While running a bar is either a dream job or a nightmare for some people, the fact of the matter is that sometimes no matter how much time and love you invest in the job, on certain days there is a big deficit even though your house was full several hours ago. How is this possible?
Well, when it comes to money people are incredibly good at losing it, whether it be due to high costs or due to theft, there is never a shortage of wasted money in certain businesses. If you want to start managing your money better and maximizing your profits you will have to read up on some of our tips and tricks.
There is never a unique problem that needs fixing, but rather, the issues are intertwined and the bar needs some solid changes in order to maximize the potential profits.
Here are some of our best solutions.
Reports are important
Running a bar might seem like a walk in the part, but what actually happens behind the scene is that there are thousands of ins and outs of the business and keeping them all on track usually requires some form of reports. Having a report for almost anything done in the bar might be an efficient way of actually spotting the issues before they start becoming problems.
The financial reports can be an irreplaceable part of the working mechanism that is your bar, as it can give insight into all aspects of the potential profits and potential expenses that have happened in the past and that can be avoided in the future.
Keep track of how much money you lose
Reports are the golden standard when it comes to generating data that can help you run your bar more efficiently. However, keeping track of the lost money should be a separate part of the reports as they can give insight to the overall possibilities when it comes to replacing certain parts of the job and introducing new ones as well.
For instance, you can identify what guests enjoy more, where they are willing to spend money, and what items are not living up to their potential, so you can safely remove them instead of constantly losing money on things that nobody wants or needs.
Install theft prevention systems
This should be a no-brainer for any business owner. Theft is sadly an increasing problem on many jobs and in many industries. Sometimes you just can’t know or be there at all the times, so you need a system in place to keep potential thieves in check.
Installing a camera or two can seriously improve your security and render potential thieves from stealing from your business.
It’s also not only boiled down to simple theft, but advanced methods of “robing” your business can include that the bar staff can bring their own bottles of expansive drinks and charge the patrons money. This will effectively make them the money your bar should be making. Dilution of the drinks is another issue that many bar owners are not aware that their staff could be doing. So, a proper security system over the bar and the register is a must if you want to prevent any kind of theft.
Create seasonal items
This can be an amazing way where you can dispose of your stocks while making some serious money. Invest in promotions and all kinds of themed nights as that will bring your business where usually your bar would be empty.