The bar and restaurant industry is continuing to evolve with the help of great technology. Whether it be reservation software, POS systems, staff scheduling tools or beverage management software, these platforms exist to help you get back to the parts of the job you love—the hospitality, the people, and the creativity.
In a world of cocktailing, where artistic expression is highly celebrated, it can be tempting to cater to your every whim when thinking of new ideas for your menu. However, balancing this with the reality of your business is critical. As stifling it may seem, collecting your bar’s sales data on beverage management software can be that bridge to help you make smart decisions when attacking new drink ideas.
Let’s take a look at how to do that.
So, you’re thinking about making a new cocktail. Where should you start? Looking at a sales summary from your beverage management software or pulling sales reports from your POS system and comparing them to your drink pricing sheets is a good way to understand how much profit each drink is bringing in for you.
When you do this, you can see which spirits are performing well and which aren’t. This information can help narrow down the base spirit you should be building your new creation around, whether it be making a special cocktail to push that struggling spirit off your shelves or a new featured cocktail that builds on a top-selling spirit.
When looking at your sales data, you can also confirm trends in your guest’s behavior. Do your reports show that your guests are really into your tiki-style cocktails? Well, if you know the profit margin is high or confirm a good profit margin on these cocktails using tools like the drink price calculator, you could try starting a rotating tiki cocktail feature on your menu. This will allow you to continue to offer versions of this profitable drink, but also to push yourself to come up with new and inventive twists on the style.
Any successful artist understands how data can be a powerful tool in service to your art. Especially if you consider the fact that you’re actually running a business with your artistic endeavors. Using technology simply enables you to do this better.
Using your bar’s data, you can intelligently channel your artistic fuel toward profitable ideas. Even if you’re a small and/or new establishment looking to stay afloat, being able to navigate in the direction that your sales data provides is key.
See how tools like BevSpot can enable you to use your data to keep your art alive and well.