07 Jun, 2018
INVENTORY & PROFITABILITY
It’s hard to write an electrifying blog about inventory. It’s true that inventory may not be the most exciting aspect of hospitality … or maybe for you it is? It does take all sorts. Whatever your feelings are when it comes to inventory, there’s certainly no denying that how you manage your inventory is critical to your venue’s profitability. As H&L will always remind you the three pillars of profitability are inventory, cash and labour. Keeping tight control of these three aspects is key to your success.
Maybe inventory isn’t the sexiest part of the hospitality business but it is important. If you keep trying to do inventory old-school the consequences to your business could be calamitous. Your customers will notice if you are always running out of ingredients and making substitutions and they might cease being your customers. Are you getting a good return on investment by spending more of your and your staff’s time on inventory management than you really need to? If you’re doing inventory old-school it’s a good bet that you aren’t optimising your gross operating profit.
Why are you still recording inventory on paper sheets haphazardly affixed to a clipboard? This is how mistakes get made. Not to mention how much extra time this is wasting for you and your staff. How are you tracking high volume stock items or predicting what items you need based on previous sales? How are you tracking wastage and do you know why it happens? Can you track items by time of day, by season, by sales person? How are you ensuring you have the right stock and don’t repeat order stock that ends up languishing on the bottom shelf until it expires? Are you sure you are managing your gross operating profit in the most effective way? Unless you are some sort of genius then sophisticated inventory tracking is going to be impossible without the right software and hardware. There’s no way around it, when it comes to totally rocking inventory it’s all about technology.
At the very heart of H&L’s POS Integrated Management solution is the Sysnet software. This clever software drives the point of sale system and provides an enhanced inventory management capability. Add-ons like handheld scanners will give you total control over stock as it comes in and goes out. Your accuracy will go through the roof. From any POS terminal you can automatically update product data and pricing on receipt of inventory. The true stock value you are holding is right at your fingertips in actual time. H&L has spent years developing a vast array of reporting features designed specifically for the hospitality environment. This means you can effortlessly monitor real time sales from every angle – by site, by location, by product and staff member.
Invest in a solution to streamline inventory today and you will improve your venue’s profits. H&L’s solutions are modular, that means you can select a solution that scales to the individual needs of your venue. Remove the guesswork from managing your venue’s inventory and call H&L today.