Ever wondered why your bar's profits might be pouring down the drain? The answer could lie in the nuanced world of inventory management, which we're cracking open in this week's Bar Business Podcast. I'm Chris Schneider, and I'm here to walk you through the must-know strategies to keep your stock in check and your financials on point. We tackle the importance of running a tight inventory, digging into how it reveals the true cost of goods sold and ensures your prime cost percentage doesn't spiral out of control. It's not just about counting bottles; it's about mastering the balance between what you have and what you need, preventing money from stagnating on your back shelf.

In the thick of managing a bustling bar, the last thing you want is an inventory misstep to cloud your bottom line. That's why I'll share the best practices for monthly stocktakes, timing them just right for consistency without disrupting your service or sanity. Listen in as we break down the critical components of a foolproof spreadsheet, and don't worry, we'll even tackle the tricky business of those end-of-month variances. I promise it’s simpler than it sounds, and once you get a handle on this, you’re one step closer to running a well-oiled machine.

In this episode, I peel back the curtain on my own run-in with sneaky discrepancies and reveal how I turned the tables on theft at a country club. We'll also explore how essential data like inventory turnover and day sales in inventory can keep your cash flow healthy and your stock levels optimized. Whether you're a seasoned bar owner or just starting out, this episode will equip you with the insights to stay ahead of the game and ensure every ounce of profit is accounted for.

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Welcome to the Bar Business Podcast, where we're dedicated to helping bar owners achieve success without sacrificing their valuable time. In today's fast-paced hospitality industry, the old ways of running a bar no longer cut it. That's why we're here to guide you towards establishing the right mindset, concept, and culture for success.

Chris Schneider draws on over twenty years of industry experience to deliver valuable insights every week. From creating a standout menu and designing a stunning bar, to crafting effective marketing strategies and implementing HR best practices, we cover it all. Join us on the path to success and take the first step towards building a thriving bar business.

Looking to elevate your bar business to new heights? Don't miss out on my book, 'How to Make Top-Shelf Profits in the Bar Business'! Discover proven strategies and practical tips to transform your bar into a thriving success. Get your copy today on Amazon: Purchase Here.

For more information on how to spend less time working in your bar and more time working on your bar:
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