DIY Stocktaking vs. Hiring a Professional Stocktaking Company

The hospitality industry is a dynamic niche, posing several opportunities and challenges to operators. One of the most common challenges that establishments face is efficiently managing inventory. This is where professional stocktakers come in.

Stocktaking is the practice of counting stocks and comparing them with records to identify discrepancies. Any mismatch may indicate stock loss, wastage, theft, or supplier issues, helping hospitality operators to curtail losses and improve gross profits.

This comprehensive guide will shed light on the various benefits of outsourcing inventory control to a professional stocktaking company versus an in-house DIY.

Why is Stocktaking Important for Hospitality Operators?

Regular stocktaking is crucial for hospitality businesses that want to maintain profitability. It can be the difference that makes or breaks revenue generation, operational efficiency, and even brand image. By tracking and controlling inventory, food & beverage establishments can maintain adequate stocks to cater to customer demands while eliminating waste and spoilage. With accurate data and records, operators can make informed decisions regarding which stock to purchase, when to buy, and the quantity to purchase. This insight reduces risks of stockouts and overstocking and enhances customer experience.

Moreover, issues like employee theft, shrinkage, and discrepancies in stock levels can be effectively addressed with proper stocktaking. With accurate stock data, hospitality businesses can implement control measures that aid in creating sound purchasing, pricing, and selling strategies.

Overall, stocktaking can enhance your bottom line and keep revenue flowing.

Benefits of Professional Stocktaking

Having a professional stocktaker for your hospitality business is like having a personal consultant who can do the heavy lifting. Here are the benefits of hiring a professional stocktaking company to manage your inventory:

• Saves Time & Money

The primary benefit of having a professional stocktaker is that it frees operators and management to focus on their core competencies. Instead of getting involved in the time-consuming and labourious process of manual stock counting, they can make strategic decisions for their business. When a professional stocktaking company manages inventory, it saves precious time and resources that can be redirected to other operations.

• Access to Cutting Edge Technologies

Outsourcing inventory management to experts gives hospitality operators access to modern technology and seasoned knowledge. Stocktakers are up-to-date with the latest software and tools to keep track of inventory accurately. They can monitor the stock life cycle and generate real-time reports instantly.

• Informed Decision-making 

Stocktakers are experts in their field. They can provide insights and recommendations based on the best practices to help bars and restaurants make intelligent business decisions and streamline operations.

• Full-service Expertise

Full-service stocktakers, like the team at Hospitality Partners, have complete knowledge of the hospitality industry. They know what makes a food or beverage business tick. Their 360-degree expertise helps operators optimise inventory management, reduce wastage, implement best practices, maximise profits, and improve the overall efficiency of their business.

The Drawbacks of DIY Stocktaking 

Alternatively, conducting regular stocktakes yourself can be an economical endeavour, but it poses several pitfalls.

• Time-consuming

A single stocktake will demand a lot of time and effort, let alone periodic stocktaking. It involves manually counting and tracking inventory, which can significantly drain resources, especially for low-volume operators. Managers and staff may find themselves entangled in an arduous process of counting stocks, making data entries, and identifying discrepancies. In short, the DIY approach can steal the time and focus away from other essential tasks.

• High Risk of Errors

Without access to specialized software and tools, DIY stocktaking can result in inaccurate data. This can not only be frustrating, considering the time and effort you put in but may also lead to stockouts or overstocking that can negatively affect sales and inventory costs.

• Vulnerability

Without professional stock takers, hospitality operators may struggle to implement inventory control practices or worse, not be able to identify discrepancies at all. This leaves them exposed to theft, wastage, and poor handling, ultimately affecting profitability.

Things to Remember When Hiring a Professional Stocktaking Company

When it comes to stocktaking, you should do your research well and dive deep into the top companies in your region. Make a list of stocktakers with adequate experience and a proven track record of handling inventory for businesses similar to yours. Make sure to ask about the inventory management software they use.

Experience and expertise are not the only considerations here. Consider the cost of stocktaking, its benefits, and the ROI it will bring. To avoid burning a hole in your pocket, seek out operators with a transparent and flexible cost structure.

Lastly, pay heed to their communication skills and promptness. Your hospitality business needs a partner who can respond clearly and quickly to resolve issues in real time.

Let Hospitality Partners do the Heavy Lifting

Professional stock takers can identify discrepancies and vulnerabilities your business might be facing and implement strategies to overcome them. They can build robust inventory management, improve security, train your staff for efficiency, and ensure your establishment aligns with the best industry practices to improve long-term profitability without sacrificing customer experience.

At Hospitality Partners, we have a team of expert stocktakers and hospitality consultants who can help your business grow. Contact us today to learn more about our stocktaking services.