There are a variety of reasons why you should closely and consistently track your restaurant's inventory. Here are four of the most important tasks taking inventory can help you complete:
An accurate inventory allows you to determine exactly how much food you have on hand and which meals you can make. Once you know which ingredients are in your pantry and how many meals you can make with those foods, you can plan your menu accordingly. Inventory also helps you avoid food shortages and surpluses. If you do encounter a surplus of a particular ingredient, though, you will know and can incorporate it into your daily specials before it spoils.
Taking consistent inventory of your consumables and supplies also helps you accurately track your food usage. Ask yourself the following questions:
Ultimately, tracking your business's food usage allows you to identify different trends and helps you anticipate and avoid shortages or other inventory problems in the future.
COGS (cost of goods sold) is the specific amount of money you're spending on your inventory. Your COGS gives you an accurate look at profit margins, and it's also helpful when you're budgeting and taking a look at your restaurant's overall financial health. Ideally, you should aim to keep the dollar value of your inventory at 1.5 times your weekly COGS.
Finally, taking inventory helps you determine your restaurant's food costs and allows you to control food waste. An accurate inventory helps you keep track of which ingredients are freshest and ensures you always have the items you need.
Additionally, taking inventory makes first-in first-out (FIFO) rotation a breeze. You'll always know which foods are the oldest, so you can pull them to the front of your shelves and make them easily accessible to your prep and line cooks. Consequently, you'll use up more of your inventory and lower your restaurant's waste rate. The average waste rate for full-service eateries is 3.11%, so you'll want to shoot for this number.
