While attending and speaking at the 2019 Brewery Accelerator Workshop in Denver, I answered questions following my presentation: Business Advice for the New (and not so new) Craft Brewer.
Begin with the End in Mind
Your plans for any kind of administration should be based upon where you want to take the company. If you are going to be a “tasting room” only, that means that you will have to keep your overhead lean and mean. If you are planning for AB-Inbev to take you over in five years, then you had better plan to be an attractive target.
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.