Monitoring your stock and truly understanding cost and movement can make a considerable difference to your venue’s bottom- line. Most publicans focus primarily on the sales report, and the intricacies of your stock movement often get neglected.
Are you carrying highly profitable items on your menu or is your money stuck in niche items such as a 40 year old bottle of scotch to cater to that one Scotch connoisseur a year?
Do you know which products are best taken off your next purchase order?
Let’s look at a few reports that can give you a complete picture and help you decide!
Under/Overstock: Your purchasing patterns can have a massive impact on any potential profit your pub can make – the longer the stock stays on your shelves, the lesser your cash flow and hence the profile for your business. With this report, the average pub will be able to substantially reduce the amount of stock on hand, as well as avoid running out of stock of products.
Return on Investment (ROI): This calculates the number of stock turns (the number of times your venue turns over a particular product over a certain amount of time), and return on investment for the selected period. ROI is a measuring tool publicans can use to see how well their investment (a product, product group or the complete product range) is faring — and to help them make that important decision to sell a particular stocked product and move on or to stick with it
Cost Movements: How much does a bottle of Wine A cost you? How much did it cost last year? Most of you will not have an answer, many may not even have paid attention to that 2-3 cent monthly increase on your supplier’s quote (it’s just a couple of cents, right?) But it all adds up and can pinch your bottomline at an alarming rate.
A consolidated cost movement report will show you exactly how rising costs are affecting your profit margins over a period of time. You could consider increasing the selling price of a product which many be costing you more while other products may have had a price reduction over this period – this may present a prime opportunity to adjust promotions so as to maximise the performance of your business.
All these reports are simple to implement and come standard with Bepoz Stock Management module. Call Vectron today 1300 832 876 or email firstname.lastname@example.org to book a demo today.