Minimizing Loss at Bars: Making Data-Driven Decisions

Bar Cost-Cutting Techniques > Effectively Analyzing Data

Minimizing Loss at Bars: Making Data Driven DecisionsIn the previous article, we discussed some of the best ways for your bar owner clients to prevent losing money during their daily operations. As a qualified agent, you want the best Bar Insurance coverage for your clients, complete with tailored limits and inclusions to ensure they get the protection they need at a price they can manage. In this article, we’ll cover how they can use the data collected from their POS systems to make data-driven decisions and cut losses. Share the following information with them and ask us about our customizable and comprehensive bar insurance coverage offerings.

Inventory control.

Depending on the preferences of their customers, your clients will need to tailor their buying efforts to match their needs. Inventory control is one of the biggest challenges in the bar sector, which is why using POS reports to manage it can make it more feasible for your bar clients. By investing in the right inventory tracking and management software, they’ll be able to oversee how much of which alcohols has been sold, what needs to be replenished, and what’s not selling and should be plucked off the menu.

Void and no sale reports.

Looking simply at number of voids by manager on duty can give you a good picture of who you need to talk to. Whether or not you have voids set up to require a manager password, if one manager stands out as consistently having more voids, no-sales, deletions, and more during their shifts, you have actionable data to start a conversation, explains Restaurant Manager.

While your busy bar clients likely don’t have the time to weed through each and every no sale each night, it’s worth it for them to pay someone to do so, even just an extra hour or two each night so that the potentially fraudulent activities can be identified sooner rather than later.

About Mavon Insurance

Completely protecting a bar or tavern can be a challenge. At Mavon Insurance, we offer specialized coverages to meet the customized needs of niche markets such as bars and taverns. We offer comprehensive solutions to address these insurance needs, including Property Insurance, Business Interruption, Food Contamination, Workers’ Compensation, and many more. For more information, or to become an agent with us, we invite you to contact us today at (877) 426-2866.