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4 Ways to Shred Food Costs

January 11, 2021 by FoodBAM Admin

Are you struggling to make a profit and do more than just break even every month? Making food costs a high priority can mean the difference of making it or breaking it as a restaurant owner. If you want to shred food costs, you need to utilize technology and get accurate results instead of eye balling your numbers on spreadsheets.

Here are 4 ways to shred food costs:

Pay Attention to Cost of Goods Sold

Your Cost of Goods Sold (COGS) is the most vital metric for tracking and managing your food costs. As you begin to reopen your restaurant from the challenges the pandemic brought, you need to keep a close eye on the financial health of your business.

Here’s the good part – the Foodbam app does all the work so you don’t have to waste time racking your brain with numbers and spreadsheets. Using restaurant technology like Foodbam can help you measure your COGS and gives you a more solidly accurate picture of your food costs over time. With dashboards and organized data, you can see your food costs, your food spend and even sales all in one place.

Take Accurate Inventory 

Estimates and guesses won’t cut it in the restaurant world and waiting to take your inventory at month’s end or even every quarter, leaves room for errors and can cost you money. By uploading invoices and spending a few minutes taking inventory daily or weekly, you can get more accurate numbers and make quicker decisions that can save you money – and time.

We’re pretty sure you would hate to tell a customer that you don’t have their favorite menu item – that’s a risk you don’t wanna take. By using the Foodbam app, you get usable numbers in a fraction of the time that it takes to record and calculate inventory manually. Technology can help you stay on top of your orders and not run out of high demand ingredients. Our inventory view provides an apples-to-apples comparison of products so chefs can find the best prices across multiple distributors.  Add items to your cart and bask in the glory of savings…

Stick to a Budget 

When your back-of-house is chaotic, your attention to finances goes to the bottom of the list. When you’re spending time managing a kitchen or running a team of staff, you can end up blindly ordering and have no idea where money is coming and going – until its too late. Creating a budget and sticking to it can help keep you, your staff, and your finances in order.

When you take advantage of technology such as Foodbam, you can see price fluctuations, which menu items are selling, and which are going to waste – all in a well-organized dashboard. If you notice you are going over your budget or buying new items you’ve never used before, have a meeting with your staff and let them know where your food costs currently stand. Review price trends and discuss ingredients where prices went up.

Monitor Prices of Ingredients

One week you could be paying $100 a box for chicken and the next you could be paying double that if you don’t catch price fluctuations quickly enough. As a restaurant owner or chef, you need to know when something that costs you money goes up and impacts your bottom line. Monitoring prices of ingredients can prevent you from wasting money.

Ok, we know you’re probably tired of reading how much we love ourselves and our groundbreaking restaurant food cost technology, but in this case, Foodbam puts all your distributors’ prices front and center so you can easily select the products that make the most economic sense for your operation. Products from various manufacturers are also readily available.  Foodbam assists you with making informed price and quality decisions on everything from main ingredients to office supplies and disposables without having to check multiple sources for numbers.

Ready to shred those food costs? If you answered yes, then request a demo today!

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