In the catering industry, you know there are many different expenses that can quickly cut into your budget. While there are some corners you should never cut, there are a few tips we can offer that should help with lowering food costs and add some breathing room to your budget. Continue reading today’s post to learn more about restaurant food costs and getting the most from your catering budget.

At Source1 Purchasing, we can offer the tools you need to propel your catering business to the next level. Contact us today to learn more about the benefits we offer, including access, control, and visibility. We look forward to being your dedicated procurement service company.

1. Track Food Prices

In the catering industry, you know that food prices are constantly shifting. It’s important to keep an eye on any increases or decreases as these could potentially have a dramatic impact on your overall food-purchasing costs. Tracking food prices will allow you to plan ahead with any necessary menu changes so that you can include more affordable options. If you choose to continue to use the same ingredients, then be sure to adjust the cost of your services accordingly.

2. Streamline Inventory

Obviously there’s only so low you can go with inventory, but if you find that you regularly have more food on your shelves than you actually need, then it’s time to streamline your process. Reducing excess inventory is a critical step to lowering the amount of food that is wasted or spoiled. Additionally, make sure that you establish a daily inventory for key items in your catering business. It’s important to identify any gap between the actual usage and any point-of-sale usage, as this could indicate over portioning, theft, or another problem.

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3. Monitor Trash Cans

At first glance, this tip might seem a little odd, but it could be one of the most invaluable tips for your catering business. Consider your kitchen area and the placement of trash cans. From training gaps and careless individuals to accidents and more, there are a variety of reasons why perfectly good food could accidentally end up in a trash can. When this happens, you are literally throwing away usable, and sometimes expensive, products. One option is to place clear plastic food boxes near each employee’s workstation so that the contents can be inspected at the end of each shift. If usable product is found in the bin, you can use that time for on-the-spot training and avoid losses, which directly impact your budget.

4. Utilize a Procurement Service Company

A group purchasing organization (GPO) can dramatically increase your purchasing power by utilizing their contacts to access the supplies you need. At Source1 Purchasing, we are proud to be the leading GPO, with more than $9.5 billion in purchasing power and contractual relationships with more than 1,000 suppliers. If you would like to achieve your goals while maintaining alignment with your brand standards, then contact us today to learn how we can help you control quality standards and strengthen your supplier networks. Contact us today to obtain your free supply chain analysis!

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