Uncover opportunities in your inventory

​Between rising labor costs and falling traffic, there is no shortage of factors squeezing restaurant profits right now. Raising prices to meet margins is one option, but how much are your guests willing to pay before they take their business elsewhere? And what if sales shortfalls are simply due to shifting trends — or your competitor across the street offering a similar product for less? If you use data analytics to manage your food costs, you can uncover helpful information about your inventory. Since your inventory likely eats up 25 to 35 percent of your operating budget, it’s a good place to find lurking costs that can be minimized so you can better manage your spending. To identify opportunities, look at your supply chain and product mix. Do you know how many times your product changes hands and how prices shift with each transition? If you’re looking for help with this and much more, ask about Team Four’s Palette program. We can assess your supply chain, purchases and product mix and then recommend action steps that will help you lower food costs without sacrificing your quality standards. That might involve substituting quality products that still reduce food costs, or identifying trend changes, purchases that aren’t in line with your product specifications, or pricing that doesn’t reflect current trends. Learn more at www.palettefoodservice.com