Mismanaged inventory costs retailers trillions of dollars globally. An estimated 81% of consumers experience situations where the product they’re looking for is out of stock, which can result in lost sales and increase the risk of losing customers for the business.
Inventory management is one of the biggest issues faced by restaurant owners. Poorly managed inventory can result in increased costs and food wastage for the restaurant. Even the most experienced restauranteurs experience challenges when it comes to keeping track of inventory. Effective inventory management can ensure efficient day-to-day operations and provide better cost control over the whole operation.
Here are some expert tips for restaurant inventory management form successful restaurant owners in the country:
Establish Strict Policies and Procedures
According to statistics, 75% of the restaurants struggle with making a profit because of the increasing cost of food. The first step to ensuring effective inventory management is establishing strict policies and procedures regarding the use of food products and the reordering process.
Restaurant managers should assign the task of inventory management to a responsible person. But they should also make sure they verify this work regularly to ensure they’re following all the established protocols.
Maintain A Consistent Schedule
Restaurants allocate about 25 to 35% of their operating budget on food purchases. Not taking proper inventory of the items that need to be ordered can result in over-ordering and increases the operational costs.
Following a set schedule allows restaurant owners to accurately understand and keep track of all the supplies and ingredients that are utilized during a specific period. A consistent schedule enables them to check different items, such as perishables, non-perishables, and bulk-order items regularly. This way, they’ll be able to identify patterns of usage and adjust future orders accordingly.
Get the Right Software
Technology is an essential component of the modern restaurant business and can be incorporated into all aspects of running a restaurant. Advanced technological solutions for filing invoices can save restaurants 50% of the labor required for processing them.
The biggest benefit of technology is keeping accurate and up-to-date data on the inventory through advanced inventory management software. Getting the right software for your business will help you easily keep track of all the items in your inventory, whether you have a small restaurant with a few dozen items or a larger operation with several hundred inventory items.
SweetData Concepts can help you manage your restaurant business successfully and keep up with the latest industry trends with our innovative food and beverage inventory management software. Reach out to our team today for more details about our exclusive restaurant management platform.