Good Asset Management Practices for Restaurant Owners

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Becoming a restaurant owner can be a fun and exciting time in your life. However, be prepared to spend some significant cash when starting up a local or independent outlet. According to Forbes magazine, adding in equipment, like ovens, tables, and chairs, can run you between $100,000 to $300,000. Once you have these assets in place, you will need to ensure that you incorporate a proper inventory control system. Otherwise, you could end up spending thousands more in repairs and replacements that you could have avoided.

A System for Management

Many organizations use a tool like Asset Panda to keep these costs down. With this service, everything in your restaurant, from the cash registers to the ventilated oven hood, can be categorized. Such comprehensive coverage will help mitigate unnecessary replacements and define patterns of wear and tear. With these tools for controlling inventory, you can make smarter purchases and enforce new plans that will keep your restaurant from dipping into the red on your financial records. Don't fall into a trap that so many other owners do when you start up your own restaurant.
By:

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Krista has developed a passion for operational strategy via KPI management, streamlined processes, implementation of automation systems, and scaling Asset Panda. When she isn't attempting to help take the company to new heights, she enjoys spending time with her family, gardening, playing golf, cooking, and a good glass of wine.

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