5 Tips to a Great Bar Stocktake
Nov 04 2019
Running a bar can be challenging yet this is also one of the most rewarding business ventures that individuals can take. However, along with this operation, you will surely be faced with overwhelming things as far as running or managing a bar is concerned. But despite the complexities, there are ways on how to ensure that your bar business is taking the right track. One of these vital business processes is accurate bar stocktake.
Bar stocktake includes report of the calculations of the consumptions at retail value upon deducting allowances for own drinks and wastages. These reconcile back to produce overall deficit or surplus amount. If done properly, bar stocktake can provide detailed analysis of every product including number of stock held, exact gross profit in each and every item, number of purchases within the period, retails and sales that are often supported by detailed report suggesting preventative or corrective actions.
There have been proven success stories in the bar industry revealing that business success can be achieved with the help of regular bar stocktaking. There are so many issues that bars can avoid if bar stocktake will be carried out properly. Issues that can be avoided include wastage, fraud, theft, inconsistencies and excessive staff drinks.
If you have the desire for a great bar stocktake, the following 5 tips can help you:
1. Identify clearly if the stocks are owned by the bar business and where these stocks are:
You need to separate stocks that have been invoiced to customers but are still in your warehouse. Also, stocks that are already received but recorded in the record book yet must be distinguished. You need to ensure that stocks are held on different locations or on basis of consignments are properly accounted for.
2. Make sure that inventory items are properly laid out in clean stock room
This is one helpful way to ensure great bar stocktake. You can attach clear labels into the shelves clearly to identify the different stocks including the inventory categories, label inventories and more that should not be counted. If necessary, give the stock counters clear instruction or guidance e on ways they shouldn’t count.
3. Use the right tools for great bar stocktake
When performing a bar stocktake, you can use pens, write off sheets, stock sheets, hand-held scanners and calculators. These are common tools that you can use to make the task easier and more accurate.
4. Discourage idle chit chats, iPods, radios and mobile phones
This tip might sound mean to some but these things can certainly cause distractions while you are performing bar stocktake. Keep in mind that distractions lead to mistakes and errors which might affect your stocktaking results.
5. Do not estimate! Count each item of your inventory
Things may see tedious most especially if you think that you got good ideas about the quantities however, it is much better to get a hundred percent accurate records for the very first time. Do not forget to open the boxes. Just because cartons say that there are 24 items in the box does not necessarily mean that there are actually 2 items there.
Follow these tips when doing a bar stocktake and make sure to update your records on regular basis.