Today’s bar owners face a consumer economy driven by technology. New generations rely more than ever on their smartphones which run powerful apps that they use to make decisions about their daily lives. All forms of shopping, from fresh food to alcohol can be ordered online and delivered to their homes within a matter of hours.
As a bar owner, a good thing to keep in mind is that customers are drawn to conveniences. Technology transforms restaurants and bars, too, and the ways you can apply it to business operations continue to evolve in new and interesting ways. The point-of-sale (POS) software options that are available now have powerful management applications. You can track sales, inventory, and virtually manage your entire bar from a tablet.
When choosing the latest POS system for your bar, look for ones that have these capabilities:
- Menu updates
- Wet stock inventory
- Alcohol sales by drink type
- Employee sales reports
- Daily and 30-day sales totals
Increase Bar Profits with Better Cost Controls
Successfully increasing your bar’s profits doesn’t have to involve big changes to your branding or the style of your bar. Modern bar management systems give you the ability to easily and accurately track the consumption of wet stock. Not only does inventory tracking make reordering breeze, but you can also begin tying the number of drinks you sell back to the alcohol, beer, or wine that was used in the drink order. If you also serve food, an electronically tracked list of ingredients makes it easier for you to break down the food cost per menu item.
The more closely you can track each of these individual aspects of your food and drink sales, the more accurate you can be when ordering. All of this eventually translates into higher profits for you as ingredients no longer go to waste if you overorder, and you’ll be at much less risk of running out due to underordering.
Bigger Tabs Mean Higher Revenue
Your point-of-sale (POS) system can have a major influence on the number of options your staff has to offer guests when they visit their tables. Traditional paper and pencil tabs are tried and true methods of order tracking, but they are time-consuming, can get lost or damaged, and make data collection much more of a burden than it needs to be. With a software-driven POS system, your patrons can easily split a check and leave their party early to attend another event without creating a hassle for your servers, and you can view all of your data aggregated into one central location.
POS systems give more flexible options for selling drinks, prepared food, and running tabs. The best POS systems give managers real-time visibility of inventory. Unpredicted inventory shortages give managers the freedom to offer their guests special prices made from product overstock to increase bar profit.
Meet with your lead staff to develop new strategies for happy hour. Indecisive patrons present an opportunity to upsell with your mixologist’s newest concoctions. The latest POS technology gives your bartenders the option to create and store new drink recipes that can quickly be pulled up again when they need it. With electronically stored recipes, you search an alphabetical list to offer more options to your guests, and you can have greater continuity and quality control across all of your bartenders, so that your customers know exactly what they are getting every time.
How to Leverage Today’s Tech to Increase Bar Profits
Social media is growing in influence. It’s no longer just a way to simply stay in touch with friends or read news and entertainment—it’s now becoming a crucial aspect of any business. People rely on reviews from apps like Yelp or the suggestions of Instagram influencers to make decisions on which bars to visit. Begin to leverage the power of social media by offering specials to your existing customers for small activities they complete online that bring more visibility to your bar.
Hours and contact information are great to have on your website; however, be sure to link your website to social media sites. Remember that once you create a new profile on Facebook or Instagram, routine posts are what captures people’s attention and keeps them interested. Your customers are your number one remarketing tool because they will bring their friends back with them to your establishment.
POS Software Solutions Bring New Insights
POS reporting software opens a new world of insight into the management of your bar. Need to run sales reports and manage employee hours in minutes? You can do that in a few taps of the screen. Email it to yourself to review later or download it to your tablet.
Do your food costs ever increase because of products expiring before you know about it? Finding out what food items are selling, and which ones aren’t will be effortless because you can easily track product sales through your POS.
With a dedicated support team behind you, talech’s POS solutions can help you increase your bar’s profits and keep your customers coming back for more.
When you partner with talech to implement a POS system for your bar, we devote our time to identify your business challenges. We use this information to work with you in applying a solution to provide you with an innovative POS solution that can increase bar profits and keep you growing. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.