Stocktaking is an essential aspect of pub and bar management.
It provides a real time snapshot of your business, which allows you to make key decisions about how to affect, change and improve your profitability end efficiency within the period.
Apart from the obvious – looking after your stock and minimising wastage – the wealth of information provided can help you look at your business in finer detail, helping you make informed choices for your future. Of course, the stocktaker will also talk you through the report giving you detailed feedback and analysis of what it all means for your site.
Key areas we will report on (subject to available information):
• Gross Profit percentages
• Yields (Stock consumption to cash in the till)
• Allowances and wastage analysis
• Variances
• Valuation of current stock
• Analysis of costs
• Analysis of income vs reported income
The First Stock: What Happens?
The stocktaker will contact you and discuss your site’s specific needs, agree what is to be counted and arrange a date on which to attend.
On arrival the stocktaker will need to see and count what has been agreed. On the first count this will often take more time as they will need to:
• Get to know the site and where you work so every area has been counted
• Look at your till to see what level of reporting is offered, how it is set up and suggest any changes that need to be made before the next period
• Look over your offers or any discounts to make sure these are recorded correctly
• Agree allowances with you and make sure you have a wastage recording system in place
What is needed?
To best prepare, the stocktaker will begin to collect information before their visit. They ask for the following to be provided:
• Any online account logins for your Pubco/Booker etc. – there will help process invoicing and be the most current pricing
• Any till login – most companies who use cloud-based systems will offer a specific login for stocktakers to use
• Retail pricing (if available) – what are you selling your products for?
After the initial visit the stocktaker will need to be provided with all wet and dry invoices and sales, as well as any changes you’ve made to pricing and offers etc.
There is a lot of info needed for a successful stocktake, but the insight and information you get from it can make a world of difference to your business!
If you’d like to talk to someone further regarding stocktaking, feel free to contact Dominic Brice on 01454 419262 or email dominic.brice@melrosegroup.co.uk