Categorizing and organizing stock, setting automated reorder points, establishing safeguards against inventory mistakes and using technology to forecast demand are some key methods to help you manage inventory more effectively.
Here are some best practices :
- Organize inventory:
Put labels on shelving to help staff find items quickly. It also makes restocking goods easier and quicker. Identify the most-used goods and keep them in the same, easily accessible spot.
- Keep stock levels as low as possible:
Use an inventory management system to help keep just enough stock to satisfy customers, but not spoil or take unnecessary space that could be used for more equipment or even more tables for customers.
- Monitor the sell-through rate:
This is a way of tracking how much you sell of a specific item during a given period. For example, if you order 100 steaks in a week and sell 60, you have a sell through rate of 60%. Track your sale through rate for different items and groupings of items, such as meat, bread, beer, etc.
- Track all inventory:
Track every item your restaurant uses, from steaks and potatoes to napkins and staff uniforms. How often you count inventory will vary depending on the type of item. For example, you may track some perishable items weekly, and others, like uniforms, yearly.
- Safeguard against mistakes:
Consider putting two employees in charge of inventory and have them check each other’s work. You should also create an inventory sheet that corresponds to where things are stored onsite for easier counting.
- Employee accountability:
Start by training employees on how you’re tracking all food and beverages that go out and cash that comes in. Help them be a part of the solution and understand all the processes in place for inventory tracking. If you use a POS system, give managers permissions for employee activity and inventory reports.
- Automate reordering:
Inventory management systems can help you set automatic reordering for when stock or supplies reach a certain level.
- Use technology to forecast demand:
Use a POS or inventory management software to forecast demand based on a variety of factors including previous trends, seasonality and other preset conditions.
