Craft Brewery Financial Training Podcast

Financial literacy is the ability to read and understand the numbers of your brewery business with the purpose of improving financial results.Improving financial results may be in the areas of increased sales, improved product margins, or better cash flow. Financial literacy can help you achieve these goals. In today's podcast, we review how you can use financial reports - income statement, balance sheet, statement of cash flows -  to identify opportunities for financial improvement. Topics covered in the podcast:Brewery Financial ReportsHow to use each statement and create real-time reportingChart of Accounts / StructureHow to set up your brewery accounts - Use this TemplateGood Process = Good InformationReconciliations and proper routinesBuilding and training your team / Out-sourcing optionsDIY, out-source, or a combo ResourcesSign Up for the Free 60-Day Trial to the Craft Brewery Financial Training Membershipand get access to the online course: Brewery Financial Training 101Ready to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

Today we talk about open book management for craft breweries. Open book management (OBM) is a system where financial information is shared with employees so that they can make better decisions.Better decisions lead to better financial outcomes, and better financial outcomes lead to a stronger brewery business for everyone.In this podcast we dig into the Evaluation Stage of open book management. We talk about what open book management is, and what it is not. We cover the key things you should consider to determine if OBM is right for your brewery. And we review three books which are required reading if you want to implement OBM in your business. Resources + ToolsLearn more about the Online Course: Open Book Management for Craft BreweriesSign up for the World Famous and Free Craft Brewery Financial Training NewsletterReady to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

There are so many good business books out there that can help you improve financial results in your brewery business. Here are three of my favorite business books of all time:Cash Rules: How to Learn and Manage the 7 Cash Flow Drivers for Your Company's Success, by Bill McGuinessThe book provides practical instructions to measure, monitor and improve cash flow in your business. The primary drivers of cash flow: Sales, Margins, Operating Expenses, Accounts Receivable, Inventory, Accounts Payable and Capital Expenditures. I've taken this concept and modified it to be useful for craft breweries. Check out the Ultimate Guide to Cash Flow for more details. 80/20 Rule: The Secret to Achieving More with Less, by Richard KochYou've probably heard of the 80/20 rule, otherwise known as the Pareto Principle. Essentially, it states that 20% of efforts create 80% of results. So, there's 20% of what you do that makes 80% of the difference.  The challenge is trying to figure out what the 20% is so that you can do more of these things, and spend more time on efforts that really make a difference.  In the beer business you can use 80/20 to identify your most profitable customers and products (brands/SKUs). Run the analysis and you'll see that 80% of sales comes from 20% of your customers. And 80% of sales come from 20% of your brands. Then use this insight to improve financial results in your brewery.  Financing the Small Business, by Robert SissonEvery brewery should have a financing strategy. A game plan so that you have access to capital when you need it. In good times, and in tough times, a good financing strategy will keep your brewery on solid financial footing. The book covers how to approach banks, how to create loan proposals, how banks make lending decisions, and more.Don't forget to Sign Up for the World Famous (and Free) Craft Brewery Financial Training Newsletter.Ready to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

In today's podcast, we hear from Steven Quish from Cross Insurance. Cross has 40 office locations and 1000 employees. They work with over two dozen brewery clients, so they understand the beer industry.Steve shares his perspective on insurance issues facing beer industry today. Topics range from Business Income Interruption insurance, to Workers' Compensation, and how to prepare a COVID impact statement. What's a COVID impact statement? Why do you need this? Listen in to learn more. We also discuss day to day insurance considerations for breweries. For example, certificates of insurance, hold harmless agreements and how to use a safety program to help reduce workers' compensation premiums.  ResourcesContact Steve Quish from Cross Insurance: squish@crossagency.comLearn more about Cross Insurance Don't forget to sign up for the World Famous (and Free!) Craft Brewery Financial Training Newsletter. Financial Intel for Breweries, Delivered Weekly. Ready to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

Jon Reynolds from BrewPlan is a 40 year beer industry veteran. Jon works with breweries on new brand launches, setting up distribution networks, working with wholesalers and performing brewery analysis and feasibility studies (think of this like a business plan on steroids).  Jon subscribes to 30 industry publications, so he is well-read on current events (and past events) that are shaping the beer business. In today's conversation, we cover a lot of ground on a number of topics that are useful and profitable for craft brewery owners and managers: How to use data to uncover opportunities in the market. How to strengthen wholesaler relationships. How innovation is the key to the future of craft brewery sales growth.Jon's #1 tip on wholesaler relationships: You earn it when you make sales calls in their market. You'll get their support right away.  Resources:Contact information for Jon Reynolds from BrewPlanUniversity of Vermont Business of Craft BeerJon's Favorite Industry Newsletters: Brewbound, Craft Brewing Business, Shanken News DailyDon't forget to subscribe to the World Famous (and Free) Craft Brewery Financial Training Newsletter.Ready to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

Today we talk with attorney John Moran about capital raising for breweries. Brewery owners want to know where to get funding and how the process works. They want to know how to use debt or equity (or a combination of the two) to fund their project. John has answers.We also dig into the details of brewery operating agreements and what sections brewery owners need to pay special attention to (voting rights, buy/sell terms, and more).ResourcesThe Brew Kit - A practical guide to starting, owning, and operating a craft breweryContact information for attorney John MoranSign up for the World Famous (and Free!) Craft Brewery Financial Training NewsletterReady to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

Today we talk about two of my favorite brewery financial tools. These are useful in calculating various aspects of our brewery business: The Beer Case Equivalent Calculator and The Taproom Sales Calculator. The Beer Case Equivalent tool can be used to quickly convert your different package sizes to Case Equivalents, otherwise known as CE's.  What's a CE?  It's a unit of measure that equals 24 12oz servings. The CE is a standard unit of measure for the beer wholesaler. The Taproom Sales Calculator can be used to determine how much revenue can be generated with each barrel of beer.  A common metric is Revenue per BBL. This spreadsheet helps you break down and estimate the different ways you can sell the beer - 16oz drafts, 12oz drafts, 10oz drafts, flights, growlers, etc. ResourcesBeer Case Equivalent CalculatorTaproom Sales Calculator Sign up for the World-Famous, and Free, Craft Brewery Financial Training NewsletterReady to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

Today, we hear from Attorney John Szymankiewicz from the Beer Law Center in Raleigh, NC. John's last name belongs in the finals of a spelling bee, so we'll just refer to him as John S. In our discussion, John discusses the legal concept of force majeure and what brewery owners should know about this contract clause which is included in most supplier and wholesaler agreements. How is force majeure being used during the pandemic? What are options for breweries?  John S. has the answers.John has written book on beer law which is a helpful resource for brewery owners. He covers topics ranging from federal licensing to labeling to buying and selling your business. ResourcesContact John S. through the Beer Law CenterCheck out the Beer Law Blog on important topics for BreweriesShop for John's book, Beer Law: What Brewer's Need to KnowSign up for the World Famous - and Free - Craft Brewery Finance Newsletter Ready to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

Jim Keenan is an intellectual property guru who helps breweries protect their most valuable business assets: their brands. John Moran specializes in federal and state licensing and compliance and is the author of an essential resource for breweries: The Brew Kit. In today's podcast, we hear from these two attorneys who specialize in issues that are critically important to craft brewery owners and managers. Jim walks us through the process of how and when to file for a trademark. John takes us through the Brew Kit - the checklists, deadlines and summary of key considerations for starting, running and owning a craft brewery.  ResourcesBrew Kit for MassachusettsBrew Kit for MaineBrew Kit for New HampshireBio, contact info and details for Jim Keenan and John MoranMusic Licensing Kit: What you need to knowSign-Up for the FREE and World-Famous Craft Brewery Finance NewsletterReady to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies. 

In today's podcast we talk with attorney Trevor Brewer from BrewerLong Business Law. We cover a number of topics in Trevor's areas of practice: alcohol beverage regulation, beverage licensing, and distribution agreements.Trevor provides his guidance on executive orders and how brewery's can stay in compliance. We talk about the future of state alcohol regulation (e-commerce, curbside, home delivery) and whether the rules that have been relaxed during the pandemic will go back to the way they were prior to the crisis.More Resources:Contact information for Trevor BrewerBeverage law information and resourcesSign-Up for the Free and World-Famous Craft Brewery Finance NewsletterReady to transform financial results in your beer business? Learn more about the Beer Business Finance Association, a network of owners and managers working together to build more profitable companies.