Keeping a well-stocked bar
Keeping a well-stocked bar isn’t just about filling your back bar with plenty of beer, wine and spirits – it goes far beyond this. You also need to consider what’s happening the other side of the bar; tracking what your customers are drinking to identify what types of drinks are most popular. This will enable you to amend your orders appropriately and cut costs by removing drinks that are less in-demand.
Being well-stocked doesn’t stop at your drinks – it includes everything from your garnishings, to your glassware, cocktail shakers, stirrers, down to your napkins! First impressions go a long way.
Calculate your pouring costs
The pouring cost is an essential benchmark for your bar’s profitability. Monitoring and controlling your pouring cost – which means keeping it as low as possible – is the difference between a profitable bar and a failing one. Working out your pour cost can be broken down into 3 key factors; 1. the cost of your ingredients, 2. the price of the drink to your customers, and 3. what you sold versus what you should have sold based on the amount of inventory used.
Create signature cocktails
Creating your very own signature concoctions can give your establishment that competitive edge – making your menu memorable and unique. Designing your own craft cocktails also gives you the opportunity to price up higher than usual, increasing your profit margins.
To create a winning cocktail list you want to consider your target demographic and different tastes to help guide the ingredients that will work best. Keep ahead with drink trends and try to offer customers something new.
Host events & themed nights
One of the best ways to draw in a crowd and maximise profitability is to host an event. Whether it’s a regular Happy Hour with discounted drinks available, a quiz night, or a private function – events can help ‘spread the word’ and give your venue positive exposure. Be sure to follow our 5 Tips for Restaurant and Bar Event Planning to ensure your event is a hit.
To learn more about how Elta can help you increase your profitability and boost your business, get in touch today!