Food Stocktaking Plan: How To Improve Your Food Operations Gross Profit
Aug 26 2019
When compared, food stocktaking seems more much time consuming and complex than beverage stocktaking and this is primarily because the former appears to be less tangible.
In fact, when you are in the food business, you will notice that chefs and owners struggle to properly analyze the dishes on their menu and identify which dishes are making profits and subsequently which are making losses and if you conglomerated this issue with the fact that several restaurants do not actually perform food stocktaking or are receiving inaccurate information, it renders more opportunity for the owner to create a substantially positive difference with the help of an effective stocktaking plan.
Installing appropriate stocktaking software can be an easy way for you to make a positive difference to the total gross profit of your restaurant.
Yet another vital fact surrounding the importance food stocktaking is that around 80% of the total food sales actually come from 20% of the items listed on the menu. Furthermore it is crucial to understand that irrespective of whether an item on the menu has a high or low gross profit, the overall gross profit shall not be affected if that item does not sell!
How do you improve your total food gross profit?
There are several issues to be taking into consideration and methods to be followed if you wish to improve the gross profit of your food operations. To begin with, an itemized menu profit analysis can be done on the top selling menus items. With this, you get an idea of what to serve on your menu and as a result you can set up a goal, i.e. a gross profit percentage target. however this can only be done after a food inventory stocktake. You can use then use this figure as a target for your chef.
A direct result of the itemized profit analysis is that you can now negotiate better prices from your existing supplier, as you will be ordering more of their products or you can simply search for better options in the market. Portion control is yet another effective method of improving food gross profits and this again can be done after a systematic food inventory stocktake, because by now, you would have got an idea on the quantity of each ingredient being used per plate or serving. Also staff meals could also be accounted for.
An efficient stocktake reveals some of the most vital figures needed by a manager, as reducing the company’s stock levels is another means of improving the food operations gross profit, through reduced costs. Also, by verifying every docket to ensure that every item matches in quantity, size and description the company can increase its levels of inventory accountability. All these benefits, resulting from competent food inventory stocktaking help significantly in improving the food operations gross profit and this in turn determines the profitability of the food venture!
Summary: Food stocktaking is equally if not more important than beverage stocktaking in a restaurants strategic planning process and an appropriate food inventory stocktaking system would reveal several crucial figures, many of which could be used to bring about substantial improvement in the food operations gross profit.
If you would like to learn more about how a professional stocktaking service can benefit your business then visit Synergy Stocktaking at https://www.synergystocktaking.ie now.