As a business owner, you know how important it is to track the metrics that matter. This is especially true in the brewery business, where success is determined by your ability to stay informed about what’s happening in your industry and to make data-driven decisions. But, which metrics should be your focus? Here are five of the most important metrics for breweries.
Be sure to incorporate these metrics into your business plan. Use this brewery business plan template for free if you need more guidance.
1. Cost Of Goods Sold (COGS)
COGS is one of the most important metrics for any business, but it’s even more critical in the brewery business. COGS measures the cost of all materials used in production, so you can use this metric to determine if you’re pricing your products correctly or if you need to adjust your material costs.
2. Production Volume
Production volume measures how much beer or other beverages your brewery produces each week or month, and it can help you predict future demand and adjust accordingly. Pay attention to trends in production volume so you can anticipate changes and plan ahead for them.
3. Productivity Rate
Your productivity rate tells you how efficiently your brewery is producing its product and gives a good indication of whether there are any bottlenecks in the process that could be improved upon. Use this metric to identify areas where increasing productivity could maximize profits or reduce labor costs.
4. Customer Satisfaction
Customer satisfaction should always be at the forefront of any business decision-making process. Track customer satisfaction through surveys and reviews, as well as feedback from employees who interact with customers directly. You’ll gain valuable insights into what customers like about your brewery. Use this information to make improvements where necessary.
5. Sales Performance
Sales performance measures how well your products are selling at various locations and over different timeframes, allowing you to adjust pricing strategies and inventory levels accordingly. Monitor sales performance regularly to ensure that your products are priced competitively and that they’re stocked appropriately.
Tracking these five metrics can help ensure your brewery runs smoothly and efficiently while also maximizing profits and providing an excellent customer experience. Make sure you track these metrics regularly so you’ll have sound data analysis and up-to-date information on which decisions can be based, rather than guesswork alone! Good luck!