There’s great news for the legal cannabis industry—business is booming! Indeed, the cannabis industry has become a multi-billion dollar industry in a short period of time, and it’s still growing as more states legalize cannabis for medical and recreational use. That means that the competition is growing, and you need to level-up to gain and maintain a competitive edge.
Expanding your business is all about making wise decisions and using the right resources. You’re going to have to do some research to find the right services and products to grow your brand, but we’ve taken the liberty of doing some of that for you. Continue reading to learn about some of the resources you can use to take your business to new heights.
Business Consultants
You might be knowledgeable about cannabis products, but organizing your company’s infrastructure is a major task that requires a different type of expertise. That’s why business consulting firms are dedicated to helping small businesses implement changes to their business operations, business model, and workforce.
Hobbyists don’t always make the best business people. However, contracting a business consulting agency could be the best business decision you make. Consultants have industry expertise, and they’re detached enough from your company to make hard, objective decisions. So, if you need to adjust your company culture and operational best practices, it’s wise to seek the counsel of corporate experts.
Packaging Solutions
One thing every business could use more of is customers. The aesthetic appeal of your marijuana and CBD tubes has a large impact on how long your products will stay on the shelf. Enhancing the look of your roll tubes is a great way to attract more attention and sales.
CoolJarz is one of the leaders in marijuana packaging solutions. They offer everything from child-proof doob tubes to pre roll tubes with labels to mylar bags. Their custom design services are top-notch, and they have product offerings for any budget.
Retail and Inventory Data
Infrastructure data is the most important asset your company has. That’s why you need an inventory and retail sales management system that enables you to get actionable insights into product demand and customer preferences.
Enhanced Retail Solutions provides software to help companies make the most of their sales and inventory management data. They offer a vendor-managed inventory system, data warehousing to centralize insights, demand forecasting, and retail analytics. To learn more about how Enhanced Retail Solutions can help improve your sales and inventory management, visit their website at enhancedretailsolutions.com.
Digital Marketing Solutions
Digital marketing is one of the most important tasks for growing small businesses. Being in the cannabis business, the millennial generation is probably your target audience, and they consume digital media more than any other consumer demographic. A robust digital marketing campaign is the best way to capture your target audience and increase e-commerce sales.
You might be social media savvy and know enough about cannabis to blog about it. However, digital marketing requires an understanding of what type of content search engines value. They use techniques like keyword research, link building, and local SEO to increase their online presence, organic traffic, and ultimately, sales.
Legal Services
The cannabis industry is still new in the United States, and there are still many states where marijuana is illegal. Furthermore, it’s still illegal at the federal level, creating a legal minefield for marijuana entrepreneurs.
Having proper legal representation is essential to protecting your business long-term. Federal regulations are subject to change with each new administration until it’s finally legalized federally. Until then, you need a legal professional on your side who can help your business steer clear of trouble.
One of the greatest challenges business owners face is finding somewhere to put their revenue. Federal law prevents federal banks from offering services to cannabusinesses. Dealing strictly in cash could make your business a prime target for robberies. A lawyer with experience in the cannabis industry can help you foster relationships with local banks so you can safely stash your revenue.
Accounting Services
Accounting is one of the most important, complex, and buzz-killing aspects of being a business owner. Bookkeeping becomes even more difficult when you have revenue from both a brick-and-mortar and an e-commerce store.
If you didn’t go to school for accounting, it’s best to leave the bookkeeping to someone who did. You need to ensure your accounts are balanced, bills and employees are paid, and taxes are properly filed. Contracting fractional CFO services gives you the benefit of having a financial professional without having to pay an accountant’s salary.
The marijuana industry is larger than ever and steadily growing. Indeed, new cannabis businesses are popping up all the time, so you need the right resources to get and maintain a competitive advantage.
The key to your dispensary’s success is to focus on building an efficient supply chain and implementing a data-rich inventory and retail sales infrastructure. You also need to prioritize making sure your business model adheres strictly to local regulations. On top of all that, you also need an engaging digital marketing strategy. The good news is that the right business services are only a click away.