In early November I was surprised at the amount of Christmas decorations everywhere. I even saw a mall Christmas tree one week before Halloween! Despite the hectic feel and busyness of the season, it is still one of my favorite times of year. Most everyone is in a good mood and Christmas day is such a peaceful day. That got me thinking about breweries and how they can best navigate through the holiday season sanely and profitably.
If you are in the brewing industry you are likely familiar with Ekos, a craft business management software. Ekos has been working on their programming for the batch process for a long time. I first got a sneak peek at last year’s user conference. Over the summer, I received an email from Ekos telling me to prepare for the new batch process. They made a two-minute video which summarizes the steps that brewery owners need to take. I highly recommend that you watch the Ekos video and review the enhanced batch process page on the help portal. They have spent a lot of time creating articles explaining the changes to the system.
Whenever you sit down to review your financials a thought often comes to mind…how are we doing compared to other breweries? Are we as efficient as everyone else? Is anyone else making any money? Those answers are tough to come by….most craft breweries are privately owned, so we can not go to the stock market to see how our industry is doing. There is the BA benchmark study (more on that in a later post). So we need to rely on any benchmarking data that we can get our hands on.
Continuing from Part 1, this post contains questions asked of me during the 2018 Brewery Accelerator Workshop in San Diego, California, followed by my answers.
As part of the new tax law signed in late 2017, taxes were supposed to be so simple that “you could fill them out on a postcard”. Well, the IRS has unveiled a draft of the new postcard. It has half the number of lines as the old 1040, but adds six different schedules to make up for the loss of lines.