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How To Lower Food Costs

In 2022 food prices have averagely risen 13.2% which is a steady upward trend for wholesale food pricing. High inflation rates are unfortunately expected to keep increasing. So how can you lower your restaurants food costs? Here are a few simple tips to keep food costs down.

Track Inventory

Tracking inventory can help you order the correct amount of food and help to lower the amount of food you throw away. There are many ways to track inventory, some prefer spreadsheets and ledgers, while others have upgraded to apps and new software. Some people prefer inventory scales because they are a simple and helpful way to know your in-stock amounts. All methods work well, but it is important to choose which method works most efficiently for your restaurant. If you have been using a certain method and your inventory is not as accurate as you would like it to be, try a new method! It may be worth experimenting with a new method to save extra money down the road.

Asset tracking is another important part of keeping up with fluctuating prices and knowing cost variance. When something as simple as eggs drop below or above their average price you will be informed and hopefully shop smarter, saving money in the long run.

Minimizing Waste

Minimizing food waste is really just maximizing your investments. You can track food waste by tracking over served food, incorrect cooking, and food spoilage. Having the proper storage containers can help with this, leaving less food out of the garbage. It is important to remember that when food goes bad or gets thrown away, you’re tossing your profits away with it.

More Ideas

Knowing your profit margins for each dish you serve will help you determine how much you should charge and if an item should still be on your menu. Many restaurants are now limiting their menu options, keeping dishes that are most popular and customer favorites and taking the not so popular items off the menu completely. This can help you boost your profit margin, focus on the plates being sold and plan for the future.

There are many ways to lower costs, and these are just some of the examples. We know inflation is a challenging thing to deal with but remember that by saving money today, can ensure you breathing easier tomorrow.

Reference:

Heimach, N. (2022, August 25). Restaurant food costs: How to lower your food costs. Corner Booth Blog | TundraFMP. Retrieved September 15, 2022, from https://blog.etundra.com/in-the-restaurant/restaurant-food-costs-how-to-lower-your-food-costs/

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