Getting a cannabis business license is an exciting time for any potential business owner. Although exciting, thinking of the amount of revenue that your business is going to generate can cause you to lose sight of some of the risks that need to be mitigated throughout day-to-day operations. This is where a cannabis inventory manager comes in.
Your staff is the backbone of your business and hiring a a top-notch staff capable of wearing many hats is vital. Recruiting more-than-qualified employees such as dispatch manager, delivery driver, and cannabis inventory managers is the new norm and can save your business from a whirlwind of potential fines and legal trouble.
Compliance isn’t a simple task in any industry, with cannabis being no different. We’ve previously covered the importance of maintaining a culture of compliance and while nothing has changed, we’d like to add a little bit more to the importance of staying compliant. Regulations seem to change on a daily basis and while the METRC system that is required for seed-to-sale tracking isn’t “live” yet, things are more complicated than ever.
Maintaining a proper inventory helps profit margins stay in the positive and ensure that stock isn’t running in abundance, creating a problem for keeping the product without having moved what was on your premises previously.
This is the cannabis industry—it’s regulated and regulated in some weird ways—be a part of the change in a way that protects your customer and business.
Keeping up with the latest retail trends isn’t easy—but as a cannabis inventory manager, it’s entirely necessary. Creating an open line of communication with your delivery drivers and “front of the house” staff to see what products are trending will give you a better of idea of what needs to be stocked and how frequently.
Staying one step ahead of the game starts with being able to provide your customers with the flower, concentrate, edible, tincture, and topical brands they want. Losing revenue due to not having a product available not only makes you lose a sale, but could potentially be an overall deal breaker for your customer, forcing them to find the product they want elsewhere.
We think it’s better to be one step ahead of the game and talk to your staff about the most recent trending products from top-notch brands in the industry. Who else, besides your staff knows about the recent trends?
Stay on it!
Data from your delivery service point-of-sale should be your best friend when making decisions on how frequently to re-stock your shelves. Your point-of-sale can provide you with a full history of patient purchases, revealing habits that deserve increased attention. Being able to effectively communicate with your distributors and layout a plan for the next couple of deliveries helps nip a problem in the butt before it has the opportunity to begin. By using data and detailed sales reports, you can organize driver kits with pinpoint accuracy, never missing out on an opportunity to service a customer.
Accurate point-of-sale numbers help to make sure that you aren’t stocking up on too much product, either! Consumer patterns change quickly and if you are stocking an overabundance of a product that isn’t part of the latest trend, you are forced to move this product at a rate that is lower than what you initially projected.
Use the data points provided by your POS to maintain the proper level of inventory and continue to satisfy the wants of your customers.
Let’s put this into a cannabis situation: there’s organized and then there’s “the BCC is knocking” organized.
If you can’t keep your inventory room organized, how do you expect to keep your business on the right track? As an inventory manager, setting an example for the rest of your staff should be a top priority. What should be a no-brainer is actually one of the most common mistakes that takes place in cannabis businesses—keeping stock rooms organized.
Keeping a clean and well-organized inventory room is an absolute must for those looking to be on top and push the boundaries of “norms” in terms of inventory management. Aim to be the cleanest, well-organized delivery service that the BCC has ever seen.
Losing inventory or misplacing it is subject to investigation from the BCC, which can land your business in a position to deal with fines and potential suspension. The BCC takes inventory management very seriously and is arguably one of its top priorities. METRC-integration not only allows for the track-and-trace of every product, but in reporting to METRC, requires for any discrepancy of inventory to have a justifying reason behind it.
Avoid the possibilities of losing product or misplacing it by doing routine storage maintenance and inventory reconciliation. A proactive attitude can go a long way and keep your delivery service’s head above water.
Compliance is a matter of being on top of the ball and making sure that you do everything in your power to maintain the appropriate culture in your workplace. This includes making sure that you are completing mandatory inventory adjustments and reconciliation when they need to occur. It also means that you should double-check all of the necessary security measures, hardware maintenance, and staff knowledge base as regulations are being finalized.
Auditing your stock is one way of staying compliant with the other falling on the shoulders of your staff to maintain a culture of compliance.
Proactive auditing and enlisting your staff to lend a hand can be a crucial difference in the way that your day-to-day operations take place. Your staff should be capable of more than performing the role of being a delivery driver—they ought to do so in a compliant way. This means making sure that they know to double check their shipping manifests, delivery routes, driver kits, and having all of the necessary paperwork to keep them legal while on the job. After all, audits for all aspects of compliance are critical.
The job of an inventory manager is certainly no easy task and while the industry is still adjusting to regulations changes, it’s no surprise that having an inventory manager and compliance officer has become the new norm.
From making sure that inventory is neatly organized to maintaining the integrity of your delivery service staff, the job of an inventory manager requires pinpoint attention to detail. Responsibilities of an inventory manager go far beyond just making sure that you have the right inventory when you need it and encompasses a certain level of proficiency in being organized while holding your staff to a level of performance that is sure to make your delivery service stand out against the competition.