The company started using Bevinco at The Short North Pint House when it first opened in 2013 after hearing from other operators about Bevinco, along with utilizing the company to help them defend a sales tax audit at one of their older locations. With two locations in the Short North, Corso Ventures has come to rely on Bevinco to assist with bar inventory every week.
Before Corso Ventures started using Bevinco at this bar, their shrinkage numbers were coming in at 21% loss. Now they are consistently under 3%. Chris Corso says he makes back at least 20 times annually Bevinco’s cost of service.
Generally speaking, restaurant groups that tie their manager bonuses directly to "inventory variance" do not have inventory or revenue losses from their bar. Conversely, many bars that do not track inventory variances and include management in the accountability of shrinkage lose 15-30% of their inventory and sales. In this article, I will show you exactly how structuring a restaurant bonus plan effectively will eliminate bar losses and provide you with a bar manager bonus plan template to get you started.
Partially Reposted from http://farmhousechicago.com/
Recently a Farmhouse Tavern guest asked owner, TJ Callahan, what he did before he entered the restaurant business. His response was ‘Junior High.”
A career restaurant leader, TJ has done everything you can do in the business from being a fry cook and bartender, GM of a $7MM TGI Friday’s, F & B Director of a ski area to restructuring $200 MM restaurant companies.
“Data is extremely underutilized in the bar industry,” said Richard Verrecchia, vice president of analytics at Fintech.
Modern bar operators have an unprecedented amount of information at their fingertips. Through their POS systems, purchasing analytics and liquor inventory tools, they have the ability to calculate exactly what and how much they are selling down to the last drop.
Hotels, like all restaurants and bars that serve alcohol, have internal controls for inventory management but the truth is that because of dated tools and procedures, most hotel managers and executives have no idea how much inventory or money is lost from their beverage operations.
Bars can lose roughly 20 percent of their inventory to free drinks, over pouring and theft unless it is managed in a very specific way. This percentage of loss is greater than in many other types of businesses.
Dozens of bar inventory apps are also hitting the market as the practice of better tracking and managing inventory is becoming increasingly common. So, how can this information assist you in running your business?