The Adolph Coors Company is almost as well known for its conservative politics as it is for its beer. And that reputation, the Colorado brewery has found, can hurt business.

While Coors may be held in high esteem in conservative circles, in the fiercely competitive marketplace for beer it has alienated some important potential customers over the years: among them, black and Hispanic people, women's groups, labor unions and homosexuals.

Last week, the company made peace with one of these groups when it announced that it would spend $300 million to aid Hispanic businesses and hire more minority executives. ''This is by far the most comprehensive, the most equitable agreement that has ever been entered into by any minority group with any company in the United States,'' said Raul Yzaguirre, president of the National Council of La Raza, one of the groups that negotiated the deal. For years, Coors has been a target of Hispanic boycotts in a dispute over hiring practices. Company officials, who last year announced a ''Decade of the Hispanic'' in an advertising campaign, have acknowledged that the boycott has hurt sales.

In September, Coors negotiated a similar deal with black civil-rights leaders. They called off a brief boycott when the brewery agreed to hire and promote more blacks and increase minority ownership of Coors distributorships - a commitment of about $325 million over a five-year period. The dispute had been fueled by a speech on American opportunity that William K. Coors, the company's chairman, made in February before before a group of black businessmen, saying that African blacks are ''intellectually inferior.''

Coors, the nation's fifth largest brewery, still has to contend with a seven-year boycott by the A.F.L.- C.I.O. A spokesman for the labor federation charged that last week's agreement was an effort by Coors executives to ''buy their way'' into minority markets.