How to Control Your Food Costs in Restaurants?
Some restaurant owners don’t know how to control the cost of food properly. They put prices on entrees and appetizers, don’t track profit margins correctly and have no clue about the whole food cost control thing.
Start by Tracking the Cost of Food:
Better cost control starts by tracking the food expenditures of your business. But it needs to go beyond your internal figures. Predictions and forecasts are a good place to start. When you know what the forecasted prices will be, you can adjust your menu accordingly.You can choose
Revamp items or Remove items.
The United States Department of Agriculture is a good start. The Consumer Price Index, listed by the Department, can help a restaurant better understand what their future prices are expected to be.
When prices fall, you earn higher profit margins and everything works out perfectly. The issue is that when prices rise, they can cut into already-low profit margins, making it difficult to pay wages or energy bills.Use a food costing app to keep tight control over all of your food.
Incorporate Strict Inventory Control:
Food waste is common, but did you know that 63 million tons of food is wasted in the US every year? Inventory control is essential for keeping costs checked. If you’re not tracking inventory, you’ll waste more inventory than you want.