Like any businessman, staying on top of business trends is important as you grow sales in your cannabinoid business. But like any entrepreneur, your company needs your focus en pointe and your ability to develop strategies! What strategies can help you transform your cannabis-based business?
Cost reduction measures
Every company wants to be as lean as possible. First and foremost, you need to get a handle on the organization of your inventory. Consider using a first in, first out system to ensure that all products are fresh for consumers. Consider using an anonymous accountability structure where your team can anonymously disclose if there is “shrinkage,” which you obviously don’t want. Being able to try and establish new practices can transform your ability to manage productively.
The 5S methodology can create a cleaner, more efficient workplace. This strategy applies to all companies, of course, but is especially helpful with cannabinoids. This Japanese system of organization is translated as sorting, putting in order, shine, standardizing and maintaining. This means that when you get new products, immediately sort (don’t let them sit, a habit everyone has to give up) and replace, that is, put in order, products on the shelves. They “shine”, which means that displays look especially nice, neat and clean, and make sure everything is standardized, which means that there is a protocol to make sure these things happen. Sustain is about developing these habits that you can get into with your team over time.
look into the future
They know cannabinoids can transform health care, especially pain management and sleep care, if allowed. It is important to look to the future of cannabinoids to be up to date with what is needed in your area and your business specifically. As stigmas disappear and pressure on the government to legalize increases, your business can’t help but grow. The more research and organization you choose to put in now, the better positioned you will be for the needs of your community as science moves forward.
Your company is already ahead of most of the trends in the US, but this is a good place to be. Now is the time to put the protocols in place that will give you a clue when things start to grow again after the pandemic. Think about your 5S and keep fresh produce flowing!
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