Running a bar or nightclub can be fun, exciting, and profitable. It can also be hard, stressful, and a financial drain.
With so much cash flowing in and out of the business, it’s tempting for employees and suppliers to pilfer. An international beverage auditing service estimates bars lose an average 24 to 26% of their gross sales to internal theft.
But it’s not sales that make or break your business — it’s profits. And if your margins are lower than 26%, you’ll soon be out of business. The National Federation of Independent Business reports that more than 30% of business failures are directly related to employee theft. Here are some tips to avoid theft:
Tip#1: Use best practices around the cash
Tip#2: Keep track of inventory
Tip#3: Train and manage employees
Tip#4: Prevent bookkeeping and administrative errors
There’s no avoiding the topic of theft when you run a bar or restaurant. But that doesn’t mean it has to ruin you or your business. Proper management ensures a culture of stealing doesn’t gain a foothold and lodge itself permanently among your staff and suppliers. Keeping good practices around cash management, inventory management, and deliveries helps you minimize losses from theft, and ensures you stay profitable and running strong. For more details on our tips, download the full whitepaper version…