Are you ready to make bar inventory management a more consistent, prominent and strategic component of your business?
That’s great news. Accurate inventory management gives your bar the insights it needs to measure the cost of goods sold, where there is product waste in your business and where you are over-ordering liquor stock.
The problem is, most bars conduct these inventory counts and analytics on manual count sheets and upload those counts to spreadsheets. These time-consuming and manual processes don’t lead to the accurate insights your business needs to grow.
Bar operators who truly want to improve the efficiency and accuracy of their inventory management process are instead turning to bar inventory management software.
So, how do you go about choosing a liquor inventory management system that will work for your company’s unique requirements? We’ve listed a few of the top things you should look for when choosing your solution.
Step 1: Evaluate your business needs
With any tech implementation, the first step to selecting the right software is always to evaluate your business requirements. With so many different solutions on the market, it’s crucial to find the one that works best with the processes and goals of your bar.
With that in mind, let’s evaluate your business needs with a few key questions:
What are the internal processes of your team?
Liquor inventory management systems come in many shapes and forms. What type of solution would best fit in with the knowledge and skills of your team? Perhaps a mobile app would work best or maybe a system on a desktop would suit your team more.
How are you conducting your inventory counts?
There are a number of options that you can use to count your inventory. Some bars still use the traditional method of tenthing, others are using electronic tenthing and then there’s also the accurate method of weighing. If you don’t want to change your counting method, find software that works with the method you are currently using.
How much do you want to spend?
The budget you allocate for your liquor inventory software will dictate which solution you are able to invest in. While there are free solutions on the market, you’ll probably only find yourself wanting an upgrade in little to no time if you choose one of those options. For that reason, it’s typically best to kick straight off with the solution that will help your bar grow long-term.
Step 2: Pick the right bar inventory management system
Now that you’ve done some analysis into your company’s unique needs, how your internal processes work and how both of those coincide with your bar inventory software decision, it’s time to compare the available options open for your business.
What features do you need from your bar inventory management system?
Some liquor inventory management systems come with all the bells and whistles, while others don’t. Some bars will want all of that functionality, while for others those extra features will just add more complexity that makes the solution more difficult to use. Use the evaluation of your business needs to determine exactly what features you need from your liquor inventory software.
Does it come with expert advice when required?
To maximize the ROI you receive from your inventory management software, expert support is crucial. When technology is combined with industry expertise from those who understand exactly how the software works and what features are best for your business, your bar can significantly improve its profitability.
Can you see a demo, or have a free trial, of the product?
There’s no better way to evaluate whether a software solution is the right option for your business than by seeing it for yourself. When choosing your liquor inventory solution, make sure that you are either able to see a live demo of the product, or experience it first-hand with a free trial. This will give you a better idea of how it will work with your processes and for your unique needs.
Step 3: Get started with your bar inventory management system!
Have you followed the above advice and selected your desired bar inventory management software? Then it’s time to get started!
With a bar inventory management solution, your business is ready to gain visibility and control over its inventory. Through accurate inventory data and insightful reports, your bar will be able to clearly find the places it's losing money, improve profit margins, make smarter ordering decisions and optimize your menu for greater profits.
In need of some extra advice? Sculpture Hospitality is here to help. Our team of bar inventory management specialists would love to answer any questions you have in regards to choosing a liquor inventory system that’s right for you.