Owning or managing a bar or night club comes with a lot of tedious and time-consuming tasks that are simply unavoidable. Managing your inventory is one of those tasks. However, with the proper systems in place and adequate knowledge of the industry, managing inventory can be easier than you thought possible.
Here are the fundamentals that answer the what, why, and how of liquor inventory for your bar or night club to make easier:
What is Liquor Inventory Management?
As a bar or night club owner or manager, the first thing you should know about controlling your liquor inventory is learning what inventory management is and how you can benefit from it. An inventory management system is a way that your bar or night club keeps track of the items you have in stock and will help you not only know what you currently have in stock but will also help you plan and order more inventory.
There are many ways that you can keep track of inventory, however with the right POS system inventory can be managed in real-time as drinks are being entered into the system.
Why is Inventory Management Important?
Stocking your bar with alcohol is just the beginning of managing your establishment’s inventory. There are many things you will want to know about your inventory and you will want your management system to give you key metrics that help increase sales and decrease loss.
The liquor inventory management system in your bar or night club should answer questions such as:
- How is your bar performing financially?
- What is your product variance?
- What is the pour cost for each beverage in the bar/club?
- Which products are selling and which aren’t?
If your liquor inventory management system doesn’t answer these questions you may want to consider an upgrade.
How to Manage Liquor Inventory:
Managing liquor inventory in your bar, night club or restaurant can be challenging. However, with the right systems and point of sale in place, it should be simple and make your life as an owner or manager easier. Some of the things an effective inventory management system should be able to do include:
- Reducing drink shortages and waste
- Avoiding rush orders to replace a depleted alcohol supply
- Optimize alcohol order size and purchase frequency
- Increase overall profit for your establishment
With an effective inventory management system, you can help deliver a better experience for your customers and experience a greater ROI for your business.
Plan for Success:
A proper liquor inventory management system can give you insights into your business. You are not only able to track the stock of liquor in your bar or night club, but key metrics can also reveal buying trends and make it easier for your business to plan for growth.
At Paradise POS we’re committed to helping your bar or night club find success with your liquor inventory management system. Contact us today and learn how we can help set your bar or night club up for success.