Business

Importance of Inventory Management for Your Restaurant

posted by Chris Valentine

It takes a lot of hard work, dedication, and commitment when you make the decision to enter into the restaurant business. Long hours, lots of capital, training personnel, inventory management, food preparation, marketing, and location are main areas of focus that can shut the doors of a restaurant before the doors are opened. It is imperative for one to do market research in regard to the industry as a whole and especially the location for the business. I cannot emphasize enough, “Location, location, location!” Although the physical site of the business is essential the location of inventory is just as important and without it there is no business. Inventory management is the internal gut works of a restaurant and though often times out of sight it can never be out of mind.

FOOD INVENTORY MANAGEMENT

Your food inventory management system is essential in your restaurant operations. It is the maker or the breaker of your business. It is the system used to track your inventory. It provides information that you need such as the stock that comes into your restaurant, what items are being used and going out of your restaurant, and the balance of the remaining inventory items. Mismanagement of inventory can cause your business to lose revenue and bleed a slow death. There are methods of management to the inventory madness that have been proven to be effective, beneficial, and maximize your inventory management capabilities.

1. All Hands on Deck

You must inform and educate all of your employees. Don’t be a lone ranger when it comes to managing your businesses inventory. Utilize your staff in a way that helps them take ownership as well. There are numerous hands in the inventory pot and when an individual feels like it is his or her pot as well then they are more apt to help manage it. They will take more of a personal responsibility for it. The wastefulness of inventory is costly and what cost the business as a whole will have a rippling affect on everyone’s wallet.

2. Team Building

When you express how important inventory management is to your employees and the affect that it has as a whole it is imperative to build an inventory management team in your restaurant. Get to personally know your team of employees. When it comes to managing inventory there needs to be a high level of personal accountability and responsibility. You want to put a team together of individuals that you know are trustworthy, who pay attention to detail, and who have a head for numbers.

3. Choosing a POS System

There is no one sure method for inventory management. It is important to do your homework and research the various systems that are available and that would work best for your restaurant. However, you will want to look for a system that will be the best system of managing your inventory, which in turn, will save revenue and generate more profit. Partech’s POS system can help with inventory management. Partech is a company that offers restaurants point-of-sale solutions and more efficient inventory management. While doing your research add Partech to your list of point-of-sale systems to research.

There will always be challenges to overcome in some way and form, but inventory does not have to be one. By informing and educating your team of employees, building a trustworthy inventory management team, and choosing the right point-of-sale system that best manages restaurant inventory, you can alleviate loss, and build revenue that can be celebrated and enjoyed by all.

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