How can you simplify your inventories so that they're finally done on a regular basis? Here's our advice on how to establish a new routine, optimize inventory management, and quickly identify margin losses.
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Hugo Prevot
16
Nov 2023
For restaurateurs and managers alike, stocktaking is often a nightmare.
And yet, regular inventories are essential to optimize your production costs, better manage supplier orders and meet demand without running out of stock.
From set-up tooperation, here's our advice on how to save time, establish a new routine and set up efficient procedures for stress-free inventory management.
This is the first step towards optimal organization. Good planning of storage areas reduces errors and facilitates product counting.
Identify your zones, here are a few examples: fresh, frozen, dry, hygiene, etc.
Then segment into sub-zones, e.g. for fresh :
When it comes to organization, follow these key principles:
Well-organized storage areas facilitate permanent inventories and stock control.
This organization facilitates counting procedures and reduces errors. Once you've organized your stock, it's time to check it.
Recurrent and regular stocktaking is an essential part of running your restaurant: only by having a clear view of your inventory can you improve your food cost.
Case study for a burger restaurant:
Finally, define a time of day when inventories are taken: this can be before the start of the service or at the end of it. Choose a time when the inventory will not be interrupted in order to limit the risk of error.
Now that you know when you're going to do your inventory, decide how you're going to track it.
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The use of management software enables you to digitize the tracking and optimization of your goods flows. It enables you to keep track of data and analyze it to adapt your orders.
Remember to detail your inventories with the most relevant information:
Finally, get a scale to make it easier to report the products you order by weight.
Organization and rigor will be the central elements of the success of your inventories. These same inventories will give you a clear vision of your stocks and you will then be able to place the most accurate orders.
Excel spreadsheets are difficult to fill in, and create errors in inventory returns. By simplifying your inventories with a tool like Inpulseit's no longer a headache to carry out an inventory, and it's finally possible to set up regular stock feedback.
Discover the multi-unit inventory functionality available in the Inpulse application. Request an appointment with an expert.
Now that your inventory is done, it is important to go further into the analysis of your inventory. Here are some questions to ask yourself:
The variation in stock quantity (+15 Steak for example) must be taken into account. This variation is weighted by the quantity ordered between the two inventories. Otherwise, the inventory value evolves according to the quantity (logical), but also to the product price evolution.
Example: I have 22 steaks (+15) in my stock compared to the previous week, and the price of my steak has increased from 1€ to 1,10€. So I go from a valuation of my steak stock of 7€ to 27,50€ (instead of 25€ if the value of the product had not increased).
Analysis track: The stock of steaks increases both in quantity and in value. I should adjust my orders so that the stock does not increase again and avoid losses.
The idea is also to see the quantity and value of your losses and to follow the evolution from one inventory to another.
Example: I threw away 2 kg of lettuce at S-1 and 1 kg this week. The price remained the same, €2/kg.
Analysis track: I adjusted the ordered quantities and limited the losses.
The last element is key to refining the analysis of the first two. First of all, you need to define your theoretical consumption, which is based on your technical data sheets.
Example for a cheeseburger:
If I sell 10 cheeseburgers, my theoretical consumption is as follows:
My Stock at S-1 was 7 Steaks. I ordered 30, that is to say a Stock for my week of 37. My theoretical consumption is 10 Steaks, that is to say a theoretical stock of 27, but I have 22 left (real consumption).
So I have a differential of 5 to analyze with my teams (lost, burned, fallen steak...). The price of the steak being 1€20, there is also a differential of 11€ in value.
By following these 5 steps, you can improve your inventory processes, reduce shrinkage and ensure effective stock optimization. Adopt the right management tools to monitor stock levels regularly and accurately.
While inventory valuation may seem complicated, Inpulse Inpulse makes it easy to access your inventory data and interpret these analyses in minutes. You can analyze by store: current inventory status, projected inventory, variance of theoretical and actual inventory, inventory transfer, finished goods shrinkage analysis to identify margin losses and take steps to reduce them.
We hope that this article will help you to understand your inventories in all serenity. We recently organized a webinar with Pitaya to share concrete advice on how to improve inventory management. Speakers will deliver their best practices for regular inventories.
Here is an excerpt from the webinar, to see the replay in its entirety, it is here.
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