Updated: Oct 1, 2020
Inventory management comes with its own challenges, but it’s a challenge that liquor store owners especially need to tackle in order to succeed. Liquor stores carry so many products that it can be hard to keep track of everything in your store. Although you may have a good sense of which bottles are selling the most, you want to have an accurate count of your usage so you can order exactly what you need. Bottle POS is here to help you better manage your inventory.
Skip the Manual Counting
If you’re still stuck in the archaic ways of counting your inventory manually, then you’re wasting precious time and money. For one, you are at risk of human error while counting. Additionally, if you tasked more than one employee to do the count, just to double check, you’re wasting labor that could be better used elsewhere. Bottle POS saves you time by tracking your inventory as you sell.
Process Invoices ASAP
When owning a small business, you should be aware of three terms: your starting inventory, your ending inventory, and your receiving inventory. Your starting inventory is how many units of each product you have on hand at the start of your inventory period (your inventory period may be at the start of the week, month, or quarter). Your ending inventory is how many units of each product are left at the end of the period. Your receiving inventory is how many units you received within the inventory period.
If you don’t immediately record your receiving inventory, you may forget to record it later on. By processing your invoices as soon as you receive them, it guarantees that you won’t miscalculate your usage on a specific product. When you install Bottle POS software, it automatically processes your invoices, so you can rest assured that your inventory will always be accounted for.
Set Pars Based on Data
You never want to assume your pars based on “eyeballing” it. Although you may know which brand of whiskey and which margarita mix are your top sellers, you want to be able to accurately calculate how much you’re selling within an inventory period, so you know exactly how much to stock up.
Over-ordering is just as detrimental as under-ordering. If you know that you sell, on average, 50 bottles of tequila every month, then you want to make sure you order no more than 3 cases of tequila (which typically come with 24 bottles in a case, so 48 to 72 bottles total). By setting pars, you can prevent over- or under-ordering. In the event that you run out before your next order, start promoting other brands of tequila in the store that aren’t selling as well.
First In, First Out (FIFO)
If you’ve been in the restaurant or retail business for a while, you’ll know the importance of FIFO. When you restock your shelves, it’s imperative that you place your new order in the back and bring the older products to the front. By implementing and reinforcing FIFO in your stores, you decrease the risk of spoilage. Once a product is passed its expiration date, there’s nothing you can do but throw it out, which will cost you money.
Factor In Holidays & Events
Although setting and following pars is important, you should take note of upcoming holidays or events in your local area. For example, during graduation season, you want to make sure you’re stocked up on beer and spritzers as college students begin to celebrate with friends and family. Approaching the New Year’s Eve holiday, you want to make sure you have plenty of champagne for people to buy for last-minute celebrations.
Know When to Reorder
In addition to understanding pars, you want to understand your reordering point for every product as well. Rather than waiting for one of your bottles to run out of stock, place your order as soon as it’s running low. When you need to reorder a product, it’s important that you look through all of your products to see what else is petering, so you can make one big order and save on shipping costs. With Bottle POS, you can easily check to see which items are running low so you can place an order before you exhaust your supply.
When it comes to inventory management, no one and nothing does it better than our Bottle POS system. This top-of-the-line inventory management software was specifically designed for liquor stores, so owners and employees could focus on running the business and creating loyal customers instead of wasting time and money counting up inventory. We’ve streamlined the features to include everything you need as a liquor store owner, making this POS system simple and easy to learn. If you want to save money and time with an efficient POS system, contact us today for a live demonstration!