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good morning everyone sorry about the delay there we're going to get started now on the first in the series of our Oregon wine profit planner this is the first webinar in a series of four and it is based on the tasting room profitability workbook I'm just going to go over some housekeeping very quickly before I hand you over to Tim hen imw who will give you the case study and walkthrough on how to use and save and create your profit planners so I'm going to keep all attendees on mute but please feel free to ask questions using your question tool in the taskbar through the comments we will answer any questions as they come up and they can be directed at either myself Tim and anyone else who is here and able to answer these questions but please feel free during the webinar to send through questions this webinar slideshow and the recording of this presentation will be available to view or share on our website at industry Oregon wine org and we'll be sending out a follow-up email with a request for you to fill out a survey on your experiences with this webinar and the profit planner and also a link to the webinar and other resources available so today's agenda I'm going to quickly go over a review of the profit planner and how it came into existence for those of you that don't know me my name is Bri stock I'm a master of wine and I'm the industry and trade education manager here at the Oregon wine board we are joined by Tim hen imw today who is one of the USA's first mws and has spent a long time in lecturing in wine business sales and business development and he's known around the industry as a general wine industry disruptor and a great educator so you should enjoy the seminar with him today as many of you know the master of wine program has a large component of wine industry business financials which is extended from the vineyard all the way through to every sales channel so this is where our knowledge is tapped in from and we've applied it the Oregon wine industry through a series of surveys and questionnaires with the industry that were conducted during 2017 since I began in my role with the Oregon wine board the decision was made to invest in developing a profit planner and calculator series and we've developed these in conjunction with Tim Hana who has been teaching wine business through this profit planner for many years we've created specifically for the Oregon wine industry a vineyard profit and loss and cash flow workbook a winery cost of goods workbook and a tasting room profitability workbook along with a marketing sales and portfolio management these workbooks are designed to explore financial implications of the decisions across the key areas of your winery business and vineyard business management it will enable the vineyard winery and sales channel planning that stimulates financial success across the whole business its aim is to empower small Oregon Vineyards and Winery teams to make better informed business decisions and your whole team can really be engaged in this process and the links and account access can be shared with your entire team to give more ownership of the decisions that affect the bottom line in our wineries on a day to day basis this tool is free to all in the Oregon wine industry and as I mentioned earlier has been developed over the past year and a half with a series of data collection and research from our industry leaders and that's from OSU researchers such as Patti stinketh and Barr Owens through to GM's the the Education Committee that I work with on a weekly basis and vineyard managers in our region I'm the profit planner we have a quote there from meg Murray who agrees that the profit planner helps pull over important data inputs together to show quick digestible information that you can feel confident in making informed decisions and go back to what drives your business forward making marketing and moving your wine and Thank You Meg for contributing that comments the steps to using this profit planner please share with others in the industry we simply ask for you to request access to the profit planner which can be done through our website you simply then log in and create a workbook which is what Kim's going to teach you to do today and to your cost pricing and other program elements and it shows very easily through a plug-and-play concept how these inputs affect profits and then you can share these with your managers and accountants as I mentioned earlier we have utilized a lot of Oregon wine board lead industry to fulfill the plug-and-play aspects of this profit planner so we've taken information from the Oregon wine census which is updated annually and the vineyard update from OSU that was just completed and is available as a PDF download on our industry site also as we continue to move through the year and ask you to fill out additional surveys such as the salary survey all of these inputs have been inputted into our profit planner calculators and into the drop down menus for the most up-to-date information of our financials in our industry that's the overview of the workbooks and I'm going to hand this over now to Tim and he's going to run you through a tasting room profitability case study through the actual workbook and please again feel free to plug in your questions as they arise and good morning everybody this is Tim Hannah I thank you Bree and really excited to be launching this and it looks like we've got a really great turnout for this webinar I'm going to go through very quickly what we're creating is a an approach to a systematic learning of the wine value chain and supply chain it's filling a critical need that that's really overlooked and that is learning about the actual finances the business decision the critical thinking between decisions that are are aimed at improving the financial bottom line of a business and those that are lot more quality related and how to how to make these decisions more smartly this program I've been developing for I hate to say it but thirty years so we've got a great deal of experience now we've got over seven universities using this program we just wrapped up our first intercollegiate wine business Invitational and the winner was actually Linfield College in McMinnville and so one of the things we're also trying to do is prepare people coming into the wine as a career to have a much better understanding of the financials and in how things work so the first thing that you need to know is when you're set up on this program you're given a link to the sign-in page that and this is what it looks like on on the screen your username is your email that you use to sign up for the program and you will be sent an auto-generated password once we get you in the system if you lose your your password down in the bottom left here is a forgot your password function and it'll ask for your email that you used to sign up and it'll immediately send you a new password if you can't find it so very easy to get in the the login then would be the password that you're assigned and that and you hit sign in and then this will be the first screen that you are shown and when you collect this is called the Auto filter by the way and this is a drop-down with each of the different forms that we'll be working with and the one we're going to be selecting for today is the tasting room profitability workbook now when I select that it's going to allow me to create a new project let me just go back to that again so I'm going I've selected tasting room profitability workbook and I'm hitting new and it opens up the workbook one of the most important things to know is your work is saved on our servers and not on your computer when you open a workbook it's going to be the URL up here at the top of the screen that will be the identifier to get you back to a workbook that you've saved if you're using the same computer in in any case we highly recommend that you bookmark the page alright in different browsers it'll be your favorites or your bookmark and so forth and then when you go in to do the actual bookmark as you see bookmark this page you'll want to name the bookmark the name of the project and possibly the date that you started it so this would be my my tasting room workbook 11:27 something like that so that I can easily get it and then I just simply save it and I've done if you need to work on a different computer maybe you've got a desktop top but you're traveling with a lot laptop or working from home you can cut and paste the URL into an email and send it to yourself or in a message so that on your other computer you can access and open the project that you're working on okay the next thing that you'll need to know is that at any point if you're looking for instructions you will be set sent a set of instructions when you sign up but anytime that you need to find more resources or if you have questions on every page is an instructions resources and fa Q's button so when you're working on a workbook you can actually open this it'll open in a new tab so you you're not taken and then you can find the correct faq page for this and it'll give you deeper information and you can have this open while you're working on your workbook okay at the beginning of this process you're going to be making a lot of assumptions and over time refining revising the numbers and then I'm also going to show you how to take an existing workbook and and clone it make a copy so that over time you've got a primary project that you've been working on but when you're ready to do a revision you can simply clone it and keep keep your bookmark for that page and then bookmark the new clone of this for next years or for doing new forecasting and so on so I'll run through that as we get get into the program okay so you start by entering your winery name and so this could be been winery I'm located here in beautiful Bend Oregon you put your name you select the date from the drop down and off we go now if for any reason you've got your workbook open and it's not allowing you to input the data make sure that this button up here says save alright and that means it's in the editable format now when I save this if I hit save all right now I'm trying to input this and it's not letting me you see I get the the no input so I know I need to go back to the edit form okay alright everything in the book is prefilled out simply to provide reference numbers in a certain degree of bookmarks and this is as Bria saying make sure that your winder is participating in salary surveys and great pricing initiatives and and so forth because the more benchmarks that we can get from industry studies in this kind of data collection the more we can improve the numbers that are in these workbooks so what I'm going to do is go through this page by page demonstrating the key elements how to use this for learning how to set up your first iteration of the program and then how to manage it duplicate it and use it over time to actually have the financials that'll help you better manage your business and forecasting and those kind of things so on the first page and pages are s1 s2 these are the different tabs for each of the of the pages you can see we've got a field such as how many days is your tasting room open and as we go through and change numbers I want you to look over here at what happens to my revenue what happens to my expenses in payroll and we get to that and of course the all-important bottom line what is your profit and loss so if I were to change this and decide that I need a few more days off for the holidays and decide I'm only open 340 days I input that number and then when I click off of this you'll see it's revised all my numbers here it hasn't changed my expenses and payroll because I haven't actually made any accommodation for that but there you go some of the things that you're going to be asked to input our art frankly quite challenging to find and so a lot of the time especially in the beginning you're going to use what's called in the tech industry swag and hang on a second I've got a question coming in here yes and you know I'll tell you how to to share this in just a moment that was the question so the things like the average daily visitor count these are there's a lot of conversations and I do multiple programs with this all around the world with this program and it's how do you get your daily visitor count there's a number of different ways and you should see if you can find the best practice works for you the difference between the daily visitor count and the customer account is a customer is actually converted and it's a visitor who makes a purchase the importance of this number is that it's going to also show you what your visit visitor conversion rate so that over time you can see if you can implement different strategies and tactics to help get more of visitors actually make a purchase and become a customer so these are the the key numbers that we're going to be looking at revenue expenses and payroll and just quickly if you want to share the project the way to share the project is I'm going to hit save and then what I'm going to do is save this as a PDF okay so it'll open up it'll it'll give me then where do I want to say that how do I want to save it and then I can save it to my desktop or to a file this will go into a downloaded so if you want to share the project you can save it as a PDF and then share with whoever you need it make notes those kind of things okay if you want to share so somebody else can work on the workbook then you have to do it by sharing your email username and your password of course all the normal cautions about somebody else going in and in doing work and messing up what you've done become important as well so you can share with somebody the URL don't forget that's required to be able to get back into it share your email address and share your password if you feel confident in one I have somebody that can work on the the workbook as well the other thing is that you can clone and make a copy of the workbook and then share the clone version with somebody else it's up to you okay and Bree let me know by text if that didn't answer the question that was or if it needs further clarification let me open up make sure I can see my chat okay all right so I'm going to go back in to the edit mode and then again you can see if it's recalled the name and the inputs I have and and you may get you know thirty visitors a day with you know eighteen of those or let's say 25 of those actually becoming customers and then again when I hit click off of that you can see what it does to my revenue my expenses in payroll and my profit and loss because a lot of what we have here is built for forecasting and running what-if scenarios about your business and that's what's really cool now we're going to go to the revenue tab and it's going to start to get a little more daunting so again we've got the instructions and resources tab there if you don't already have it open so here are some of the things that that need to be looked at and in your forecasting right now this is set for $2 two bottles per customer based on the number of customers we have in in the project info and that we're looking at an average retail price per bottle of $40 and four hundred and eighty dollars a case you may be able to work with your accountant you may have some means that you look at your sales but the place to start these kind of fields is looking at what your total case sales were for the previous year dividing that by the number of days that you're open and then using that as the starting point for for putting in for your input for this field now this is called the stepper because it what it allows me to do is you can see your revenue expenses in payroll at the top of every page if I incremental II step this up you can see that it's giving me the differential between selling 2.4 bottles I'm if I go to 2.5 I'm over two hundred and twenty thousand dollars profit and loss and if I step it down you can see that that it goes down pretty rapidly so you can actually also once you get the numbers flight fine-tuned a bit you can find out what your break-even point would be and then also in your pricing what you know where are you selling your average pricing you ight be able to get that now if I go to $36 Apollo's my average pricing and then increase the number bottles that I sell etc so this is how all of the fields work pretty much some will be direct input others will be steppers where we we can where we could utilize them so that that you can see what's going on in the revenue tab we've got it your retail bottle sales and that's totaled down here merchandise sales how much what's the average for merchandise if you have any perishable food sales and anything else that you might be selling as merchandise or or that's separated out okay so again these are steppers so that you can easily put those in and then see what it's doing up here to your to your bottom line when we come to tasting fees we've got it broken down into three tiers and what percentage of visitors select each of the different tasting so you might have one general tasting it's fifteen or twenty five or fifty dollars or whatever it is so you've got what percentage of people pay for the out of all your tasting fees sold what's the percentage of people who are doing tier one how much does that cost per person and are you discounting or waiving in if people are getting pre tasting if they sign up for the wine club or those kind of benefits so these we give you the column what it is we're measuring in them often to the right you'll see a note in blue how these what this this line is and how to use it okay so then if you might have another tasting program that could be a little bit it could be your reserve or VIP club that kind of thing it might be a little more expensive but not as many people purchase it and those kinds of things and then the third tier might be a seated educational tasting or this or that so it enables you to break down your tasting revenue into three tiers you might also have events this is not an event planning financial but it's very valuable to put in how many events a year how many an average number of attendees and again you'll you'll have to often refer to your previous year to help sort of sort these out average price per ticket and then there's the the capability of separately tracking what are your your bottle sales for events or you may choose that these are going to be run up at the main register anyways and this might be zero so it gives you a the opportunity to do it separately or not based on the events that you have and then it's going to give you your total revenue for this events field and then the total revenue for the tasting room and events and then again up at the top remember this is dynamic and updating as you go okay under expenses some of these are again going to be estimates and you might have to work with production or marketing to get the proper cost of goods and so again you're going to put him in an average cost of goods for the products that you're selling in the tasting room and then in your in your actual tasting revenues you're going to need to say how many wines what's the average per ounce what's the cost per bottle of goods for the tasting and then it'll break these down also and again wine for events and so forth and let you manage these so you might want to run a scenario that that if you increase this to five five lines you can see what it does to my bottom line but maybe I want to do five wines at two ounces okay and we get back up and so forth all right so this one runs you through those scenarios your cost of goods non wine again our find a group sourced and you put in what your margin for your merchandise if it's Keystone that would be a 50% margin meaning you take the the cost of the corkscrew or the t-shirts or the decanters or whatever it is and so if you put in your 50% margin then it'll run your cost of goods for non line merchandise we also have a field for managing your average cost per customer for paper goods and carriers and those kind of things and again if you can get those from from your finance person or accountant or if you're doing that you can take last year's purchases divided by the number of customers and this is this is something that's that's important to refine and revise over time this field is how much do you spend on non wine food items that are under tasting room bar or part of a seated tasting that kind of thing and then how much are you spending on annually per person on glassware decanters dump buckets and so forth so so this is the these are the elements that are used for the tastings and in the tasting room that you use over time now we get into sort of hard numbers are you paying for facilities and utility fields or fees so what's your rent mortgage or lease your water bill your electricity your gas your phones internet and your POS systems and service all right so that's pretty straightforward an annual marketing budget now this is where you get to to again start to look at the best practices in relationship to how much you're spending so on advertising local regional outreach printing and social media promotions and that will then give you your annual marketing budget outside services for insurance general shipping this is not for wine club but these these view you you may or may not send wine to people at their home that they purchase this is also anything that they that you might send out so this is just general shipping do you use any consulting outside education or training for IT sales line education that stuff your laundry bill drinking water first aid services bank charges and in the bank charges you'll be asked what's the average charge and what's the percentage of what you ring up done via credit card swipes and those kind of things what's your security pest control waste disposal etc and then finally licenses and permits legal fees office supplies etcetera etc all right and then this tasting room wine club travel is going to events participation at various larger wine tasting food for staff is pizza and snacks for meetings and that kind of stuff right so as you can see it's really comprehensive and the good news is once you get the basic numbers in again it's easy to revise over time you just plug in the numbers that you have and you're good to go payroll is broken down into salaried employees and what are the salaries any benefits and bonuses the all-important bonuses so you get to put those in for the tasting room manager assistant manager admin salaried wine educators so these are all salaried employees one other way to do this is is you might just group all your salaries benefits and bonuses together and do it as one line item is another way to manage this if you don't necessarily want to do all the details the hourly employees then we have two levels we also have fields for on-call staff hourly wine educators culinary other and janitorial groundskeeping and then any payroll taxes for part-time and payroll taxes actually should be included in these amounts up here all right and then we've got a field also for managing different types of incentives and bonuses one of the things a lot of people are doing a the best practice is a daily tasting room incentive for as a percentage of sales of wine and merchandise so you get to put in if you're going to have a budget for that and then this will tell you what that budget is at the various various levels and then you also might offer signup bonuses for your team so that if if you offer a $50 or $20 wine club incentive how many times a year do you actually pay out on that and what's the average price okay so that is that and then shebang everything wraps up into a beautiful profit and loss statement that breaks down and again you can print this out using print screen or save it and save as a PDF and off you go now very quickly before I go into QA if I want to clone this project again I save it and it's got everything I need and then wait for that to populate I clone it and as you can see it'll do that it's going to give me a new URL up here alright so now I need to save this bookmark it as I did if I'm gonna work offline if I'm sharing this with somebody else this this is the IP this is how you get back to your program and now when I bookmark and name this I might want to call it a tasting room the financials you version 2 or forecast so once you get your your preliminary numbers in you can use this over time and now I could go in and say well what if we opened four more days what if we open or increased our number of models per custom visitor sales those kind of things and then you can use those to compare and to forecast and manage at the end of the year then you can do another clone and do your finals and actually put in the hard numbers that can be provided by your accountant or from from the records that you keep or the reports that your POS provide so that's the down-and-dirty of it and be glad to field any questions anybody might have right thank you very much Tim and hopefully everyone was able to really see the usefulness of of this of this profit planner and how you can develop forecasting and KPIs for your tasting room managers and stuff and you can really take ownership and control of your tasting room profitability we have a few questions that came in we have some questions that have come in so we're just going to read through those so is there an Excel output with a function there is not an Excel output with the functions we don't have the ability to do that at the moment with the current planner but that said you can clone your screen or share your link in ID and print it out as a PDF in just a quick note also this this webinar is being recorded and will be available on the resources remember there is a link to the resources and fa Q's this will be associated with this workbook so if anybody you work with you'd like to have them see this or if you want to review it that will be available as well can there wasn't a revenue area for wine club since that is typically a six dollar amount set discounts to SRP to a somewhat fixed number of customers how do you recommend integrating that into the spreadsheet we find it it's a general best practice the wine club is best managed as a separate if you will business unit with its own P&L and we will be providing shortly a wine club a workbook as well and so we'll we'll have that within a month and it'll just show up in the pull down will send an announcement when it's available it wasn't it wasn't part of our original Terms of Service for this but we're building it and we'll have it available for all the users and let you know when it is yeah as we're finding a front as we launch this profit planner what we're finding from the industry is more questions that are coming out from people who weren't necessarily engaged in the original development of the program and so where can we'll be continuing to build into the workbooks additional profit workbooks and also offering additional specific workshops for b2c metrics and things like that as wicker any feedback from banks about accepting PL in this format yes actually Sean called from northwest credit services has has actually passed this profit planner out to his clients as has Keith Myers and the Silicon Valley Bank team as well there we consulted heavily with accountants and industry bankers and they all agree that this is a great stepping stone to allowing them to more thoroughly and quickly give you what you need back in terms of all of your financing and Taxation and so please go ahead and share this with accountants I've had a number of accountants and part-time accountants who have registered for access to this tool and it is it is a fully reportable tool that can be used with your banks and accountants Tim there's been a request to review saving a workbook again the question is so you save capture that URL and use that to reopen your spreadsheet yes that is correct and and then don't forget we've got the instructions page that that goes over that and has screenshots so very quickly to save the workbook you select save and then I'm using Firefox so I've got a bookmark function up here sometimes it's a star in different browsers and so on so you can see I also have a star up here so when I'm ready to save it I select that I name it in a way that'll let me know that there's a certain version and what it is and so I can go in and then then modify this I pick what folder I want to save the bookmark to and I actually keep a separate folder and let me create a new folder if I like and then you can also tag it but you notice it says save to the library and then I'm good to go this is the URL at the top that I'd want to send myself or a note or an email if I'm going to use different computers or if I want my accountant or somebody to look at this is what I would want to send them great thanks Jim let me just run through if there's any other questions here you don't see any other questions coming through at the moment so just a quick overview and reminder please share this with any of your staff and any other producers that you see at ABA meetings we will be sending out mail outs similar to the Resource studio mail apps on how to use and how to access these materials that we've developed for you so it's a very simple request for access you simply go to the industry Oregon wine org website click on the education tab and then they click on the drop down Oregon wine profit planner you will then have an opportunity this is the page that comes up you will see the request for access on the bottom towards the bottom of that slide and Tim also showed you on this page you do also have access to each individual workbook and the additional resources available on each of those pages if you have requested access and you have logged in prior you can just click log in again and you can use the save function on your computer and it will save your password in there if you have not requested access before there's also the request access button right under that login key as well breathe let me give a quick demo also how to open a different workbook and so website is possible pardon are you able to do that through the website you mean right here oh that's ok so if I want to go into the cost of goods calculator I would hit save and notice it brings up this auto filter on the upper left and so I've saved my work to the appropriate URL and then I go to the auto filter and when I go to the drop down then I would go to the winery cost of goods workbook which we'll be doing tomorrow select new and voila this is the workbook that we'll be looking at tomorrow that will be oriented towards production and operations in winemaking but is also really valuable for anybody who wants to learn more about what goes into the supply and value chain in the production of a case of wine great so that's how you go in to log in and request access and then this is the profit planner page that will come up again for you and then these are the workbooks and as Tim mentioned you can click on order filter and it will give you the drop-down menus that are available to you and please be aware that as soon as you request access and receive access to the profit planner you have access to all the workbooks they are not individual access requests you have access to all of those workbooks there will also be on that profit planner page on the education drop down side of the profit planner access to tutorials and we will be continuing to build out this site as we continue to do workshops around the state continue with symposiums develop more webinars for the industry so for instance you can see it the vineyard PL site there we have the video on increasing great value from 2016 we will also be loading into there the current Pinot Noir PL from OSU that's just been conducted there's a video on powdery mildew management and those will be still completed for the rest of the workbooks as well so for instance we will have the DDC workshop that the wise academy posts at symposium this year and the other wise academy workshops that we hosted earlier in the year that were recorded as well we will also get more specific as we're able to and as we develop more content that we can use directly with these profit planners and all of this will be saved and stored in those resources so what next there's more profit planner webinar webinars coming this week tomorrow morning e have the winery cost of goods workbook understanding your cost of goods is an important extremely important function of winery profitability and we'll be covering that tomorrow morning and then Thursday we have the marketing sales and portfolio management workbook Friday we have the vineyard P&L workbook coming up Oregon wine symposium in February this year it's the 12th and 13th so prior to the holiday weekend just a reminder that early bird pricing is still available on that and the email follow-up that you will receive from this webinar will have a direct link to the Oregon wine symposium for registration if you haven't registered yet please do so and capture that early bird pricing we will have there a seminar on the bottom line how understanding Coggs can increase your profitability and from the Y's Academy d2c metrics that matter how to leverage 2018 data to drive 2019 success and just as a side note we also have in an effort to take advantage of people being in Portland for the symposium we have organized with wise academy to host two workshops one on February 11th prior to the symposium and one on February 14th the day after the symposium these are very limited attendance that can be accepted go on and register now for your place at that seminar it is a steel we are subsidizing this seminar from wise and it is only going to cost you fifty five dollars a seat as opposed to the regular eight hundred dollars that wise would normally charge if you were to do this on your own so if you would like us to continue to keep sponsoring and bringing these workshops to Oregon please support this workshop and sign up for it at a steel rate of $55 that will all be coming through to you on an email coming through very shortly which will also have registration links for all of the above for more of the profit calculators and also a survey which I would ask that you fill out and please be honest with your feedback on today's webinar and what you need from us we respond as accurately and as quickly as we can to your requests but we need your feedback so please fill out that survey link and thank you for joining us today and if there are any final questions please send them through now it doesn't look like there's anybody left sending in questions so again if you do have any questions my email address is available there which is just free at Oregon wine org if you think of anything in the future and please tune in tomorrow for the cogs webinar thanks again