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 […]
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 […]
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 […]
There are many ratios and numbers that are important when it comes to not only managing your inventory, but your entire operations. The inventory turnover ratio – or ITR – affects more than just your inventory, it also affects your food costing, menu pricing, ordering, purchasing and more. It’s important to understand that, like all best […]
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, […]
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 […]
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 […]
How you manage your bar or restaurant inventory can make or break your hospitality business. Successful inventory management involves accurately tracking your food and beverage inventory stocks, making the most cost-effective purchasing decisions, and ordering your stock at the optimal level of demand. But how you decide to manage your inventory is just as important […]
In the service industry, we are trained from day one that “the customer is always right.” A successful bar or restaurant is wise to put this philosophy first, knowing that happy customers are returning customers, and the key to our bottom line. But in reality, there are many ways that we can put our profits […]