You know how critical stock taking is for a successful business when you manage a restaurant, bar, or other venue serving food and beverages. As a business owner, regular stock taking allows you to better understand and manage your inventory, which will lead to tremendous success for your company.
Stock taking not only helps to ensure that all of your stock is accounted for, but it also allows you to monitor and analyse the performance of products, giving you more support when making important purchasing decisions.
But how exactly do we go about carrying out this crucial process?
Here at Abbey5Star, we specialise in helping businesses just like yours with their periodic stocktakings – read on to find out how we can help you.
What is Stock Taking?
The process of stocktaking, commonly referred to as stock counting, is a must for keeping your inventory in check. It involves physically counting and evaluating your stock and counting everything twice (yes, it’s annoying, but it’s necessary).
It is impossible to track your inventory levels without regular stocktaking accurately.
It’s crucial to understand that the phrases stock and inventory are not interchangeable though. Your inventory consists of all the items required for manufacture, stocking, and distribution, whereas your stock only relates to products that can be sold.
But stock and inventory should definitely be taken into account when conducting an effective stocktake because they impact critical business operations like sales, production, and purchasing.
Why are Food and Beverage Stocktakes important?
Stocktakes are a big deal for businesses looking to succeed and stay ahead in a competitive industry.
They help you keep an eye on your stock levels and value, ensuring your profits are calculated accurately. It’s vital to make sure your prices are on point if you want to hit your budget and sales goals.
Stocktakes also help you catch any sneaky theft or waste in your business. It’s a quick way to find problems and fix them fast, and it’s a great training tool for new team members to learn the ins and outs of managing stock throughout the whole supply chain process.
In short, stocktakes are essential for staying on top of your game.
How To Do a Stocktake
Time to figure out what to count
Starting a stocktake means figuring out what you need to count and how often. This will depend on the size and type of your business.
Typically, we’re talking about counting the physical stuff you’ve got on hand, such as limes, cups, straws, soft drinks, etc.
Or maybe you want to see if you’ve got enough of your best-selling products to keep up with the demand. It all depends on what you need to know.
Pick your counting method
Now that you know what you’re counting, it’s time to pick your counting method. Depending on your inventory size and accuracy needs, you can do it by hand or use scanning devices.
Counting by hand might be your best bet if you’ve got a small amount. This works great for smaller items like glasses. But if you’ve got a massive inventory, counting by hand is most likely time-consuming and error-prone.
In that case, you should try using a scanning device, like a barcode scanner. This device can count many items quickly and accurately, especially if you’ve got a lot of different types of products.
Before you start your big count, do a dry run with a small number of items. This will help you spot any potential problems and give you a chance to practice and fine-tune your process.
Trust us; this is especially important if you have a tonne of stock to count and want to work efficiently.
Get your team ready
If you’re handling the stocktake solo, you’re all set! But if you’ve got some helping hands, giving them the right training is important.
Ensure they know how to count items correctly and input the data so everything is consistent.
This way, everyone is on the same page, and the whole process will run smoothly and accurately – a little training goes a long way.
Time for the work
It’s time to put everything into action; you’ve got your counting game plan ready and your counting crew trained. Now it’s time to get to the fun part – counting.
Before you start, you must ensure you’ve got all the materials you need to make the count as smooth as possible. This could include tally sheets, clipboards, calculators, pens, paper or a computer.
This part of the stocktaking process can be a bit time-consuming, so make sure you’ve set aside enough time to get it done right.
The key is to count one type of inventory item at a time and remember to make a note of the tally.
Bonus: count with a partner to ensure total accuracy.
After the count
Once you’ve completed the count, it’s time to cross-check your results with your records.
This will help you spot any differences and determine what might have caused them. If you notice a lot of discrepancies, it may be time to reevaluate your counting methods, or improve how you record your stock levels.
Now that you’ve identified and sorted out any discrepancies, it’s time to give your inventory records a much needed update. Keeping accurate and up-to-date records is crucial for smooth sailing in your stock management game.
Make it a regular habit
Staying on top of your inventory is crucial for your business success, so make stock counting a regular habit.
Whether it’s daily, weekly, monthly, or any other schedule that suits your business best, having routine stock takes helps keep your inventory accurate and up-to-date.
Just remember to plan ahead and schedule it in advance, as counting inventory can impact your business operations.
Bonus tip: turn stock counting into a fun team-building activity by combining it with a staff social event, rewarding everyone for their hard work.
How We Can Help
At Abbey 5 Star, we believe in taking a personal and professional approach to stocktaking.
With the competition in your industry, it’s never been more crucial to keep control of your inventory. Our auditors will be right by your side, offering guidance and expertise to help boost your venue’s gross profit.Â
They’ll share their industry knowledge and best practices to make your food and beverage operation more profitable.
On the big day, our expert stock auditor will work closely with your in-house team to ensure everything is accounted for and processed correctly, giving you a comprehensive report at the end.
By following our recommendations, you’ll see accurate results – an increased gross profit, reduced cost of sale, and an overall improvement in your venue’s profitability.
By keeping a close eye on your performance, we’ll help you maintain the highest profit possible.
The best part? After each visit, you’ll receive a detailed stock report that outlines your results and includes our recommendations for future success.
We also provide ongoing support, making sure your venue stays at the top of its game and continues to thrive.
You can read more about our food and beverage stocktaking here.
Conclusion
Stocktaking is a crucial aspect of managing your business and it requires a detailed and thorough approach.
Whether you choose to do it yourself or with the help of professionals, it’s important to have a plan in place, gather the necessary materials, train all involved, count accurately, compare to records and to repeat the process regularly.
At Abbey 5 Star, we understand the importance of stocktaking and its impact on a business’s success. That’s why we take pride in offering a professional and personal approach that goes beyond just counting inventory.
Our experienced auditors are here to guide you on your journey to improve your venue’s gross profit and make your food and beverages operation more profitable.
With our support and recommendations, you can expect to see increased profits, reduced costs, and better performance.
Contact us today to see how we can help your business.
