Posted by Sculpture Hospitality on Jan 7, 2019 3:00:58 PM
To help you kick off 2019, we’ve gathered up our 5 most popular (and useful) blog posts over the past year. Read on to get up to speed on essential industry insights that will help guide your restaurant or bar for the New Year - everything from inventory to manager bonus plans.
#1: Structuring a Restaurant Bonus Plan for Managers
Generally speaking, restaurant groups that tie their manager bonuses directly to "inventory variance" do not have inventory or revenue losses from their bar. Conversely, many bars that do not track inventory variances and include management in the accountability of shrinkage lose 15-30% of their inventory and sales. In this article, I will show you exactly how structuring a restaurant bonus plan effectively will eliminate bar losses and provide you with a bar manager bonus plan template to get you started.
#2: [eBook]: Strategic Drink Pricing Guide
With a few pricing adjustments, and a slight shift in pricing strategy, most bars and restaurants could add significant profits without selling more drinks.
The good news is that there are immediate action items you can take to improve profits in your bar operation. The key is moving from an overly simplistic pricing model to a more strategic pricing model.
Read this eBook to discover some of the ways you can increase your sales and profits without having to build new business through advertising, renovations, promotions or discounts.
#3: Best Practices for Inventory Management for Bars & Restaurants
For bars and restaurants, the importance of establishing inventory management procedures can't be overstated. If you aren't keeping accurate records of what you are selling, then it is virtually impossible to identify problems and make improvements. Without a plan in place, you are blindly running a business and simply hoping for the best. Instead of taking the "by the seat of your pants approach," use these inventory management best practices tips to add a little organization to your bar or restaurant while also increasing profits.
#4: Top Lessons We Learned During Season 6 of Bar Rescue
Bar Rescue is a binge-worthy reality show where Jon Taffer and his team of experts visit bars around the country that are drowning in debt and struggling to stay afloat. The show follows Taffer as he uncovers underlying problems and gives owners and staff some tough love and tries to help them turn their business around. During the course of six seasons, there have been some reoccurring themes, which we have compiled into a list of top lessons that you can use to start improving your own business.
#5: Is Liquor Inventory Control Costing You $50,000 Profit Per Year?
Bars can lose roughly 20-25% of their inventory to free drinks, over pouring and theft unless it is managed in a very specific way. This percentage of loss is greater than in many other types of businesses.