful restaurant business, there are a few management tasks you simply cannot avoid: counting your inventory, tracking your sales, and restaurant menu costing. Menu costing is particularly essential to protecting your bottom line. In the restaurant industry, your sale prices are your only source of revenue – to stay … Continued
So you’ve decided to ditch the pen and paper piles, or the DIY Excel spreadsheet, and upgrade your restaurant inventory management to the digital age. Congrats! This is a wise investment that could save your business thousands of dollars every year. Choosing from the myriad of software options out there today is your next big … Continued
After the rush of the holidays, but before the summer slam hits, you might find you have a slower season in your restaurant or bar. Many businesses in the hospitality industry experience a slow down in the first few months of the new year, as customers recuperate from holiday spending and retreat into their homes … Continued
Inventory turnover is a business and accounting term for measuring the number of times your inventory is sold or used up in a certain time period, like a month or year. In the restaurant industry, calculating your food and beverage inventory turnover ratio – or ITR – is an incredibly useful tool for decision making in … Continued
If the wind up to the New Year has you looking for new ways to streamline your restaurant business and boost profits, then inventory management is a great place to focus your resolutions. Effective restaurant inventory management can be as easy as a touch of a button with Optimum Control’s suite of restaurant inventory apps … Continued
The restaurant business tends to get a boost in the holiday season: with more people out shopping, they are often also looking for a place to relax and refuel. Large party bookings increase with festive celebrations, as does the demand for catering services. And while the holiday season can bring in new and more business, … Continued
In the restaurant business, “PAR level” is an industry term for effective inventory management. Specifically, Periodic Automatic Replacement or PAR is a system for figuring out the minimum level of inventory you need on hand for a given period of time. Ideally, a PAR level system will tell you the minimum quantity of any given … Continued
Food and beverage inventory control is not just for restaurants and large chain operations: bars, lounges and nightclubs also need inventory solutions for effective cost and profit management. Bar inventory software is your all-in-one digital tool for powerful ordering, tracking and reporting systems, helping you streamline and maintain your establishment’s liquor and bar inventory. Optimum … Continued
One of the most fundamental aspects of successful restaurant and bar management is food costing: the difference between the cost to you to prepare a recipe or menu item and the amount you can charge your customers for that item. In other words, food costing is all about your profits. Food costing is the only … Continued