Looking for ways to improve your restaurant’s bottom line growth? Then tell us one thing: how are you planning to take your inventory game to the next level? COVID-19 has impacted sales for the overall food service industry, restaurant supply chains, and raw materials prices, making it relatively more difficult for some restaurant owners to source their ingredients.
These things may also be forcing you to increase food costs, which might have an impact on your sales in the long run.
That’s why a study on the aftermath of the COVID-19 pandemic has surveyed stocking inventory. 27 percent of respondents revealed that they plan to keep inventory levels the same while adjusting their supply chain networks. While a few people wished for more stock as the business expanded following COVID-19, what’s your plan?
However, if you are wondering how to take control of your food costs, we have got to share something with you. You will be surprised to learn that a weekly stock count can give you up to 2–10% bottom-line growth. All you need to do is implement an automated inventory management software.
Let’s read on to know why and how to manage inventory for multiple outlets with it.
Have you asked why maps and compasses are important to sailors or mountaineers? We think the answer is no!
Without these two things, they wouldn’t know where they are or where they are going. Dangerous consequences are inevitable, so they constantly watch the current situation.
You must monitor stock levels, F&B purchases, and outlet performances as a restaurant owner. Otherwise, you will be facing a major loss due to understocking, overstocking, waste, and pilferage.
The supply and registered demand imbalance can also negatively affect your business growth. You may have to sell your services and foods at a loss if you are concerned about waste.
On the other hand, understocking will harm your reputation. Nothing can be more disgusting than saying, “We are out-of-stock” to customers. Right?
No more guesswork in keeping inventory stocks up to date, no more wasting money on inventory mistakes, and no more wasting time on piles of spreadsheets. An automated inventory management software is the key. Learn how to minimize losses while maintaining adequate inventory stocks. Keep scrolling for the next segment of this article.
Running a successful restaurant is not just about having enough inventory and ensuring great food quality. The more effort you put into maintaining the food and service quality while not raising their prices, the more sales you will generate. To accommodate orders and customers, you will be opening multiple outlets.
The more outlets you open, the harder the inventory management process will become.
Inventory management is not about having enough raw materials and ingredients, and it’s more about what you do with them. Plus, you have to pay close attention to many aspects.
First, you must track your stock and its consumption rate. Then, you have to ensure a regulated level of wastage, continuous supply, and emergency supply when required from one outlet to another or third-party vendors.
The good news is that some POS systems with restaurant inventory software can help you in all aspects.
Any large chain of businesses needs a centrally located kitchen to ensure the continuous supply of raw materials to all outlets. Then you can send semi-finished recipes to every single outlet. Creating a city-wide central kitchen to store, manage, and supply goods is easy with PosBytz inventory software.
It records the raw materials sent, inventory conversion rate, and sales for all outlets. So you can easily understand what goods need to be restocked and what goods need to be cooked and sold immediately. That means no more waste or out-of-service tags.
With multiple chain outlets its is important to transfer stocks between outlets using transfer orders and all the stocks are transferred at each outlets central using a restaurant inventory software.
Restaurant inventory system should also have options for outlets to place indents to the Central kitchen or warehouse so at the end of they can request systematically. At everyday the Central Kitchen can consolidated indent to know the stock requirement for each outlet at ingredient and recipe level. So the indent can be fulfilled with a stock transfer between the Central kitchen to outlets using the restaurant inventory software transfer orders.
POS systems help create several types of inventory reports for individual purposes. The detailed analyses on inventory consumption at various outlets will help you understand demand, usage of inventory, wastage, pilferage, or discrepancies in the quality of the food you made and sold.
Similarly, wastage or inventory variance reports will assist you in determining the ideal and actual demand for inventory supply. Similarly, the food costing chart and the gross report will assist you in tracking changes in food costs. So, you can offer a competitive price to take your business to the next stage with a best restaurant inventory software to your business
Going out of stock is very bad for any business. You can’t afford to lose a single customer. An automated raw material procurement process can help you keep track of all the purchases you make and justify their cost. Some POS software not only manages inventory for all outlets but also raises PO to the suppliers for restocking before any of your items at any outlet go out of stock using the restaurant inventory system in place.
Identifying which items need to be dropped and where is another headache. Create a data-rich delivery route by providing all delivery information needed to manage delivery and purchase orders for multiple outlets efficiently.
That’s all! PosBytz has reduced the inventory management process to a few clicks rather than a time-consuming task. With a few simple clicks, now you can track inventory availability, avoid out-of-stock issues by setting low-stock alerts, check the day-to-day inventory consumption of every outlet, and create the most effective inventory delivery routes to all outlets.
Its very important for Restaurant owner you have Accounting software specifically designed for Restaurants so that all the purchases, sales , preparation flow , ingredients/recipes get accurately recorded with the inventory assets and cost of Goods sold so that Profit/Loss, Balance sheet, General Ledgers, Trial Balance Reports can be pulled out in ease
Enough of a pile of spreadsheets, miscounts, and staff errors. Now it’s time to go digital. Generate actionable insights on Restaurant inventory software with PosBytz . Get easy access to inventory supply, sales, procurement, and accounting data anytime.
PosBytz is your comprehensive platform to manage everything you need to sell and grow your business.
PosBytz is a product of Bytize, Inc.