Key areas:

Menu Optimization

• Menu Engineering: Analysing menu items to identify high-margin, popular dishes and optimizing their placement on the menu.
• Pricing Strategies: Adjusting prices based on demand, ingredient costs, and psychological pricing techniques to maximize revenue.
• Meal Bundles and Specials: Encouraging larger orders and increasing the average transaction value. 

Inventory Management

• Tracking and Ordering:

Using the correct systems and methodology to track inventory levels and generate order reminders based on usage patterns and peak times. 

• Reducing Waste:

Minimizing food waste through accurate forecasting, portion control, and efficient inventory management. 

• Just-in-Time Inventory:

Optimizing inventory levels to reduce storage costs and potential spoilage. 

Supplier Negotiations:

• Favourable Terms: Negotiating with suppliers to secure better pricing and payment terms. 
• Consistent Quality: Ensuring consistent quality of ingredients to maintain food costs. 

Operational Efficiency:

• Waste Reduction: Implementing systems to track and reduce food waste, which directly impacts your GP. 
• Labor Costs: Optimizing staffing levels to match demand and minimize labour costs. 
• Technology Integration: Utilizing technology to streamline operations, such as online ordering systems and inventory management software. 

Understanding Your Numbers:

• Gross Profit Margin: Calculating and monitoring your GP margin to track profitability. 
• Cost of Goods Sold (COGS): Accurately tracking COGS to understand the cost of producing each menu item. 
• Financial Reporting: Utilizing tools for financial reporting, budgeting, and forecasting to make informed decisions. 

By focusing on these areas, your restaurant can optimize its F&B GP, improve profitability, and enhance your business’ overall financial health.