Being a bar owner or manager is most often thought of as leading your team of staff members and handling the daily operations and challenges that arise. The aspect of running a bar, or any business for that matter, that often escapes even the best managers and owners is the financial aspect. The core purpose of a business is to provide a product or service to customers in return for money. Making money is the only purpose that truly matters because if you don’t make money, you will not be in business for long.
These are a few do’s and don’ts for bar owners and managers when it comes to maximizing the financial success and increasing revenue of their bar.
Dos and Don’ts of Increasing Bar Revenue
Little Details, Big Impact – by incorporating little things such as a decorative garnish to some drinks, sophisticated drink names or even classier drinkware can allow you to charge a bit more for your drinks and even more on the top shelf ones. Every little bit helps and in a business where the profit margin is often very small, the little details make a big difference.
Legal Matters Matter – paying attention to zoning, regulation changes, permits and any other legal aspects that can change over time is important for avoiding costly penalties, fines and other lawsuits that can financially cripple an establishment. Pay on time, keep up to date and
Inventory Control – keeping an updated and efficient inventory system can definitely be considered an art and should not be taken lightly. Knowing your market and clientele helps with knowing what to stock, how much and what to charge. Inventory on hand is a good thing if you can move it in a timely manner. Having your money tied up in a useless amount of inventory can be detrimental to the financial success of the bar.
POS System Can Save the Day – implementing the right POS system can make or break the success of your bar. Tracking inventory and handling all transactions are the two obvious jobs of a POS system but in an industry where the margin for error is small, you should expect more when it comes to the technology.
Bar Consulting Aided with Technology
Glimpse is an outsourced data analysis company that utilizes your preexisting POS system and digital images to provide audited reports that identify risk areas that could be costing you money like standard operating procedures, unaccounted for transactions and employee monitoring in the workplace. To learn more about how Glimpse can improve your bar’s financial situation, visit https://glimpsecorp.com/video-auditing/.