As prices for food continue to rise, many restaurants are feeling the pain. While you may not be able to control the price of food, you can control how much you spend on it. Here’s what you need to do:
You may not be able to control the price of food, but you can control how much you spend on it. Here’s what you need to do.
You can’t control the price of food, but you can control how much you spend on it. Here are some tips:
- Don’t panic and buy in bulk. If a particular ingredient or product is going up in price, don’t stock up on it until after the cost has stabilized or dropped again. You don’t want to end up with excess inventory that will go bad before you can use it all (or worse: get tossed out because no one wants to eat stale ravioli).
- Review your vendors regularly to find more affordable ones. Look for suppliers who offer discounts for large orders and sell their products at cost so they won’t need to make a profit off what they sell you—or even make a loss!
Find out as much as possible about the new price increases.
You want to understand the new price increases as much as possible. There are a lot of places you can look for information:
- Your suppliers: Ask them why they raised the prices, and how they might be able to help you pass those costs on to customers in a way that allows you to still make money.
- Your employees: If you’re paying your staff based on their tips, ask them what they think about this change. They may have some ideas on how best to deal with it.
- Your customers: Find out if there’s anything else your patrons would like you or your restaurant chain in general to do or offer so that they feel like they’re getting more value for their money when dining at your restaurant or using its services. You could try adding an incentive program where people who spend more than X dollars receive Y dollars’ worth of free food or drinks; this will not only encourage patrons but also bring in new diners who want the chance at winning something valuable when dining with friends! Additionally, consider partnerships with local charities–and don’t forget about social media!
Don’t panic and buy in bulk.
While bulk purchasing may seem like a great idea at first, it can be expensive if you don’t use the food before it expires. You should only buy in bulk if you have room to store it or have enough customers who need large quantities of a particular food item.
If you do decide to buy in bulk, make sure that the seller provides an invoice for every purchase so that you can track how much money is being spent on food each month and whether or not purchases are actually saving your restaurant any money at all.
Review your vendors and find more affordable ones.
Talk to your current vendors. Tell them that you are looking for better prices, and ask them if there are any discounts or promotions available. If they don’t have any, ask if they are willing to negotiate prices with you. You can also use this time as an opportunity to ask about their food safety practices and ask for references from other customers who have worked with them before.
Compare prices for food items at various stores, even if this means venturing outside of your local area.
- Make a list of prices and compare them at different stores.
- Know what the sale price is before you buy.
- Look for coupons in the newspaper or on the internet. You can also sign up for email alerts that notify you when new coupons become available (e.g., Groupon).
- Ask about discounts if you are buying in bulk, such as when purchasing large quantities of meat or produce from a wholesaler who has purchased too much inventory and would otherwise have to throw out any excess product that doesn’t sell by its expiration date
Visit local farmers markets and ask about wholesale prices.
- Local farmers markets are a great way to find out what’s in season, as well as get first dibs on amazing deals on food items that aren’t sold at the supermarket. You’ll also have a chance to meet the people growing your food—and ask them questions!
- Ask vendors if they offer special rates for restaurants like yours. If not, you can always ask if they would be willing to consider it in the future.
Look for items that are in season, which are often less expensive than those that are hard to come by or are imported from far away.
Cheaper cuts of meat often can be substituted for more expensive cuts to save money. For example, instead of purchasing filet mignon, you could buy a cheaper cut such as top sirloin steak and then use tenderizing methods such as marinating or slicing thinly before cooking it. Another method is to remove some fat from the meat, which will reduce its price without affecting the quality too much.
Another way to reduce your restaurant’s food costs is by using generic brands if they are available in your area or if you’re ordering from a supplier online; these products may not be as well-known but their prices are lower than those offered by name-brand manufacturers. Finally, look for items that are in season; these types of produce tend to be less expensive than those that are hard to come by or imported from far away
Look for generic brands of food that might be available at a lower price than their brand-name counterparts.
Generic brands are often cheaper than brand name products. Generic food products are created by manufacturers who provide the same quality as their competitors but at a lower price. For example, “store brand” or generic versions of soda may cost half as much as its name-brand equivalent.
There are also generic versions of many other foods that your restaurant needs to serve every day, like bread, eggs and coffee beans. If you can purchase these items in bulk from a wholesaler or distributor at a lower price than its name-brand counterpart, it’s worth considering bringing your business into conformity with this practice.
There’s no doubt that food prices are going up and will continue to rise over time. But as a restaurant owner, you have the power to control how much your business spends on its ingredients. By being proactive about finding more affordable options and comparing prices at various stores, you can keep costs down without sacrificing quality or taste.