{"id":6708,"date":"2021-02-22T07:37:09","date_gmt":"2021-02-22T12:37:09","guid":{"rendered":"https:\/\/craftbreweryfinance.com\/oldversion\/?p=6708"},"modified":"2021-06-15T09:27:39","modified_gmt":"2021-06-15T13:27:39","slug":"brewery-best-practices-daily-financial-scorecard","status":"publish","type":"post","link":"https:\/\/craftbreweryfinance.com\/oldversion\/brewery-best-practices-daily-financial-scorecard\/","title":{"rendered":"Brewery Best Practices: Daily Financial Scorecard"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Breweries have access to so much information these days it\u2019s easy to get lost in all the data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So often we are distracted from what\u2019s most important by things that are least important. These small distractions are known as the <\/span><i><span style=\"font-weight: 400;\">trivial many,<\/span><\/i><span style=\"font-weight: 400;\"> and they are everywhere.<\/span><\/p>\n<p><b>Today&#8217;s Brewery Best Practice<\/b><span style=\"font-weight: 400;\">: Create a Scorecard of Daily Numbers to capture the critical financial information you need to look at each day.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Daily Numbers keep the focus on the most important parts of your business: The Vital Few.<\/span><\/p>\n<p><b>This post provides tips on how to identify your Daily Numbers<\/b><span style=\"font-weight: 400;\">, and how to create your daily reporting snapshot. The result will be a tool you can use every day to provide clarity and focus for your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Key concepts for your Daily Numbers<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Capture only the Vital Few.<\/b><span style=\"font-weight: 400;\"> Include only need to know information \u2013 measure results that matter. Lose the nice to know stuff. Less is more. Focus on two or three key metrics that address your biggest problem, or biggest opportunity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Review the numbers every day, as a reminder of what is most important<\/b><span style=\"font-weight: 400;\">. There is power in seeing the numbers every day \u2013 remembering what\u2019s most important. We are easily distracted with trivia, but the Daily Numbers remind us to stay focused on what is most important.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The numbers must compel you to take action<\/b><span style=\"font-weight: 400;\">. The Daily Numbers should be action-oriented information&#8230;if they aren&#8217;t, they don&#8217;t belong on your scorecard.<\/span><\/li>\n<\/ul>\n<p><strong>Borrow this\u00a0<\/strong><a href=\"https:\/\/craftbreweryfinance.com\/oldversion\/wp-content\/uploads\/2021\/02\/CBFT-Daily-Numbers-Key-Metrics-Scorecard.xlsx\">Daily Numbers Scorecard<\/a><\/p>\n<p><span style=\"font-weight: 400;\">This scorecard measures sales goals, accounts receivable outstanding, inventory on hand, and cash in the bank. The Daily Numbers show whether there\u2019s a collection problem, too much inventory on-hand, or a pending issue with the cash balance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other examples of Daily Numbers:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Margin $ per BBL<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inventory count variance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Overtime hours for the month<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payroll as a % of Revenue<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are countless metrics you could include in your reporting, but <\/span><b>the key is to find the Daily Numbers that are most important for your brewery.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Below are tips to find your Vital Few<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Think like Peter Drucker<\/b><span style=\"font-weight: 400;\">: What gets measured gets managed. First, make sure you are measuring the right thing. Perhaps it\u2019s one of the metrics above, or it\u2019s something else, so start with a few questions:<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>What keeps you awake at night<\/b><span style=\"font-weight: 400;\">? What is the one thing you are most concerned about in your business? Clearly identify it, and figure out how to measure it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>What does your gut tell you that might be going wrong in the company? <\/b><span style=\"font-weight: 400;\">What system can you put in place to track the problem, and set a goal to improve?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>What is the info you know is most importan<\/b><span style=\"font-weight: 400;\">t (not just most interesting)? Just like the speedometer and fuel gauge on your car \u2013 what is the essential information you need to know each day?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>What problem(s) do customers complain about? <\/b><span style=\"font-weight: 400;\">The customer is always right (except when they\u2019re not). Are they right this time?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Daily Numbers can be a wonderful tool to keep you focused on the most important issues in your brewery.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We are only human, and our memory isn\u2019t getting any better, the Daily Numbers help us remember the top priority every single day. <\/span><b>Keep it simple, identify your Vital Few, and take action to improve financial results in your brewery today.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breweries have access to so much information these days it\u2019s easy to get lost in all the data. So often we are distracted from what\u2019s most important by things that are least important. These small distractions are known as the trivial many, and they are everywhere. Today&#8217;s Brewery Best Practice: Create a Scorecard of Daily [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6709,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[63],"tags":[],"class_list":["post-6708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial"],"_links":{"self":[{"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/posts\/6708"}],"collection":[{"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/comments?post=6708"}],"version-history":[{"count":0,"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/posts\/6708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/media\/6709"}],"wp:attachment":[{"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/media?parent=6708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/categories?post=6708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/craftbreweryfinance.com\/oldversion\/wp-json\/wp\/v2\/tags?post=6708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}