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Bar Financial Issues
Your bar is more than just a bar - it is a business. Many bar owners are very proficient at running the operational end of their bars, but need help in running a successful business. One of the most common mistakes independent bar owners make is neglecting to run their bar as a business. You already do a lot to keep your bar running every day - managing your employees, employee training, handling marketing and advertising, creating and implementing promotions, building relationships with your customers, controlling your pour and overhead costs, and looking for ways to prevent employee theft. But are you also doing what an owner should be doing - creating your marketing plan, managing your P&L, staying on top of your cash flow, and interpreting your financial numbers? If you don't handle the business end of your bar, who will? This section will help you become better organized and develop a better understand of the financial part of operating your bar so that you can run a more profitable and successful business.
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BAR DOWNLOAD: Liquor Profit Worksheet
Knowing the gross profit and cost percentage of your products will make it easy to decide which items to push on your menu, what products can be discounted as specials and how much of a discount your bar can afford. Use the Liquor Profit Worksheet to help you find the most profitable items in your liquor inventory . . .
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BAR DOWNLOAD: Wine Profit Worksheet
Knowing the gross profit and cost percentage of your products will make it easy to decide which items to push on your menu, what products can be discounted as specials and how much of a discount your bar can afford. Use the Wine Profit Worksheet to help you find the most profitable items in your wine inventory . . .
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BAR DOWNLOAD: Bar Purchases Journal
Keeping track of every purchase you make in your bar is an absolute necessity. Miss any expenses and you will not be able to accurately determine your costs or know where you money is going. Use the Bar Purchase Journal to track all your expenses, including beverage, food, supplies, entertainment, and advertising expenses . . .
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How to Recognize The Liability Dangers That Threaten Your Bar
Running a bar is a high liability business. If you don't know where your business is exposed, you stand a good chance of putting your bar at risk. Learn how to operate your bar with responsible practices to minimize your liability and make your bar safer for your customers . . .
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SMART BAR OWNER'S SECRET: Customer Lifetime Value
Do you know how much value each customer represent to your business? Do you know how many times your average customer will buy from your bar over several years? Learn how successful bar owners use customer lifetime value to make smart advertising, marketing, and customer retention decisions . . .
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BAR CALCULATOR: Liquor Losses Calculator
Every bar loses liquor revenue due to oversight, carelessness, or theft, whether you know it or not. Now you can see how much money you lose every day, month, or year. Use the Liquor Loss Calculator to quickly put a number to the liquor losses in your bar . . .
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How To Put in Place Cash Policies For Your Bar
If you don't have effective cash policies in place, your bar is ripe for cash loss. Put an end to poor cash policies. Use this as a guide to better track every penny coming into your bar and put an end to your cash losses . . .
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BAR DOWNLOAD: Bar Physical Inventory Form
Every bar owner or manager needs a way to track their physical inventory in order to know how much inventory to reorder, how much money is tied up in inventory, and to make sure inventory theft is not occurring. Use the Physical Inventory Count Form to have a simple yet accurate way of staying on top of your liquor inventory . . .
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BAR DOWNLOAD: Bar Perpetual Inventory Form
Keeping tabs on how much inventory you have in your bar's storeroom is essential to prevent theft and to know how much inventory you have on hand. Use the Bar Perpetual Inventory Form to track the movement of liquor, wines, and beverages throughout your bar . . .
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