As is common knowledge in business, transaction costs are expenses incurred when buying or selling goods or services. These are associated with the work required to bring goods or services to market. Irrespective of the size of business every hotel must choose between “make or buy”. This means they must decide to produce the goods and services that they offer themselves or not.
The world generates a whopping 3.5 million tons of plastic and other solid wastes each day, and reducing that number is a primary part of protecting the environment. However, when it comes to heavy contributors, many hotels remain guilty of producing massive amounts of waste each year that can contribute to global warming and other environmental issues. For that reason, reducing waste within your hotel establishment is of utmost importance – whether it be related to food waste or other materials.
A purchasing audit provides managers insight into the processes used to order products, highlights what products are purchased, displays the selection criteria used for each product and vendor, and outlines the procedures followed at each step. In the fast-moving hospitality industry where most produce consumed is externally sourced, such audits allow for a review of vendors, products, costs, quality and wastage.
A smart manager understands that cost of a product is not the same as the price the company will eventually pay for it. This is about understanding the fine line between quality and value offered vs. the money paid for it. At Source1 Purchasing we understand this, therefore we offer more value to our customers for their money.
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 lower your food-purchasing costs and add some breathing...
It’s important to think about what makes companies successful so that you can see how your own business compares. What do you need to improve? What are you doing well? In today’s post, we’ll take a closer look at five habits that successful companies deploy in their...