Let’s be honest, your venue’s main aim is to generate revenue and create profit. The following is a list of tips and tricks to best optimise profits in your venue
Tip 1 : If you offer food in your venue encourage your wait staff to offer before and after dinner drinks. Make this part of your service process and make sure it happens every time to make sure your wait staff get used to doing it! Make sure your wait staff have recommendations for both before and after dinner drinks to offer customers! This adds a positive element to your customer service and will also be a sure way to increase profits in your venue
Tip 2 : Make sure to be strict with your inventory control systems, closely monitoring inventory processes like invoice entry, spillage entry and wastage, this is important as you will be able to see where you are losing money in terms of spillage and wastage and give you an opportunity to come up with preventative measures against this such as getting wine glasses with a pour line on them to ensure employees aren’t over pouring wine!
Tip 3 : Always be on the lookout for slow moving stock, you can take advantage of these items by creating a promotion or an offer for them, once it is sold either stop buying it or buy it at a much lower volume to avoid having to do the same again! Slow moving stock is a common occurrence with trends in the market, products that reach huge popularity and venues lose the run of themselves and order huge amounts of stock only to find that in a few months demand has fallen and there is a new product trending in the market!
Tip 4 : Always use your oldest stock first and get employees into the habit of checking best before dates before using products, use an effective shelf stacking system with the products with the shortest expiry date easily accessible for staff, this will mean that you are limiting the amount of waste and money spent unnecessarily on products that had to be thrown out because they had reached their expiry date!
Tip 5 : By knowing whether more money is spent on drink then food or visa versa in your venue you can tailor specials and promotions to cater for your customers! If you have a big lunch time crowd that come in for their work lunch introducing a “soup and sambo combo” offer would be a great campaign and if you get large crowds on thursdays for after work drinks you could have a drink promotion then!
Tip 6 : If you sell a lot of a certain product try to find ways to buy it cheaper, usually buying in bulk offers you a significant discount so try around to a few different suppliers before settling for one! Sometimes offering a supplier a “first pour” agreement for their product will be enough for you to get a discount of some sort! This is beneficial to both you and your supplier as you get the discount and they get more exposure for their brand!
Tip 7 : Be smart about the location of your venue, if you are in close proximity to a university use this to your advantage by hosting student nights during the week, many venues host “student tuesdays” where they offer two for one drinks for the first hour or so and then discounts for certain drinks throughout the rest of the night! This can generate huge income for your venue and don’t be afraid to get creative, karaoke and bingo nights are always a winner and bring in large crowds!