TAKING STOCK

WHEN IT COMES TO STOCK MANAGEMENT, IT’S IMPORTANT TO IMPLEMENT BEST PRACTICES THAT OPTIMISE YOUR BUSINESS OPERATIONS. SQUARE SHARES A FEW TOP TIPS ON HOW BEST TO CONTROL YOUR BAR STOCK WHILE SAVING MONEY

TAKINGSTOCK

WHAT IS BAR INVENTORY?

A weekly glance in your back room to determine stock levels might seem su cient, but the reality of bar inventory is so much more complex. The inventory behind your bar includes the complete list of stocked products you use to serve your customers. This includes any juices, sodas, tonics or other garnishes that are served in the drinks listed on your menu.

WHY IS STOCK MANAGEMENT IMPORTANT?

Inventory is the lifeblood of your bar and poor management can be a killer. With too little stock, your bar misses out on sales and tarnishes its reputation. On the other end, too much is a major cost for your bar or pub and creates the need for additional storage space. Excess inventory also increases the risk of waste. Excess inventory also increases the risk of waste.

HOW CAN YOU MANAGE STOCK AT YOUR BAR? HOW CAN YOU MANAGE STOCK AT YOUR BAR?

Stock management can be done manually, but that can bog down other operations. Late nights in the back carefully counting stock can be tedious and take away time from other planning processes that aid the growth of your bar. So how can you control your bar inventory and successfully manage your bar?

Inventory management software automates the process and frees up your very valuable time. Look for software that integrates with your bar point of sale, as that creates a more cohesive flow in your daily operations. With a unified system, the software can automatically track stock when a bartender rings up a drink, allowing you to see stock levels in real time.

BENEFITS OF A SUCCESSFUL STOCK MANAGEMENT SYSTEM

Here are five things an e ective inventory management system can do when you first open a bar or pub.

REDUCE DRINK SHORTAGES

Customers will remember when you were out of their favourite drink the next time they are deciding where to go on Friday night. That means running out of stock actually results in the loss of business. With a comprehensive inventory management system, you can better manage your bar stock by forecasting materials needed, preventing these shortages and improving customer service.

OPTIMISE ALCOHOL ORDER SIZE AND PURCHASING FREQUENCY

Instead of ordering a product when it runs out, you can strategically plan a bulk order of materials that minimises purchasing and shipping costs.

AVOID RUSH ORDERS

When you abruptly run out of vital bar materials, it forces you to overnight products or rush-order supplies. That can be a spendy proposition. Due to the size and weight of alcohol cases, rush orders on beverages have very high costs, which can put an unexpected dent in your carefully planned budget. Better stock management and planning reduces the need for rush orders and saves you from unplanned costs.

REDUCE WASTE AT YOUR BAR

Bars lose a good amount of sales from theft, spilled drinks and free drinks. Often bartenders and servers don’t realise how much they waste. With a stock management system, you can showcase your bar inventory data and come up with preventive measures.

INCREASE PROFIT

Real-time bar inventory data can help you make decisions about sales and future purchasing. When you track your stock regularly, you can determine customer demand and see trends that help you better predict what to order (and what not to order). It can also help you determine how to price drinks based on their popularity. A stock management system can demystify your business. It not only helps you track stock but also can reveal customer buying trends and make it easier to forecast growth. to forecast growth. www.squareup.com www.squareup.com

7 WAYS

TO IMPROVE YOUR INVENTORY MANAGEMENT PROCESS

1. Take stock before your bar opens or after it closes, but keep that time consistent. Bar owners who don’t follow a specific schedule aren’t getting an accurate representation of stock and how levels fluctuate from day to day or week to week. 2. Calculate bar inventory usage each month by first adding the starting inventory to the materials purchased throughout the month. Then subtract that from your ending stock. This gives you an accurate representation of the amount of stock you are using. It can help you identify trends to assist in the purchasing process. 3. Determine a stock minimum for each of your materials and set up shortage alerts in your inventory management system. This lets you optimise a purchasing pattern and helps minimise costs. Alcohol turnover is dependent on demand, so make sure your minimum stock level is custom to each of your materials. 4. Apply a first-in, first-out (FIFO) method to your inventory, where the oldest inventory items are sold before newer inventory is received. This decreases the chances of products expiring before they are used. 5. A supply-savvy bar continuously re-evaluates safety stock every few months. Safety stock is an additional stock of products that run the risk of selling out. This stock acts as a bu er to mitigate risk. But remember, too much on your shelf can cost your bar significantly. 6. Get your sta involved in a manual bar inventory auditing process. Have two individuals audit stock separately, then compare. It can Have two individuals audit stock separately, then compare. It can help prevent clerical error. help prevent clerical error. 7. If you find that a specific material isn’t being used, look for ways to integrate it into popular drinks. This can help you push materials If you find that a specific material isn’t being used, look for ways that might otherwise go to waste. It also lowers the number of items on your bar inventory list.

China Moutai A Toast to the World

TasteA

LIKE NO OTHER

Sponsoring the ‘Innovative Bar of the Year’ category at this year’s Bar of the Year Awards, Moutai continues to make a name for itself in the premium spirits category

Baijiu – a Chinese distilled alcoholic beverage made in China, keeps spreading its influence in the category of spirits all over the world. As one of the finest baijiu, Moutai aims to promote Chinese baijiu culture and let more people learn about

Moutai and experience its inimitable taste in Ireland.

Like many other premium spirits, Moutai has its very own way of savouring to fully appreciate its exquisite taste. You can tinkle your taste buds through senses of visualisation, smell and taste. The multi-layered aroma and complex flavour of

Moutai bring you a unique sensation like no other spirits you have experienced in the world.

Moutai can be drunk in neat, paired with dishes or made into cocktails! The multifaceted flavours of Moutai enable a unique taste in each of its drinks, bringing a new range of possibilities to the world of mixology.

Marking its presence in Ireland, Moutai has actively made its track around some of the biggest events in town such as

Taste of Dublin and Whiskey Live Dublin, showcasing its unique nature and introducing it to spirit lovers!

As a legendary brand with centuries of history, Moutai is always striving to be at the forefront of the spirits industry and is committed to encouraging innovative ideas in the drinking industry. In fact, a recent cocktail competition held by Moutai Ireland has spun off many innovative Moutai cocktails created by talented bartenders. This year, Moutai is proud to sponsor the ‘Innovative Bar of the Year’ category in the ‘Licensing World Bar of the Year Awards’ in light of promoting more breaking ideas in the world of mixology! Interested to know more about Moutai?