Convenience Store News

JUL 2015

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76 Convenience Store News | JULY 2015 | WWW.CSNEWS.COM Prepared Food + Hot, Cold, Frozen Dispensed Beverages FOODSERVICE be corrected before the monthly P&L [profit and loss statement] is closed," said one How To Crew retailer. He also recommended pre- paring separate foodservice P&Ls "to see what profitability is being derived from the investment in time, money and people needed to create the food program." While the food- service P&L will roll up into the full store P&L, "it is important to see the food through a different lens." The main challenge of integrat- ing foodservice cost accounting with retail accounting, according to several How To Crew members, is company culture and training. The key in foodservice is understand- ing cost inventory, portion control, managing production quantities, tracking spoilage and the impact they have on the profitability of the food side of the business. "There are tools to both teach and manage all of these factors and that is where the organizational culture becomes important," the retailer said. "If you want to be in the food business, you need to understand it, make it part of your company's DNA and use the avail- able tools to manage it." It's important to have a strong platform/program that allows stores to easily count and calculate the inventory they have on-hand, according to another retailer on the How To Crew. "The easier it is for stores, the more accurate your inventory counts will be," he said.

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