Best Practices for Bar Inventory Management

 In the fast-paced environment of a bar, it’s essential to run your business like a well-oiled machine. So, if you’re still receiving complaints about drink shortages or dozens of bottles are collecting dust on your shelves, you still have plenty of work to do.

Let’s start by addressing the source of the problem – poor bar inventory management. Like any other business, your inventory stock take and management can make or break your business. A well-maintained bar inventory helps you make sound business decisions, like when to restock certain products and which ones to discontinue to prevent loss.

These insights save you storage and dead stock costs, as you can calculate the amount of buffer inventory needed to anticipate spikes in demand. You can also use the information to restructure the menu, set better prices, and create profitable promotions.

Bar Inventory Management Tips
Now that you know the importance of bar inventory management, we’ll go through some of the best tips to take your bar inventory to the next level.

Carry out regular inventory stock takes

Not performing regular inventory checks is another huge mistake many bar and restaurant owners make. You can’t expect to make sound business decisions without having total inventory visibility. If you haven’t performed regular inventory stock takes, consider this your wakeup call!

Plenty of stocktaking companies offer retail stocktaking services to business owners who don’t have the time and resources to do the process regularly. Advanced Stocktaking is the leader in ensuring accurate stock reporting in Australia. Our team has delivered countless stocktaking services to various business sectors, including clubs, using world-class barcode stocktaking technology.

We also provide DIY stocktake solutions using clip-on phone scanners, easy-to-use barcode inventory systems, and cloud-based self-service inventory systems. Our software integrates with iPhone and Android apps, allowing you to leverage your resources from any location.

Invest in bar inventory management software

The manual inventory method might seem easy and cost-effective, but it has higher chances of human error – theft, misplaced stock, and incorrect stock count, to name a few. Moreover, the more products you have, the longer it will take to track each of them. It doesn’t sound practical, does it?

Having your inventory stock take data managed by inventory management software will solve all these problems. Integrate your inventory management software with the existing point-of-sale systems, and your stock levels will be updated after each purchase.

Advanced Stocktaking includes a free POS update with every inventory stock take service delivered. We make sure your bar inventory is always in top condition.

Monitor stock fluctuations

Once our team performs inventory stock take in your bar, leverage the data to plan your restocks. Monitor the sales of different brands and identify any opportunities and issues that cause stock fluctuations. The key is to have all the drinks customers are sure to love at the ready at all times.

Keep the bar inventory organised

Maintaining an organised bar helps to improve your workflow and prevent loss due to misplaced products. Each bar has preferences when arranging its displays, so we leave this one up to you!

Takeaway

Good inventory management is the key to running any business, including a bar. If you need help sorting out yours, Advanced Stocktaking is happy to step in. Our services have helped small and big companies in various sectors solve their inventory stock take blockages promptly.

Contact us with your stocktaking needs, and we will take care of it with ultimate accuracy and precision.