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.
I received the July/August edition of The New Brewer magazine in my mailbox last week. I know that it’s the “technical brewing issue”, so why should business types be interested in the contents of this edition? I found two articles hidden inside all of the technical speak that are worth taking a look at:
In June 2018, Dr. Bart Watson, Chief Economist for the Brewer’s Association, shared an article about the changing demographics around craft drinkers. The percentage of craft beer drinkers has historically been weighted on the side of males, however stats from Nielsen are revealing a small but significant shift. In 2018, when looking at craft drinkers who enjoyed brews ‘at least several times a year’, 31.5% are female while 68.5% are male (source: Nielsen Harris on Demand).That’s an increase in females by 2% from 2015.