5 Ways to Reduce Your Restaurant Costs with Tillpoint
Running a restaurant is expensive.
There are enough costs and expenses to make any new (and even experienced) business owner dizzy!
Saving money by cutting costs, however small, so that funds may be reinvested into improving the restaurant can be the difference between those food and beverage businesses that find success, and those that close soon after opening.
It’s very important to know exactly where your money is being spent and to understand in what areas costs may be saved.
Here are 5 ways you can reduce your restaurant costs with Tillpoint.
1) Track Costs with Recipe Management & Food Prep
Manage your food items down to the ingredient level so that when you sell burgers, sandwiches or any other item, you know exactly what’s being deducted from your stock, along with all associated costs.
You’ll know exactly how much stock you have left, how many meals your chefs are capable of making with the existing ingredients, and how much each dish costs you to serve to your customers.
The system even provides real-time food costing that automatically updates based on the price of purchased goods from your suppliers, the number of items logged as wastage, and the price at which you sell your delicious food!
This means that you can easily track costs for all prepared items, adjusting ingredients and quantities to boost your overall margins.
2) Discover Your Best Suppliers
All savvy restaurateurs have multiple suppliers they use in order to source the best food at the cheapest price.
Tillpoint lets you manage all of your suppliers from one place and access detailed purchase history, with analytics that show an assortment of useful information including:
-Top Supplied Products
-Item Pricing Comparison
-Payment & Invoice Status
-Previous Communication Activity
This data can be used to filter suppliers to see who brings the most value to your F&B business, which suppliers are the most reliable and who can provide items at the lowest costs, allowing you to get the most for your money.
3) Phase Out Unnecessary Software
The key benefit of Tillpoint that makes it different to other restaurant management software is the scope of features and capabilities.
A typical restaurant might need several pieces of software to help run the business day-to-day.
This might include an EPOS, a table reservations system, inventory management, staff scheduling, and so on.
Usually a restaurant owner would use several systems just to maintain regular operations.
This unfortunately means multiple expenses to cover the costs of each aspect of the restaurant.
Tillpoint, however, has over 25 apps to place everything a restaurant would need at your fingertips, centralising operations and lowering costs.
Why spend money on multiple software vendors when everything can be effectively managed by one?
Check out out the exhaustive list of restaurant features here: https://www.tillpoint.com/business-types/restaurant
Optimise Your Menu with Sales Data
No menu is perfect, consumer tastes change over time and there’s always a new hot ingredient that people chase after.
Understanding your customers’ preferences will allow you to improve your menu by tailoring your dishes to meet expectations.
Repeat business happens when you keep customers happy!
Seeing which items sell and which items don’t provides you with a clear picture of which items should remain and which should not.
Keeping your menu fresh will give regular customers new options to try, and may entice a greater number of potential customers to give your restaurant a go.
Items which aren’t ordered are simply taking up valuable real estate on your menu - kick them out!
In addition to this, Tillpoint will also show you the food that’s most expensive for you to serve, giving you an insight as to how you might be able to reduce costs.
Manage Inventory Waste with Smart Analytics & Reporting
Inventory wastage can play a key role in lost profits.
The stock waste and adjustment features allow staff to input any wastage, including quantity and the cause, allowing the manager to better understand why stock may be going missing.
Any half-decent till system (which luckily includes Tillpoint!) should meticulously log staff actions, allowing for easy accountability - an invaluable tool for when it comes to knowing who did what.
Analytics should play a key role when understanding any aspect of your business and this extends to your stock.
Inventory reporting provides useful insights that allow you to easily see all kinds of information about your current stock, helping to identify problems that could be eating into your margins.