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Ever wondered why your bar's profits might be pouring down the drain? The answer could lie in the nuanced world of inventory management, which we're cracking open in this week's Bar Business Podcast. I'm Chris Schneider, and I'm here to walk you through the must-know strategies to keep your stock in check and your financials on point. We tackle the importance of running a tight inventory, digging into how it reveals the true cost of goods sold and ensures your prime cost percentage doesn't spiral out of control. It's not just about counting bottles; it's about mastering the balance between what you have and what you need, preventing money from stagnating on your back shelf. 

In the thick of managing a bustling bar, the last thing you want is an inventory misstep to cloud your bottom line. That's why I'll share the best practices for monthly stocktakes, timing them just right for consistency without disrupting your service or sanity. Listen in as we break down the critical components of a foolproof spreadsheet, and don't worry, we'll even tackle the tricky business of those end-of-month variances. I promise it’s simpler than it sounds, and once you get a handle on this, you’re one step closer to running a well-oiled machine.

In this episode, I peel back the curtain on my own run-in with sneaky discrepancies and reveal how I turned the tables on theft at a country club. We'll also explore how essential data like inventory turnover and day sales in inventory can keep your cash flow healthy and your stock levels optimized. Whether you're a seasoned bar owner or just starting out, this episode will equip you with the insights to stay ahead of the game and ensure every ounce of profit is accounted for. 

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Welcome to the Bar Business Podcast, the ultimate resource for bar owners looking to elevate their businesses to the next level. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals. Tune in to learn everything from how to craft the perfect cocktail menu to how to manage your staff effectively. Our mission is to help you thrive in the competitive bar industry and achieve your business goals.

Special thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software by using AI to help you make smart data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

For more information on how to spend less time working in your bar and more time working on your bar:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group