When it comes to operating a dispensary business of your own, cannabis inventory management should be at the top of your list in terms of priority. Inventory refers to all of the cannabis products, merchandise and accessories sold in your dispensary, and for cannabis businesses, managing these items can come with additional challenges. Cannabis retailers must comply with a variety of stringent regulations while ensuring that their products are organized and stored securely in order to promote safe consumption.
With the proper inventory management system and protocols in place, your dispensary can prevent compliance infractions, while enhancing stability, reducing costs, and increasing profits. Inventory management contributes to the growth of your business, boosting the efficiency and accuracy of operations. Discover four tips for managing inventory within your own dispensary.
Invest in a Quality Dispensary Software
When it comes to cannabis retail operation, high-quality cannabis software isn’t a splurge, it’s a necessity. Cannabis inventory management software is capable of:
- Notifying you of supply shortages
- Tracking inventory levels
- Syncing product sales in real-time
- Using data to conduct analysis and predict when reorders will be needed
After earning your cannabis retail certification, you can streamline your dispensary’s processes and ensure inventory levels are well maintained by implementing inventory management software. With the right tools, you can avoid errors while using historical data to plan strategically. Not only will you see unnecessary costs decrease, but your profitability will grow as well.
Create a Process for Inventory Auditing After Cannabis Retailer Training
Part of a comprehensive inventory management system involves conducting regular audits of your inventory. Not only are monthly audit reports required by provinces such as Ontario, but audits can also help your business avoid discrepancies between the actual amount of product you have and the amount listed as available at your dispensary. When it comes to auditing your inventory, follow these practices in order to ensure the best results:
- Develop a standard operating procedure (SOP) for conducting audits
- Schedule a weekly audit of each product
- Train a few employees on how to conduct audits
When you implement these auditing practices, you can avoid losing sales, while improving your ability to order the right stock amounts. Auditing also contributes to improved compliance, helping you avoid the costs associated with infractions.
Measure and Pre-Package Your Cannabis Stock
After cannabis retailer training, one of the simplest ways to immediately enhance your inventory management practices is to measure and weigh your cannabis stock as soon as it arrives in your dispensary. Next, it’s important to pre-package a good amount of your product. The benefits of these practices include:
- Loss reduction
- Improved traceability
- More efficient data entry
- Prevention of theft
Given the amount of raw cannabis product you work with as a retailer, ensuring that you’re measuring, weighing and packaging can help to minimize any waste and boost your profitability.
Plan in Advance for Product Shipments
There are many factors that can influence how long it takes products to arrive, when they need to be ordered, and in what quantities. As a cannabis retail owner, it’s important to plan ahead for situations which might affect the reliable delivery of your product. Keep the following in mind when planning out your product ordering:
- Shortages caused by regulatory changes, sales, or seasonality
- Underselling of new products
- Delivery delays due to weather or staffing shortages
When you have a backup plan in place, challenges like these will result in lesser consequences for your dispensary’s operations.
Inventory management is essential to compliance and the efficient operation of your business. It’s also important if you’re trying to attract investors in order to grow your business. No matter your goals as a cannabis retailer, it’s important to always implement good inventory management practices.
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