20 Days of Planning for Brewery Owners
For every business day in February we are producing a one minute video with planning for the next decade in mind. Your craft brewery is a valuable asset to you, your family, your employees and the community you serve. Watch the intro video to get you started and come back every business day in February. Thank you.
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Day 2 – How do your see your brewery as it relates to everything else you own?
Day 3 – Setting goals is what every business owner does. Thinking about VALUE and WORTH can help with setting goals and putting things in perspective.
Day 4 – When you make a business decision it impacts more than just your Craft Brewery.
Day 5 – Brewing Beer requires a disciplined Process. The same is true when engaging a Financial Professional to help and your Brewery Business.
Day 6 – There are four planning areas all business owners should make time for. This is no different for the Craft Brewing Industry. Getting out ahead on this planning will pay big dividends in the long run.
Day 7 – Succession Planning does not have to be complicated.
Day 8 – Retirement Planning – As a Brewery Owner you have many retirement options. Starting early gives you the best chance of a great outcome.
Day 9 – Estate Planning – Your Estate Plan will benefit Your Family, Your Business, Your Employees and Your Community. It is an essential part of business protection planning.
Day 10 – Key Employee Planning – They are your Brewers, your managers and they help you plan for the growth of your Craft Brewery.
Day 11 – What books should you and your Key Employees have on their list? – Here are two financial books that are easy to read and deliver the goods on understanding accounting and valuation.
Day 12 – You might not be able to calculate your Net Promoter Score but you can increase it nonetheless. By creating a strong story you help your customers help you grow your business via word of mouth.
Day 13 – Dawn Fotopulos interviews Norm Brodsky in her book, “Accounting for the Numberphobic.” – This interview alone makes this book worth owning. It will make you want to read the rest of the book.
Day 14 – After visiting hundreds of websites and social media pages I am surprised how difficult it is to find the hours of operation and tap room locations. This is a reminder to see what your customers see.
Day 15 – What else do your customers want to know about your Craft Brewery before they arrive? They can learn about your beer when they arrive but are you dog friendly?
In this final week we will look at the road ahead. Consider this recent quote from Bart Watson, Chief Economist of The Brewers Association.
Jacksonville Business Journal
“Craft beer is a maturing industry; the story five years ago was one of explosive growth basically everywhere,” said Dr. Bart Watson, chief economist for the Brewers Association, a trade association for craft brewers. “We’ve seen a decade where craft brewing went from a niche – only a couple thousand breweries nationwide – to one where most metro areas have multiple areas with craft breweries. But the last decade has been very odd in regard to how few breweries closed. What we’re moving to now is a more normal, mature market where not everyone succeeds.”
Day 16 – Peter Drucker said, “If you can’t measure it you can’t improve it.” Valuation helps you measure the performance of your Craft Brewery and can help you make better business decisions.
Day 17 – Record and Tell your Craft Brewery Story and make your customers and suppliers a part of the story.