Having an accurate count of all items in stock at all times is critical for businesses that handle food products. Without reliable inventory tracking, it’s easy to lose control over your stock levels, leading to overstocking and expired items being sold – both costly mistakes.
Additionally proper inventory management can give you insight into popular products so you know what needs to be ordered more frequently and what may not be selling as well as anticipated. This allows you to order more efficiently for maximum profitability.
The food and beverage industry is facing one of the biggest risks in its recent history: rising wages and food costs. With minimum wage increases across the country, restaurants are feeling the pinch. Not only have labor costs increased, so have food prices. This has put tremendous pressure on restaurant operators to find ways to cut costs while still providing quality service and delicious meals.
For many restaurants, this could mean taking a hit on profits or cutting back on staff and service hours. The situation is further complicated by stiff competition from other restaurants that can offer lower prices due to lower overhead costs. Consumers may also be tempted by these lower-priced alternatives, leaving traditional restaurants struggling for customers.
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