Buying specialist Lynx Purchasing has updated its successful GP Calculator App to help operators keep track of margins in an increasingly competitive market.
Gross profit on set menus or specials
A third calculation has been added to the App, allowing users to key in the cost of ingredients and selling price of a dish, and immediately find out what gross profit they are making. The new feature will be particularly useful to operators offering fixed price menus or adding daily specials at a set price.
John Pinder, managing director of Lynx Purchasing, said: “With inflation still rising sharply and competition for consumer spend fierce, we’re finding that many of our customers are offering menus at a set price, or running specials at good value prices to take advantage of produce availability.
“The update to the GP Calculator App means that where operators are offering dishes priced outside their normal margin range, they can still calculate their GP quickly and easily and so monitor costs closely.”
More than 3,500 downloads
The Lynx Purchasing GP Calculator App, launched at the start of 2013, has already been downloaded to Apple and Android devices by chefs and catering professionals more than 3,500 times.
The existing calculations allow users to key in the cost of ingredients and target percentage GP, to find the correct price to charge on the menu, and to ‘reverse engineer’ a dish by working out the target cost price when the menu price and required margin are entered.
Giles Fry, managing director of Lynx customer Snug Bars, said: “The market is more competitive than ever, and so fixed price meals and set menus can be a useful way to bring in extra customers, especially at quieter times of the day or week.
“You may not always be achieving your ideal GP when you offer a set price deal, but you can balance that against the additional revenue generated. Our style of operation means that many of our customers are also looking for tapas and sharing-style dishes at a lower price point than a full meal.
“It’s still essential to know what GP you’re achieving, and the upgrade to the Lynx GP App means we can keep tab on margins when we flex our food offer. It’s also going to be invaluable when it comes to working out the GP on appetiser and buffet items for our Christmas menus. ”
Lynx Purchasing works with more than 2000 businesses including hotels, pubs, restaurants, care homes and education providers. Lynx offers caterers access to the best prices in the market, with no fees or contracts. Lynx customers also benefit from detailed market insight, enabling them to plan menus more effectively.
To download the free Lynx GP App, go to:
For iPhones: Lynx Purchasing GP Calculator App for Apple iPhone and iPad
For Android: Lynx Purchasing GP Calculator App on Google Play