As a restaurant manager, this job offers you many challenges. One of the most important is how to keep track of the restaurant’s inventory. Inventory management isn’t the most attractive part of owning a restaurant, but it is an essential part of running a successful business.
Restaurants fail primarily because of inappropriate managing of cost and managing your revenue starts with managing your inventory. All of a sudden, tracking your inventory properly doesn’t just seem like a boring chore. It’s important, and it can be sometimes intimidating, but that doesn’t mean it has to be difficult. All you need to do is develop a thorough arrangement, and be religious about following it.
Restaurant inventory management is basically to calculate the amount of food, supplies and other products your restaurant uses over time, which can eventually be converted to cost of goods sold and facilitate a profit and loss analysis. But it has to be done, and if you follow these steps, you’ll find that staying on top of your inventory becomes easy.
The steps are as following:
• Inventory Team
Many times those charged with taking inventory dread the process because it was dull, often disorganized and performed at the end of a long day. Train your team; Make sure your staff is adequately trained on the inventory procedure as your inventory management system is only as good as the people executing it. Even the most amazing management systems may fall short if your staff is unable to execute an accurate inventory count.
• Inventory Timing
Inventories should be conducted on the same day and at the same time if possible, otherwise at the time of closing.
• Inventory Frequency:
In most restaurants inventory count is taken once a month. Ideally, you should be taking inventory count once a week. In case of sensitive items (high-cost items), you should be taking inventory count every day.
• Inventory Organization
To make your inventory process simple, ensure that your inventory sheets are set up in the same way that your shelves are stocked. Your inventory sheet should have:
- The item title
- Item quantity
- Item par (how many of the items you should have on hand)
- Unit price
- Total item value
• Inventory taking tools:
If you are operating your restaurant with manual tools then follow these steps;
- Clipboards for your inventory sheets to make it easy to write on the inventory forms.
- A ruler: when measuring some liquid items that are counted by tenths or fractions, a ruler guarantees that you’re consistent and using the same unit of measure instead of just “eyeing” it.
- Scale: approximating weights on your high-cost sensitive items like meats, seafood, and poultry is a bad way to take inventory. A scale guarantees exact inventory weights.
Otherwise, you can use software to manage your inventory digitally, i.e., Excel.
Inventory tracking is easily one of the most crucial aspects of owning a restaurant. So many restaurants fail because they don’t keep consistent account of their inventory, especially for high-volume sellers. Be assiduous about your inventory– because it could mean the difference between staying afloat or going out of business.