I’ve not been writing much recently, but that’s not to say that I’ve not been busy!
I am hard at work in the background putting together a workshop to help ambitious food producers understand their finances and make sure that they are looking at the right information to make good decisions and grow their businesses.
Every business has some way of tracking their income and their spending. When you start out it’s easy to have a simple system that you understand, but as your business grows – especially if you’re ambitious and your idea finds hungry customers – it can be difficult to keep track of the finances.
When it comes to growing your business you need to know how you make profit, in order to make sure any new sales add more profit! So you need to be able to compare different products, different customers or compare the profit that you’ve made with the effort you’ve put in to the business. Year end accounts usually don’t help much with this.
Add to that the fact that you probably don’t get these accounts until at least 3 months after the end of the year. If you spot an opportunity or a problem during the year you want to have information to react to it immediately, not wait 9 months and hope you did the right thing.
So you need good data, and in order for it to mean something you need to have a some history as well. In order to get the information you need to manage your business successfully you need to know what it is you’re trying to measure and develop a system (maybe just notes on paper, maybe more complicated) to record it.
The challenge is that the information required varies from business to business, it even varies at different stages of a business’ life and often isn’t immediately available from your accounting system.
In the forthcoming workshop I have partnered with Mary Quicke of Quicke’s Traditional, an award winning cheese maker who has established a successful and trusted brand making traditional high quality cheese.
Mary has a wealth of experience gained from growing her business and will share the KPIs, financial information and some of the strategies that she used to grow her business.
The workshop will be held on 10th September from 9.30 until 13.30 at The Cedars Inn in Barnstaple. It is open to all ambitious food producers.
For the moment please contact me for more information: the registration page is under construction!