Tips for Saving Money

Tips for Saving Money

The key to long term success in the restaurant business is learning how to save money. Owners must remember that every dollar counts, and should be spent wisely. Here are some tips on saving money so you can spend it where it counts!

  1. Portion Control

The most important, yet often overlooked, way to save money is by monitoring portion control. This can be done by using measurement tools like scoopers, and having Kitchen managers always overseeing dish portions.

  1. Use Every Ingredient: Throw away nothing

So much money is lost in restaurants simply by not using all food resources available. Implementing a rule to throw nothing away challenges employees to be resourceful and to stay on top of expiration dates. All food should be labeled and checked frequently so that inventory can be rotated, and the oldest can be used first. A manager or trusted employee should be in charge of this, using food safety labels which can be found on sites like Restaurant Discount Warehouse.

  1. Pay” with Gift Cards

It’s always a good idea to ask small vendors if they will accept store credit or gift cards as payment. For instance, you like to buy daisies as a centerpiece from the flower stand around the corner. Develop a relationship with the vendor, ask him if he will accept a gift cards valid during lunch hours as payment as an exchange for the daisies.

  1. Develop Partnerships but don’t be afraid to Shop Around

Creating long term relationship with other businesses is very important especially with repair specialists. Often small repair and maintenance companies who develop a relationship with another business will offer lower costs.

Although it is also important to remember to sometimes shop around. While remaining loyal to a few select vendors may be important to managers, sometimes shopping around can prove to offer lower costs. It might seem to save very little at first, but over time it will prove very helpful.

  1. Schedule wisely (cut wisely)

Make sure to create a weekly schedule based on previous weeks popularity and existing reservations. Too many managers copy and paste a schedule from a week before because that is the simple thing to do; however, this can prove to be very costly when you’re over staffed on a not so busy Tuesday night.

This also means that managers should cut labor wisely. It’s a difficult skill to master since managers do not want to accidentally under staff by cutting too soon, or over staff by playing it safe and not cutting labor. But, employee hours should always be closely monitored and a top priority when it comes to cutting costs since they add up so quickly, especially in a small restaurant environment.

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