Happy New Year!
In this 3-part series, we’ll be sitting down to “hit the reset button” as we start a new year. We’ll take a look back at 2022 to talk about what went well, exciting milestones we achieved as a business, lessons learned, and where we’re headed in 2023.
Today, tune in for Part Two, where we dig into a few things that could have been better about last year, including some valuable lessons learned we will carry with us into 2023. Here’s a breakdown of what we cover in today’s episode:
- Staff Turnover … Turnover on our team was craaaaaazy high in 2022. This resulted in spending too much money in our labor budget, poor morale on the team that plagued us throughout the year, and a TON of growth to our HR processes. I am grateful for these difficult (although expensive) lessons we learned, and am excited to make PEOPLE a core focus in 2023.
- Overshot the Labor Budget … Building off our lesson learned around employee turnover, 2022 was extremely costly from a labor perspective. We overshot our labor budget, which resulted in lower profits for the business. Whenever you overspend in a certain budget category, I think it’s important to dig into the “why”. Even if a problem couldn’t have been avoided, we can still learn from these situations and carry these lessons with as we try to do better next time. I am grateful for these lessons we learned in 2022 and again – super excited to focus more on our PEOPLE initiative in 2023.
- Stepping Into Leadership Roles … As our business has grown, Molly and I have had to evolve from generalists who “do it all” in the business to leaders who are focused on execution & growth. We learned a lot in 2022 about stepping back from the day-to-day, and letting our team grow into their roles as leaders. Our team has grown in our ability to communicate effectively & execute toward big goals, while moving quickly and being able to pivot as new challenges arise. This will continue to be a priority focus as the business continues to grow. Again – PEOPLE is a huge initiative for us in 2023, and we are excited to continue growing our team and growing as leaders ourselves!
I hope you enjoy today’s episode, and be sure to tune in next time for Part 3 of this 3 part series, where we’ll talk about where we are headed in 2023, our goals for the new year, and what we’re hoping to accomplish as we realign and continue to grow our business in the New Year.
Click here to continue the conversation in our Facebook group for Bakery Entrepreneurs >>
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Do you struggle with pricing your menu items, and feel there is something holding you back from building a truly PROFITABLE food business … that you actually ENJOY running?
Please join me for our next FREE bakery business workshop on February 7, 2023 –
Profit Boost: The 4 Major Pricing Mistakes Food Entrepreneurs Make … and How To Fix Them!
During this hour-long workshop, we will be covering:
- The 4 profit-killing pricing mistakes I see food entrepreneurs make on a regular basis …
- WHY these mistakes are SO problematic (even if they seem like no big deal) …
- AND how to start really addressing & fixing these lethal pricing mistakes in your business, so you can set yourself up for a profitable & successful year.
If you’re working on your menu pricing & increasing your business profits this year, you will want to get in on this free workshop!
Space is limited, and these free workshops tend to fill up quickly…so be sure to register soon to snag your seat.
For more information or to register for free, please visit BakeryBusinessAcademy.com/workshop.
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