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.
Here is a peek at the spreadsheet I used to summarize our bakery’s financial performance. You can create a similar spreadsheet for your shop, and customize the different metrics based on what is important to you! (Please note, the columns for 2023 + 2024 are hidden in the screenshot below. Only the % differences are shown here)
