The Importance of Tracking Beverage Costs in Your Restaurant
Running a restaurant can turn out to be costlier than you ever thought. In fact, a restaurant is one of the most expensive businesses to run, at least according to statistics and expert opinions. Do you know why there is so much amount of money involved in running that business? It is because of the beverages.
The cost of beverages can add to your business expenditure significantly. The fact is that drinks, whether sodas, commercial fruit juices or artificial-ingredient-made juices are not so cheap. So is maintaining a steady supply of those so that customers can buy.
Therefore, you need to track your beverage costs just like other significant costs that running your restaurant entails. Do you know why? You can find out below:
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To Keep the Business Running
By not monitoring how much you spend on beverages, you could be obliviously spending more than you can afford. This could lead to a serious cash flow problem in the future, making it difficult for you to pay other bills, including the rent, your creditors and employees. If you are unable to get out of this mess, the result will be a closure of your business.
However, you do not have to wait until it gets to that point. There are fantastic beverage and liquor control systems out there that can enable you to monitor effectively the amounts that you spend on drinks.
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To Prevent Your Employees from Stealing from You
The fact is you cannot 100 percent prevent your employees from stealing from you. After all, you cannot oversee every single process that takes place within your establishment. Can you?
Sometimes you are attending a meeting somewhere, maybe with potential investors or financiers and you are completely out of touch with the activities that are taking place in the accounts department. Other times you are just away attending to your personal matters, while the business is in the hands of your employees.
Whichever the case, some employees may use the opportunity to steal a little bit from you and there is nothing you can do about it.
It has been well-documented that most financial thefts in the restaurant industry occur in beverage procurement. keeping track of your beverage costs can prevent those thefts by up to 99 percent.
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To Know What You Have and What You Need
Keeping track of your beverage supplies is a great way to know what you have and what you need. Otherwise, you will not be able to tell that the soda or juice inventory needs replenishing. The problem with this is that you may end up buying more of what you do not require and less of what you require at that time.
There are quite a number of good restaurant inventory software products from which you can choose to keep track of your beverages at all times. They help you so you do not waste money buying more of what you have and less of what you require the most at any one time.
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To Identify What Is Profitable and What Is Not
By keeping track of your beverages, you get to know what sells out fast and what takes time before needing replenishing. You can use this insight to concentrate on the beverages that seem to be profitable and avoid those that seem not. In the long run, your profits shall double if not triple.
Final Thoughts
Keeping track of beverages remains a vital part of running a restaurant business. Not only does it keep your business running, but it also prevents your staff from stealing from you. In addition to that, tracking your soft drinks and liquor enables you to know what you have and what you need so that you do not replenish the stock with the wrong drinks. Finally, it helps you to identify what is profitable and what is not.
