It's no secret that black-owned businesses face unique challenges. Our recent survey of inventory management habits in black-owned restaurants has shed light on some potential areas for improvement.
By The Numbers
When asked if restaurants owners have vendors or self shop, the survey results showed that over 85% of restaurants are actively involved in shopping for food, beverages, and supplies. While this hands-on approach may seem necessary, it raises the question of whether their time could be better utilized elsewhere.
Furthermore, approximately 41% of restaurants restock three or more times per week, and an additional 25% restock 2-3 times per week. Despite economic challenges, there is a steady demand for inventory. However, as our previous stats indicate, this means spending considerable time away from the restaurant solely for restocking purposes.
Inventory tracking is crucial, yet the survey revealed that 76% of restaurants rely on spreadsheets or paper records, while over 15% track inventory in mentally. These practices can lead to issues such as misplaced data, operational bottlenecks, and revenue loss due to not adjusting for inflation.
Inflation has also been overlooked in menu pricing, as shared by a local Philadelphia restaurant. This oversight further adds to the challenges faced by black-owned restaurants.
To combat such challenges we encourage adopting more efficient inventory management methods, leveraging technology, and implementing pricing strategies that consider economic changes. To assist with the inventory obstacles, our platform offers a free tier ideal for transitioning outdated, analog processes to efficient digital management.
With time and money saved managing inventory, restaurants have the opportunity to make an impact when it really matters, customer experiences that will drive repeat business.
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