Your stout taps have been flowing, gift card sales peaked, and your taproom staff is likely running on fumes. But before you raise a final glass to toast the outgoing year, it’s time for the crucial, behind-the-scenes work that ensures your brewery starts the next year strong.
Closing out the year effectively is about more than just tax preparation; it’s about resetting your operations. Here are four essential end-of-year tips for brewery owners and operators.
The ruthless inventory audit. Taxes require a physical inventory count, but use this opportunity for strategic analysis. Don’t just count bags of grain; identify dead stock. Are cases of last summer’s experimental saison taking up valuable cold storage? Discount them heavily to move them out and generate cash flow. This is also the moment to review your hop contracts for the coming year against your projected production schedule.
Margin analysis. Ingredient costs, energy prices, and labor have likely fluctuated significantly over the last twelve months. Did your pint prices keep pace? Sit down with your accountant and analyze your Cost of Goods Sold (COGS) on your core beers. If your flagship IPA’s margin has eroded, January 1st is the right time to implement a necessary price adjustment.
Schedule deep maintenance. January often brings a slight lull in taproom traffic. Use this downtime proactively. Instead of cutting hours, schedule deep cleaning and preventive maintenance. Service the glycol chiller, inspect the boiler, and overhaul draft lines. Fixing equipment before it breaks during the spring rush is always cheaper than emergency repairs.
Recognize your crew. Your team just survived the busiest season of the year. Before diving into Q1 planning, ensure they feel valued. Whether through end-of-year bonuses, a genuinely fun staff party (after the holidays), or sincere public recognition, boosting morale now is vital to preventing burnout and retaining your best people.
Review your brewery insurance package. Is your protection keeping pace with increases in product, staff growth, and equipment upgrades? Make an appointment with your brewery insurance agent to have a frank discussion about your needs. The last thing you want is to have an insurance claim … only to discover you don’t have the right protection in place.
For more than 30 years, Beall Financial and Insurance Services, Inc., has been helping corporations and individuals protect their most important assets. The agency’s client base covers a spectrum of niche businesses, such as craft breweries, that require specialized insurance packages and knowledge. With offices in California and Indiana, Beall Financial and Insurance Services serves clients nationwide.
