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As a small business owner, you have to perform multiple roles. From managing day-to-day operations to capitalising on marketing opportunities, the success of your venture hinges on the multifaceted responsibilities you take on every day. However, one of the most challenging and time-consuming jobs that needs your attention is stocktaking.

For a small business, catering to demand while maximising turnover can be difficult. The lack of dedicated staff makes it even more laborious. But fret not, there is light at the end of the tunnel.

By starting with the basics, utlising business tools, and strategic planning, you can conduct a successful stocktake by yourself. Employ these tips to make sure you are adequately stocked to meet demand without wasting money on excess inventory.

Stocktaking is essential to every company but challenging for a small business due to limited resources. Whether you run a cafe, a retail store, or any other kind of establishment, keeping up with your stocks is absolutely crucial to curtail unnecessary losses and improve profitability. Here are a few things you can do to make stocktakes  efficient.

Stocktaking: Small Business Tips

• Maintain Accurate Records

This may be obvious, but maintaining accurate records lays the foundation for stocktaking. Having up-to-date records will help you make informed decisions to prevent overstocking or understocking while keeping stocks that are in demand. To track stock levels with accuracy, invest in the right software that accounts for purchase orders, sales orders, stock transfers, receipts, and more.

• Count Stocks Regularly

Regular inventory counts will keep you informed regarding the stocks you have at any given time. Set a schedule for the stocktake, such as monthly or quarterly, and document results thoroughly. To keep a closer eye on your stocks and prevent discrepancies from growing into larger issues, you can also perform weekly or monthly stocktakes.

• Track Shelf Life

Expired items can diminish profits, which small businesses cannot afford. Keep track of the shelf life and expiration date of your stocks, especially if you are selling perishable items like food and beverages. Creating a system of reminders can also help you check expiry and restock accordingly.

• Leverage Technology

As a small business, technology is your best friend. There are many point-of-sale systems that can automate inventory counting after a sale. Automation will help you maintain accurate stock levels without time-consuming manual processes. Additionally, inventory management technology gives precious time to small business owners to focus on core areas while automating inventory control.

• Develop a Restocking Process

Having adequate stocks in hand is a major challenge for every business. Too many stocks can consume purchasing funds excessively and increase storage costs. On the other hand, if stock levels are low, sales and customer experience could take a hit. Therefore, creating a reliable restocking system is crucial. Create a system accounting for minimum order requirements and vendor lead times to have adequate stocks catering to the demand. Another wise practice is to create a method for tracking consumption so you can take the guesswork out of the equation and rely on hard data.

• Streamline Inventory Orders

Set up an automated ordering system that triggers an order to the supplier when stocks reach a certain level. Streamlining the ordering process with an automated system eliminates the need to manually check and enter data, saving you a tremendous amount of time.

• Forecast Demand

Predicting future demand for your goods is key to planning strategically in advance. Use forecasting tools to prevent overstocking or stockouts and handle inventory properly.

Conclusion

Stocktaking can be tricky, especially for low-volume operators. But, the right tools and strategies can enable you to run operations smoothly without incurring losses. If possible, you can also consider buying in bulk and rotating stocks before expiry. Utilise technologies like barcode scanners and automated inventory management systems for real-time stock counts and order tracking. Lastly, keep an eye out for slow-moving stocks to prevent spillage. These tips can help small businesses take control of their inventory without breaking the bank.

Or, you can let go of the hassle and focus on improving core competencies while entrusting stocktaking to the experts. At Hospitality Partners, we ensure accurate and reliable inventory counts so you can worry less about stocktaking and focus on growing your business. With our seasoned stocktakers, you can enjoy the peace of mind of knowing that your inventory is handled by the experts.

Technology has brought about sweeping changes in the hospitality industry, it has redefined how operators manage customer experience and operations. From automated guest services to real-time inventory tracking, the digital era presents several growth opportunities for hospitality businesses.

To stay ahead, hospitality leaders need to go beyond adopting new technologies, they need to completely rethink their business model to enhance customer experience and streamline operations.

In this article, we will provide a deeper insight into the key drivers and the profound impact of technology on hospitality consulting and stocktaking.

 

The Key Drivers of Technological Growth in Hospitality 

The Irish hospitality industry is competitive. The need to enhance customer experience, operational efficiency, automated inventory management, and gain a competitive edge led to the mass acceptance of technology for hospitality players. Harnessing digital innovations such as AI for personalised guest services, analytics for market data, and software solutions for automated inventory tracking became established practices. Those who couldn’t keep up were left behind. Furthermore, the post-pandemic focus on hygiene & safety led to contactless payments, check-in & check-outs, and other services.

As the industry shifts towards an integrated and innovative approach, hospitality leaders should also switch to a tech-driven approach to meet guest expectations and manage resources better.

 

The Role of Technology in Hospitality Consulting

Technology plays a crucial role in aiding hospitality consultants to improve operations, customer service, and resource management. It has also helped them create effective strategies to reduce costs and shift towards sustainable practices.

Here’s how the digital era has simplified the job of hospitality consultants:

• Improved Operational Efficiency

Consultants can analyse the operations of a hospitality business, identify discrepancies, and address issues strategically to streamline processes with the help of technology. They can get data faster and implement changes to reduce costs and enhance productivity.

• Personalised Solutions

Technology helps consultants deliver personalised solutions to address specific challenges. They can tailor their strategies to meet the diverse needs of their clients and mitigate potential risks.

• Data-driven Decision-making

With real-time data, consultants can gain deep insights into management processes, customer demand, and market trends. Fueled by current and historical trends, they can make informed decisions and drive better results.

• Seamless Communication & Collaboration

Collaborative tools like cloud-based project management software can promote better communication & teamwork amongst internal departments, leaders, and business stakeholders.

• Identifying Industry Trends

Consultants can rely on technology to stay ahead of industry trends and practices and provide up-to-date services to hospitality clients.

• Remote Working Flexibility

Finally, technology has enabled consultants to work remotely and offer professional services to multiple clients simultaneously. This flexibility helps consultants to save time and resources and work as per convenience.

 

The Role of Technology in Improving Stocktaking

Traditionally, stocktaking was a manual, laborious process of counting stocks and comparing them against records. It required excessive paperwork and time. However, the advent of technology has automated inventory management and data recording, leading to more efficient stocktakes. These modern solutions help stocktakers manage inventory accurately and prevent wastage or stockouts. Here’s how technology has reshaped stocktaking:

• Automation

Inventory management software, barcode scanners, and other kinds of technology have streamlined stocktaking and inventory management, reducing time and minimising errors during stocktakes.

• Real-time Inventory Data

Stocktakers can have a real-time peak inside inventory data, the stocks at hand, lost stocks, and other key information that helps them make informed decisions to curtail losses.

• Optimised Security

By identifying theft and stock damage, stocktakers can recommend security measures that secure business resources.

• Personalised Reporting

Automation technology reduces manual dependency for data-entry and report generation. Stocktakers can also generate customised reports tailored to their specific needs and make informed decisions.

• Predictive Analysis

Technology can predict seasonal and long-term demands, enabling stocktakers to optimise inventory purchasing, management, and pricing while reducing stockouts or overstocking.

 

Conclusion

As technology seeps further into the hospitality industry, it is evidently not a transient trend but a perennial shift towards innovation and efficiency. However, the resistance to change, rising costs of technology, regulatory challenges, and the time and resources required to constantly adapt can be difficult, especially for low-volume hospitality businesses.

Hospitality Partners is a stocktaking and consulting firm renowned for its expertise in helping clients minimise losses and increase profitability. Our dedicated professionals combine data-driven insights and expertise to deliver impactful solutions that improve operations, guest experiences, and the overall efficiency of your business.

Running a hospitality business without a grip on your inventory is like shooting in the dark. Regular stocktakesminimise the risk of stockouts, overstocking, and theft, leading to accurate pricing, sales, and happy customers. Without proper inventory management, your records will be inconsistent or outdated, potentially disrupting operations and profits.

Stocktaking helps operators identify fast and slow-moving stocks, which can be used to make informed decisions regarding stock purchase and lowering storage costs.

After all, you don’t want to miss sales opportunities due to inaccurate records, which leads you to believe you have insufficient stocks. Significant or recurring discrepancies can escalate into larger issues, affecting cash flow and even damaging reputation.

Proper stocktaking gives a clear view of your inventory, helping in purchasing, pricing, and sales decisions. In this comprehensive guide, we will cover everything from the benefits to the best practices of stocktaking. With these strategies, you can take control of your stocks, streamline operations, reduce losses, and set up your business for growth.

What is Stocktaking?

Stocktaking is the process of physically counting inventory. It’s a critical part of inventory management which matches inventory records with actual stock levels. Regular stocktakes can help businesses identify mismatches, such as missing or damaged stocks, which helps them maintain accurate inventory levels. Stocktaking also reduces overstocking and understocking, thereby improving cash flow and customer satisfaction.

Many hospitality operators find stocktaking to be a time-consuming affair. However, it is essential for every business. Periodically counting stocks can optimise inventory levels, maximise sale opportunities, and reduce wastage. Put together, all of this can boost long-term profitability and business growth.

Why is Stocktaking Important?

Stocktaking is important because it ensures that physical stocks match inventory records. Businesses that conduct regular stocktakes have a firm grip over inventory and are better placed to identify discrepancies such as damaged items, missing stocks, theft, wastage, etc. This not only helps them address issues promptly but also prevents costly mistakes like stockouts and overstocking.

Professional stocktakers compile reports at the end of each stocktake, which supports informed decision-making. With a clear picture of inventory, operators can strategically plan purchasing, production, and sales policies. It helps businesses comply with audit regulations as well.

In a nutshell, stocktaking is essential to improve inventory control and boost profits.

6 Ways Stocktaking Can Improve Business Efficiency

Regular stocktaking helps hospitality operators manage inventory accurately. With real-time insights into stock levels, they can improve overall business efficiency. Here’s how:

1. Precise Inventory Records

By comparing actual stock levels with inventory records, stocktaking can help reduce discrepancies like missing, damaged, or expired goods, maintain stock reliability, and aid in demand forecasting.

2. Informed Decision-making

Accurate stock data helps businesses make better decisions regarding purchasing, pricing, and selling items. Stocktaking ensures that your business has adequate stocks at any given time to cater to demand efficiently.

3. Minimise Losses

Stocktaking prevents theft, shrinkage, and damage by identifying issues early on and supportive mitigative action to minimise financial losses.

4. Optimised Inventory Management

Regular stocktakes enable businesses to take control of their inventory, thereby reducing stockouts and over-ordering stocks, which in turn optimises cash flow.

5. Greater Customer Satisfaction

With accurate stock records, businesses can ensure that products are available when customers need them, leading to enhanced customer experience and satisfaction.

6. Improved Supply Chain Management

By knowing current stock levels and predictive demand, hospitality operators can streamline their supply chain to reduce wastage and utilise stocks properly in their life cycle.

Best Practices to Improve Stocktaking

When it comes to stocktaking, there is no ‘one size fits all’ approach. The type and frequency of stocktaking depend on factors like the size and volume of the business, type of inventory, and more. However, there are common practices that can help you improve your stocktaking and ensure accurate data. Below are some tips to follow for stocktaking:

• Keep the Stockroom Organised

A cluttered warehouse can cause confusion and delays during stocktaking. Alternatively, a well-managed stockroom ensures that stocks are correctly labeled and stored in designated areas. Identifying a mismatch or missing items is also easier in a neat and organised warehouse.

• Involve your Staff

Engage your team in the stocktake, especially those who deal with inventory on a daily basis. Their input and involvement can simplify the process. Working with a professional stocktaker, they can also learn the best practices for stock control. Once the count is over, ask for their feedback and implement measures that can optimise inventory management.

• Use Inventory Management Systems

Manually counting stocks can be laborious, not to mention the increased risk of human errors, especially in high-volume establishments. Incorporating inventory management technology will capture and tag stocks instantly, letting you record large chunks of data without errors.

However, remember that switching to technology should be combined with manual counting. That is because an inventory management system may not be able to pinpoint discrepancies that a professional stocktaker would. Nonetheless, it’s a swift and accurate way of streamlining inventory management.

• Create a Focused Environment

Eliminate distractions while stocktaking. Ask your staff to avoid phone calls during the stocktake, as it may lead to miscounts or overlooked details. Creating a focused environment reduces the chance of errors and enables your team to complete the stocktake faster.

Take your Stocktaking to the Next Level

Stocktaking is vital to every food and beverage business. It helps them maintain accurate inventory records and make informed decisions regarding stock purchasing, pricing, and sales. By choosing the right stocktaking company like Hospitality Partners, operators can streamline inventory management, eliminate errors, and improve profitability.

With proper planning and professional guidance, your business can enjoy several benefits, like reduced discrepancies, improved business processes, and enhanced customer satisfaction. Ultimately, regular stocktakes will save your establishment time and resources while maximising profitability in the long haul.

With regular, professional stocktakes, Hospitality Partners can enhance inventory accuracy and help your business cut down losses.

Take stocktaking to another level with Hospitality Partners. Contact us to schedule a stocktake for your hospitality business.

 

Stocktaking is the process of calculating the number of stocks you have and turning it into a report. The report informs a hospitality business of the quantity of stocks they have, their value, and their comparison against previous inventories.

While there are a host of benefits of stocktaking, most hospitality operators only stocktake once a year. That may be due to low sales volume or their inhibition that stocktakes consume too much time.

However using stocktaking software and professionals can help you increase stock turnover, reduce loss, curtail waste, and provide an instant boost to gross profits.

In this article, we’ll discuss the importance of hiring a stocktaking company for your hospitality business.

Why is Stocktaking Essential for Businesses?

Stocktaking is the process of inventorying. It involves counting and recording all physical stocks, which helps businesses track stock levels, identify discrepancies, and ensure adequate inventory to cater to consumer demand.

Stocktaking is particularly important for businesses dealing with perishable goods or high stock turnover. Done periodically, it prevents stockouts and overstocking, thereby minimising losses.

Additionally, professional stocktakers provide businesses with valuable insights that help them make informed decisions regarding pricing and stock supply strategies. With an accurate grasp of what inventory they have on hand, stocktakers can help your company avoid unnecessary purchases, reduce waste, and improve inventory turnover.

Benefits of Hiring Stocktakers for Your Hospitality Business 

Experience & Expertise

Professional stocktaking companies have the experience and expertise in counting stocks accurately. They use the latest software and methods to create precise and reliable reports. By hiring a stocktaking company, your business can benefit from their specialised knowledge and deal with inventory issues effectively.

Accurate Reports

Professional stocktakers create comprehensive reports that help hospitality operators make informed decisions regarding inventory control. These reports provide detailed information on the quantity, quality, and location of stocks to identify variances. These reports also contain valuable insights that aid in pricing and sales strategies.

Time & Cost Efficiency

Hiring professional stocktakers saves time and money for your business. Professional stocktakers are well-versed in the latest technologies that can automate counting without manual intervention. This speeds up the stocktaking process and frees up time and resources for the task. It also helps businesses to free up staff, allowing them to focus on essential operations.

Optimised Inventory Management

Stocktaking companies can overhaul inventory management by identifying and resolving inventory issues. They help companies reduce the risk of stockouts and overstocking while minimising inventory loss. Moreover, professional stocktakers can identify slow-moving inventory, helping businesses curtail carrying costs and improve cash flow.

Tailored Solutions

A professional stocktaking company can meet the specific needs and requirements of your business. They can tailor services as per the size, nature, and volume of the business ensuring accurate and efficient stocktaking. A stocktaker will also recommend and provide insights on how to improve inventory management and operations for better stock control.

Choose the Right Stocktaking Company

When choosing a professional stocktaking company, a hospitality operator must factor in their experience, expertise, and cost. They should also ensure that the stocktakers use the right software and equipment and have a proven track record of providing accurate reports. Every hospitality business is different, and thus, personalised solutions with a customer-first approach are essential to succeed.

While stocktaking is time-consuming, hiring a stocktaking company can provide a range of benefits, including accurate stock counts, time and cost savings, improved inventory management, etc.

At Hospitality Partners, we can help your hospitality business maintain accurate and up-to-date inventory. Our seasoned professionals will empower you to make informed decisions that improve operations and your bottom line.

No entrepreneur can do it all by themselves. Along with rising costs and changing industry dynamics, small-volume operators may find it even more difficult to thrive. They may not have the financial resources to hire full-time experts to oversee operations 24 hours a day seven days a week. Moreover, keeping up with the ever-changing trends requires hospitality owners to plan ahead.

Even though time is a crunch, operators can hire hospitality consultants to optimise operations, streamline processes, identify and eliminate loss-incurring areas, and help maintain profitability all-year round. Consultants are pivotal to the success of small hospitality businesses.

But, when does this luxury become an absolute necessity? When is it critical to hire consultants for your hospitality business? In this article, we will identify the top signs that your hospitality business needs a consultant.

• Operational Inefficiency

Are you noticing a lag in sales, management, or any other area of your business? Are you unable to pinpoint the reason or failing to rectify the problem? A hospitality consultant can come in handy here.

Hospitality consultants take charge of everything from finances to asset management. They continuously oversee various departments in your business and create strategies to refine procedures. A consultant will also monitor your sales and other employees to streamline all departments into a single cohesive unit.

• Poor Planning or Decision Making

Planning and decision-making are key to a hospitality business. Sudden changes in demand or regulatory changes necessitate ad hoc decision-making. You must also plan for the short-term and long-term to grow revenue sustainably. If you lack expertise in certain areas, such as financial or inventory management, it is likely your decisions are affecting your business negatively.

A consultant has experience in various hospitality departments. From pleasing customers to improving design and decor, they know what customers want and can help you make crucial decisions for business success.

• Consistent Losses

Is your business consistently accruing losses to the extent you fear its closure? If so, hiring a hospitality consultant is the best way forward.

A consultant knows how to turn things around if your business is in trouble. They will identify strengths and weaknesses in your business to capitalise on what is working and improve areas lagging behind. They can suggest changes and when to put them into action to make your business successful. In short, having a consultant can make or break your business.

• Inadequate Staff or Training

Your staff can make all the difference when it comes to excellent customer service or unsatisfied patrons. Having adequate and properly trained staff is key to providing a top-notch customer experience. Hiring a consultant may be a good idea if you notice a growth in poor reviews or feedback.

No one knows how to hire and train the right people better than hospitality consultants. They can assist with recruitment drives and train your staff to ensure superior customer experience.

• Stock Control Issues 

Overstocking and understocking are both destructive for a foodservice business. Overstocking leads to stock wastage, whereas understocking may create non-availability of in-demand items, both scenarios affecting profitability. But they also reveal an underlying issue – poor stock control.

Be it theft, supplier issues, or poor handling, inventory management is essential for hospitality businesses to achieve profitability per product. A full-service consultant, like Hospitality Partners, can conduct regular stocktakes to identify discrepancies in stock levels and take measures to prevent them from occurring again.

• Lack of Market Expertise

The hospitality industry is indeed challenging. Overcoming changes in consumer preferences, competitive landscape, and emerging trends can be daunting for a hospitality operator.

The consultants at Hospitality Partners have a deep understanding of the Irish market landscape and can help your business stay ahead of the curve.

• Inefficient Marketing or Branding 

Are you struggling to rope in new customers? Your marketing and branding campaigns may need an overhaul.

A hospitality consultant can create effective strategies for branding and positioning your business in front of prospective customers. They are skilled at creating online and offline campaigns to improve trust & business image and help your business gain a competitive edge.

• Outdated Technology 

If your business is still relying on age-old methods and tactics, it is probably falling behind the curve and losing its edge. The rise of AI and other technological trends in the hospitality industry is also making it difficult for small players to adapt.

A professional can advise on the use of new technologies, oversee their adoption across your organisation, and train staff to become familiar with tech changes. Overall, a consultant will ensure the highest possible ROI from technologies that streamline operations and improve guest experiences.

• Non-compliance Issues

From adhering to sanitation and hygiene standards to proper reporting and other regulatory requirements, a hospitality business must ensure they comply with local and national laws. Any infringement may invite hefty fines and even closure.

By hiring external help, you can ensure your business adheres to laws and standards.

• Stagnancy

When was the last time you thought about expanding operations, taking over a competitor, or simply conducting a market feasibility study? If you haven’t yet, your business is in stagnancy with limited scope for growth.

A consultant will conduct market feasibility studies, make financial projections, and recommend tapping into new ventures, expansions, and renovations. They have an external, eagle’s eye point of view of your business, enabling them to analyse profitability and market viability and take the necessary steps.

Hospitality Partners: Your Full-service Hospitality Consultants

Hospitality operators need external help to make their business tick. Hiring an experienced consultant can improve your business in many different ways.

At Hospitality Partners, we can handle all the duties and operations across different departments in your establishment. We will oversee operations, management, guest experience, inventory levels, compliance, marketing and branding strategies, and everything else to ensure your hospitality business thrives in the short and long term.