Inventory management is a crucial factor for your restaurant’s bottom line. An Investopedia article calls inventory management the process from ordering to selling or using a company’s materials, and they call a company’s inventory one of its most valuable assets. Having too much or too little of an item could end up costing an owner. Therefore, understanding the nuances of inventory management is crucial for restaurant investment opportunities.
Here are four essential tips for effective restaurant inventory management:
1. Obtain a Restaurant Inventory Tracking and Management System
Before you can track, order, or manage your inventory, you need a system. You may want to integrate a restaurant inventory system that tracks your inventory in real time, from the moment an ingredient enters your restaurant to the moment a finished product is sold. Using a food inventory management system can help your business maintain optimal inventory levels, help with forecasting future needs, and prevent both shortages and excesses. A system utilized correctly may reduce the guesswork of inventory tracking and provide you with a clear snapshot of your restaurant’s operational needs.
2. Conduct Inventory Audits
Regularly checking the efficiency and accuracy of a restaurant inventory management system will help improve your inventory tracking and if utilized properly, help reduce waste and overall food costs. These inventory audits can verify the accuracy of your inventory records and identify any discrepancies that could indicate issues like overstocking, understocking, or even theft.
3. Use a Restaurant Inventory Sheet
A restaurant inventory sheet can be a valuable tool for maintaining detailed records of stock levels, usage rates, and more. Some examples of these inventory sheets track food waste and help managers or owners see which ingredients are flying off the shelves, either through usage, waste or theft. This can be a useful way to keep track of inventory that you can reference at any time and help you pick up on patterns. This standardized approach ensures consistency across all locations, enabling franchisees to monitor trends, identify cost-saving opportunities, and make informed purchasing decisions. Monitoring supplies and ordering efficiently can help contribute to overall efficiency and reduce waste.
4. Make Sure You’re Organized
It can be easy for things to slip through the cracks when items aren’t in their place. Whether it’s napkins, utensils, cleaning supplies, or food, making sure everything is in its place may help reduce waste or excess ordering. A Forbes Advisor article suggests organizing inventory storage areas, using shelves and labels, and assigning items to specific spots. In a restaurant, this could be anything from the freezer to the cleaning closet.
Enjoy Streamlined Inventory with Penn Station East Coast Subs
If you’re looking to enter the restaurant industry, but don’t want to start from square one, Penn Station East Coast Subs may be the opportunity you’re looking for. We make sure our franchisees are ready for the open market with a well-rounded franchisee training and support system along with our manual that details operations — from the menu to restaurant inventory management. Replicated across multiple markets, we have a proven business model.
Our comprehensive support includes help and guidance with:
- Site selection
- Restaurant design and construction support
- IT and online ordering
- Operations and training
- And much more!
are seeking franchisees to join the Penn Station franchise system. To qualify, candidates must have a minimum net worth of $500,000 and at least $300,000 in liquid assets. Additionally, each franchise must have an operating partner who will manage the restaurant’s daily operations. This partner is required to attend a four-week training program in Cincinnati, Ohio, where they will learn about inventory management and other essential aspects of running a Penn Station restaurant.
Are you ready to get started in the fast-casual market? Request information about Penn Station East Coast Subs today.
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