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What are the best practices for managing inventory levels at events?

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Managing inventory levels at events is a crucial skill for food and beverage operations. It can affect your profitability, customer satisfaction, and waste management. In this article, we will share some of the best practices for inventory control at events, based on the type, size, and duration of the event, as well as the characteristics of the products and services you offer.

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1 Assess your needs

Before you order or prepare any food or beverage items for an event, you need to assess your needs based on several factors. These include the expected number and profile of attendees, the theme and format of the event, the menu and service style, the availability and cost of ingredients, and the storage and transportation conditions. You should also consider any special requests, dietary restrictions, or preferences of your clients or guests. Based on these factors, you can estimate the quantity and variety of products you need to satisfy the demand and avoid overstocking or running out.

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Felicia H.

CGMA - Financial / Commercial Manager
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When assessing your needs you should complete a minor profit and loss forecast for the event, this should include all costs whether hiring services, food and beverage, staffing etc. This will give you 2 advantages, you can estimate your expected profitability or loss before the event, and you can use it as a measure after the event, to measure actual performance against forecast. It will also assist with future planning

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2 Track your inventory

Once you have your inventory ready, you need to track it throughout the event. This means recording the amount and location of products you have in stock, as well as the amount and frequency of products you use, sell, or discard. You can use various tools and methods to track your inventory, such as spreadsheets, scanners, labels, or software. Tracking your inventory can help you monitor your consumption patterns, identify any discrepancies or losses, and adjust your orders or production accordingly.

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Pierandrea Falchi

Cost Controller at Swire Hotels
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Effective inventory management is crucial, especially for events focused on free-flowing beverages. One effective method for identifying discrepancies and analyzing event trends is to tally the number of bottles used after each event. Whenever feasible, it is recommended to record the consumption of each filled glass or bottle in a spreadsheet or a point-of-sale (POS) system. This allows for accurate calculation of whether the actual number of bottles used matches the expected consumption.

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3 Optimize your layout

Another best practice for managing inventory levels at events is to optimize your layout. This means arranging your products and equipment in a way that maximizes efficiency, accessibility, and visibility. You should consider the flow and movement of staff and guests, the space and capacity of your venue, and the safety and hygiene standards. You should also group your products by category, type, or popularity, and display them in attractive and clear ways. Optimizing your layout can help you reduce waste, increase sales, and improve customer satisfaction.

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4 Implement FIFO

FIFO stands for first in, first out, and it is a principle that guides the rotation and usage of your inventory. It means that you should use or sell the products that you acquired or made first, before using or selling the products that you acquired or made later. This can help you prevent spoilage, expiration, or deterioration of your products, as well as maintain their quality and freshness. You can implement FIFO by labeling your products with dates, organizing your storage areas by age, and training your staff to follow the rule.

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5 Review your performance

After the event is over, you should review your performance and evaluate your inventory management. You should compare your actual inventory levels with your estimated needs, and analyze the reasons for any differences. You should also calculate your inventory turnover, which is the ratio of how many times you sold or used your inventory over a period of time. This can help you measure your efficiency, profitability, and customer demand. You should also collect feedback from your clients, guests, and staff, and identify any areas for improvement or innovation.

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6 Learn from your experience

Finally, you should learn from your experience and apply the lessons to your future events. You should document and update your inventory records, policies, and procedures, and share them with your team. You should also benchmark your performance against your competitors or industry standards, and look for opportunities to optimize your inventory levels. You should also keep up with the trends and changes in the food and beverage sector, and adapt your products and services to the evolving needs and preferences of your customers.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best practices for managing inventory levels at events?

1

2

3

4

5

6

7

1 Assess your needs

2 Track your inventory

3 Optimize your layout

4 Implement FIFO

5 Review your performance

6 Learn from your experience

7 Here’s what else to consider

Food & Beverage Operations

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What are the best practices for managing inventory levels at events?

1

2

3

4

5

6

7

1 Assess your needs

2 Track your inventory

3 Optimize your layout

4 Implement FIFO

5 Review your performance

6 Learn from your experience

7 Here’s what else to consider

Food & Beverage Operations

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