Chances are somewhere on your shelves, lurking behind so many other boxes, is an old dusty can of soup that gets counted every week and passed on to the next team of back-of-the-house employees, week after week, without a thought. This can of soup can teach you a lot about your inventory. Many times, your struggle with managing inventory levels is more about your mindset than your process. Here are three tips to help you adjust your mindset and better manage your inventory levels, one can of soup at a time.
The value of inventory
The hypothetical can of soup probably cost you $1.50 several months ago when purchased as part of your weekly food order. But each week that goes by, that can of soup costs you more than just $1.50. The true cost of that can of soup is all the other products you haven’t been able to buy each week because $1.50 of your cash is sitting in the can of soup waiting to get sold.
This can be a hard concept to follow at first. Assuming you don’t want to...