On today's episode, I'm excited to announce a new program we are running starting the week of August 5, 2024 - Bakery Finance Essentials LIVE!

I've been teaching my flagship bakery finance e-course in one form or another since 2019 ... it's gone through many iterations and revisions, and I'm confident it is the most comprehensive & approachable bakery finance e-course out there today. We re-lauched the latest version of the program last month, and now I'm excited to announce that for the first time EVER, we are running a LIVE cohort of the class!

I’ve never run a Live cohort of this course before, and I'm looking forward to the chance to connect with you all on a deeper level, and to be able to give some more hands-on instruction and work with folks more directly than I’m typically able to do in the self-paced, DIY-version of this course.

I recognize that some folks want a bit more guidance, and an additional component of accountability, that comes with signing up for a Live program. So - if you know that you work better with that added accountability of a guided, group program - then please consider joining us for this live cohort!

To learn more about Bakery Finance Essentials and sign up today, visit:
https://www.bakerybusinessacademy.com/finance

**We discovered while editing this podcast that the episode mentioned with Amy Smith from The Evergreen has actually NOT yet been published! We are working on getting this "legacy" interview episode from November 2022 published - hopefully with an update from Amy - very soon. We will update this page with more info when that episode goes Live!**

Order Up! On today's episode of Kitchen Notes, we're diving deep into your bakery’s ordering process - with a specific focus on reducing friction in the ordering process so you can increase sales.

From crafting a user-friendly menu to leveraging modern technology for 24/7 ordering capabilities, we explore strategies & techniques to make buying from your bakery as effortless as possible.

Join us as we discuss practical tips and share stories of real-world implementations that have helped us streamline our customer service process and grow sales.

Resources and Links Mentioned:

• Shopify - An e-commerce platform that can help streamline your online ordering system
• Zapiet - Set up advanced rules and workflows for customer pickup, shipping, or delivery - this is a Shopify app that you'll install on top of your Shopify store
• Hot Plate - A simple & cost-effective online ordering app that's ideal for cottage bakers or those frequently working pop-up events
• Square - A cost-effective POS tool with a robust online ordering platform.
• Listen to More on KPIs: Check out our previous episode focused on tracking key performance indicators, vital for monitoring the effectiveness of your ordering process improvements.

Join the Discussion: Join our free Facebook Group for bakery owners to continue the conversation about improving your bakery’s ordering process and share your own experiences or questions!

Rate and Review: If you enjoyed this episode, please head over to Apple Podcasts or Spotify and leave a rating or review! Your feedback helps us reach more bakery owners like you 🎉

Visit Us: For more resources on running a profitable bakery, visit Bakery Business Academy.

On today's episode, we dive into a detailed financial review of the first half of 2024. We'll discusses investments, revenue growth, budget considerations, and specific financial metrics that we're keeping on eye on as we grow our bakery. This financial check-up aims to provide listeners with insights on managing their bakery's finances and adapting strategies for continued growth in the second half of the year.

If you run a bakery business, this episode is packed with practical tips and "lessons learned" from our bakery to yours.

Key Points Discussed:

• Revenue Growth: Our total gross revenue increased by 12.5% with a notable rise in both the number of customers and total orders
• Online and In-Store Sales: Online orders grew by 8.25%, while in-store orders saw a significant rise of 16.5%. We discussed how we're using this information to further refine our sales strategy for online & in-store sales, so we can continue to grow and improve
• Average Cart Value: A drop in average cart value from $23.77 to $22.15, with a dip noted more significantly in-store than online - we discussed what these trends mean in the broader hospitality industry, and adjustments we're making to ensure continued revenue growth, despite customer spending behavior dipping.
• Preorder Revenue: Preorders saw an overall increase of 9.3%. We discussed why this was, and what we're doing to continue to grow this revenue stream and continue to maximize pre-order and holiday sales at our shop
• Budget Management: We reviewed a detailed breakdown of budget allocations for cost of goods, labor, and overhead, along with the our bakery's strategic financial management approaches.

To take a peek at the spreadsheet mentioned in the episode, please visit the podcast episode page on the Bakery Business Academy website, linked here:

https://www.bakerybusinessacademy.com/podcast/mid-year-recap-part-2-finance-deep-dive-from-our-bakery-to-yours

On today's episode, we're digging into "Part 1" of a new two-episode series where we look back at the first six months of 2024 - sharing key business updates, financial insights, and unique investments that have shaped the success of our year so far!

Join us as we discuss the projects we've worked on, investments we've made this year, and trends that have influenced not just our bakery but could inspire your own culinary ventures as well. This episode is packed with valuable takeaways for any bakery owner - especially those of you in the retail space or selling DTC!

On Today's Episode, We're Talking About...

• Investments and Updates: The major investments we made in improving & growing our bakery this year, including the hiring of a local muralist to update our interior, new equipment purchases, and more
• Financial Insights: A high-level overview of our financial performance for Q1 & Q2 - more to come in "Part 2" of this series!
• Seasonal Trends and Adjustments: Insights into how seasonal trends affect our business and the strategic adjustments we're making
• Expansion and Equipment: We're looking forward to adding new revenue streams to the business - we made some strategic equipment investments as we prepare for this growth
• Future Plans: A sneak peek into what we expect for the second half of the year and how we’re planning to tackle upcoming challenges

Links & Resources:

• Bakery Business Academy Facebook Group - Connect, Network, & Grow!
• Our biggest sale of the year is happening this month - it's Christmas In July! Click here to learn about the products, resources, online courses, and more that will be available for this 5-day sale event 🎉

Looking Forward: Don't miss out on Part 2 where we'll break down the numbers and delve deeper into the financial aspects of running a successful bakery!

Episode Summary:
In this episode of Kitchen Notes, Meg dives into a crucial topic for bakery owners struggling with profitability: the myth that more sales always lead to more profit. Drawing from personal experiences and lessons learned with her bakery, Spilt Milk, Meg emphasizes the need to deeply understand your costs, price your products correctly with healthy profit margins, create a profit-first budget, and have a plan for monitoring numbers/taking corrective action. She outlines practical steps for understanding and managing your bakery's finances effectively before ramping up marketing efforts.

Key Topics Discussed:

• More sales does NOT inherently mean more profits, if your financial foundation is not solid
• Key signs you are ready to ramp up your marketing efforts, including:
  • You have a deep understanding of your costs, and have priced your products correctly,
  • You have a profit-first budget dialed in, and (ideally) some cash reserves built up,
  • Your business is consistently & predictably hitting profitability targets month-over-month
• When marketing, the importance of being strategic and data-driven to maximize ROI
• Prioritizing investment into key growth areas vs excessive paid marketing
• Building strong financial habits

Resources and Links Mentioned:

• Bakery Finance Essentials E-Course: An online course designed for food entrepreneurs who want to build a profitable and sustainable food business. Learn more about the course, and sign up here >
• Free Facebook Group: An online community for bakery owners to discuss strategies and share insights. Join the group

Actionable Takeaways from This Episode:

• Perform a thorough cost analysis of your products before planning any major marketing initiatives
• Establish clear, profit-oriented pricing and a robust budgeting system
• Regularly review your financial performance and adjust your strategies as needed
• Only ramp up marketing efforts when you have a clear understanding of your financial health and potential ROI

Continued Learning:

Visit Bakery Business Academy for more resources on managing a financially healthy bakery.

Join us next time on Kitchen Notes for more insightful discussions aimed at helping you run a successful and profitable bakery.

Did you enjoy this episode? If so, we'd be very grateful if you'd leave us a rating or review on Apple Podcasts or Spotify!

Episode Summary:
In this episode of Kitchen Notes, join us as we explore the power of business collaborations to boost bakery sales, expand customer reach, and enhance brand exposure. Discover how partnerships with complementary businesses - whether with taco joints or local florists - can lead to fun and fruitful outcomes. Host Meg Svec shares real-life examples from recent successful collaborations, offers practical tips on setting up your own partnerships, and discusses how to ensure these ventures benefit all parties involved.

Key Topics Covered:

• The benefits of business collaborations for bakeries
• Real-world examples of successful partnerships that we've implemented in our bakery to boost revenue and increase brand exposure
• Practical tips on how to choose the right partners and structure collaborations for maximum impact
• Marketing strategies for promoting collaborative events & how to measure success (you know I love to talk numbers!!)

Resources and Links Mentioned:

• Facebook Group for Bakery Owners: A free online community where bakery owners can share experiences, seek advice, and discuss collaboration ideas. Join the group here.

Join us next time on Kitchen Notes for more strategies on enhancing your bakery's profitability and customer engagement. Don't forget to subscribe on Apple Podcasts or Spotify, and share your thoughts in our free Bakery Business Academy Facebook group!

Episode Summary:
In today's episode of Kitchen Notes, we're diving deep into effective strategies for increasing your bakery's revenue, without the need to expand your menu or invest in new product development.

Focusing on practical, low-effort techniques, we'll explore how things like minor packaging adjustments, "low-fi" subscription models, and regular sales promotions can significantly boost your bakery revenue. Whether you're operating with limited time or looking for creative ways to engage customers, these bakery sales strategies will help you enhance profitability while keeping your operations manageable.

Resources and Links Mentioned:

• Chickadee Bake Shop Interview: Gain further insights from Katie and Dory on how they successfully implemented a subscription model in their bakery. Listen to the episode here >>
• Revenue, or Pricing Issue?: In this episode of Kitchen Notes from Fall, 2023, we talk about how to identify weather your bakery's profitability issues stem from a revenue / sales issue, or a pricing or spending issue. Listen to the episode here >>
• Facebook Group: Join our free community to share your experiences and learn from fellow bakery owners - Join here

Join us next time on Kitchen Notes for more practical strategies & tips for refining your bakery business strategy to maximum profitability, with minimal hassle.

Like what you heard on today's episode? Don't forget to subscribe on your favorite podcast platform, and leave a rating or review! It only takes a second, but really helps us reach more listeners and get the word out about our little home-grown podcast :-)