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Tips To Successfully Manage Bar Inventories

Tips To Successfully Manage Bar Inventories

Management of inventories is essential to succeed in business. Unless a businessperson keeps complete track of all the goods in his stock, he is sure to end up in loss. These inventories could be in any forms. These include materials and components, work in progress inventory and finished goods inventories. It is essential to keep a record of the inventories to ensure that no fraudulent activities take place. Inventories are to be reconciled periodically. Bar inventories are no exceptions to this rule. Where inventories with regard to bar is concerned, one should ensure that proper measures are followed to have a perfect account of the inventories so that one could have a proper planning and prevent loss.

Bar inventories management

Like in any other sensitive products, bar inventory management is also difficult. You need to take into account various factors that may be behind the failure in the reconciliation of these types of inventories such as spillage while pouring alcohol, breakage, theft and so on. As far as a bar is concerned, it is essential to tally the accounts every day to ensure that inventories are properly accounted.

Tips to manage bar inventories

Having some guidelines to manage inventories effectively may be of some use. Here are some suggestions for effective management of bar inventories.

Have a separate worksheet for your inventories. If you can have software designed for this purpose, it is all the more greater.

Include every type of bar inventories you have. Classifications always help.

It is not the just the quantity that matters: you also need to have the price included to ensure you have a perfect inventory management system.

The bar inventory list should contain the alcohol brand, the purchase and sale price per bottle and the stock available of each product.

Start your day counting your bar inventories. Do not forget to include all that are in and out of storage.

Every single bottle should be accounted and hence educate your staff on the need to save the empty bottles for counting. This also greatly helps you plan your orders for specific liquors.

Broken bottles should be included in inventories and hence you could have your staff maintain records of all broken bottles.

Check the closing stock for the day and tally it with the sales for the day. Do not forget to include broken bottles and wastages.

To ensure that there are no errors, it is suggested to instruct all the staff to maintain proper record and provide them each with a worksheet so that they would have the details included with regard to purchase and sale of liquor bottles.

Bad inventory management and fragile bar business

If the inventory is not managed properly, the business may not run smoother. Have a perfect plan to maintain your inventories and do bear in mind that inventory management is not possible without the help of the staff dealing with inventories. Hence, it would be best to entrust with each of them the job of maintaining inventories they deal with so that the job of managing inventories is made easier and effective.