Tips for Opening after Lockdown for pubs & hospitality
Now that the hospitality sector (including pubs, bars and more) has a route out of lockdown, we can start to look forward to opening up once again.
After such a prolonged closure, this is a good opportunity to review your stock position for bar and food stock, so here are a few thoughts on how to approach this.
Firstly, looking at April.
For a lot of businesses year end is the 1st April, so this would a good time to get an independent stock valuation of current stockholding of bar & food stocks. In addition, this is also a good time to note down any stock that is going to be written off.
Accurate, certified, figures can then be passed to your accountant for inclusion with your end of year accounts.
If you are not reopening until May.
If you are not reopening until May you have a bit more time to prepare. Again, this would be a good time to get an independent valuation of current bar & food stocks and, in particular what stock need to be written off after such a long closure.
Before reopening
Before reopening is good time to have a look at your pricing. As some of the breweries have already indicated that there will be price rises it is a good time to have a stocktaker on board to help you look at your GP% & provide advice on your future pricing.
Of course, this is going be a challenging time for everyone. Past experience would suggest that this is an important time to manage stock and costs closely. Ensuring you have accurate business measures and controls in place will help you to make the right business decisions going forward.
If you would like to book a stock valuation, discuss your stocktaking requirements or need some advice, then get in touch.
You can contact us on 07917 176 005 or send us a message using the “Contact Us” Tab