Are your food costs under control? 3 key questions to ask yourself.

In an inflationary environment, the price of goods is going up with no sign of stopping. To continue providing high quality products at reasonable prices, three components are key to success: price, quantity, and revenue. All three need to balance together to achieve profitability.

Here are 3 questions you should consider to keep your food costs under control.

01 Price: are you buying at the right price?
When it comes to making food and beverage purchases, it's important to consider if you're buying at the right price. This means considering factors such as market value, quality of the product, and your own budget and needs.

One way to ensure you're buying at the right price is to look at the current market situation. Look up the average price range for the product you're interested in and compare prices from different suppliers. Additionally, consider any additional costs such as delivery costs.

02 Quantity: you bought it, but where is it going?
Make sure you know where the money you spent is going. Here are some easy ways to control the food quantity: evaluate the portion sizes and if necessary, adjust them to reduce food waste, check in advance how many bookings have been made for the day so that you can anticipate your stock. Seasonal and local produce are often cheaper, so make sure you adapt dishes accordingly.

03 Revenue: have you been paid correctly?
Analyse your sales menu and accounting information. Look at what your competitors are doing, benchmarking will help price your dishes in line with the market.

Upsell your extra services and ensure you know what the food allowance is for all menus & packages.

 

If you could use extra support with your food costs, Entegra is well placed to assist. Simply get in touch for a free cost analysis. Now is the right time to curb the cost crisis.