Knowing what you have at all times is key to the cannabis entrepreneur
A cannabis business without a strong inventory auditing policy is like snowboarding without snow. You may get to where you are going, but there’s a whole lot that can go wrong along the way.
Knowing what inventory you have on hand is essential to understanding your customer’s preferences, boosting your bottom line, and keeping you in the good graces of your state or provincial regulatory authorities.
WHY ARE AUDITING AND INVENTORY COUNTS SO CRUCIAL?
When it comes to cannabis, the leading reason for inventory auditing comes down to community safety and compliance. The local government in which a dispensary operates is responsible for keeping legally produced cannabis out of the wrong hands, whether that is children or the diversion of cannabis into the black market, which is then sent to non-legal locations.
To ensure local cannabis authorities can track all cannabis as it moves through the legal market, inventory auditing is key. And since the stakes are so high, these local authorities charge a very high price for major inventory tracking failures, costing business owners thousands of dollars or their license to operate.
From a business perspective, auditing and inventory counting helps you run your business better. Regular inventory audits alert dispensary owners to discrepancies early so they can address the problem, whether it’s internal or external theft or just a mistake. Plus, a lot can be learned about customer preferences with a deeper look into inventory management. Sales reports and inventory checks are rich with customer insights. Find out what products in your inventory are fast movers worth buying again and which products are lagging behind. From there, as an example, a dispensary owner can optimize sales and promotions to push slow moving products out the door faster, making room for different options. All of these insights can boost a dispensary’s bottom line – and all it takes is strong cannabis inventory management.
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