Insight Session – Episode 003
Strategic Advice for Dispensary Owners: Future-Proofing Your Dispensary
Right now is the most complicated legal and regulatory environment in retail history. Because of this, it can be extremely difficult to run an effective and efficient business. There are countless challenges to running a business in our industry.
Dispensaries and product companies have a lot to deal with as the industry continues to be so tumultuous. In addition to positioning yourself in todays market – how can you take steps NOW to make sure that your business is prepared for even greater competition when large corporations and brands decide to participate in the cannabis economy?
In our latest installment of Insight Sessions with Craft Mary Jane, I’m delighted to introduce you to Howard Goldberg. As the national sales director of Jane, Howard Goldberg is responsible for leading Jane’s go-to-market sales efforts. Howard has a proven track record of growing several companies across multiple industries. In his role, Howard calls on his many years of experience as an entrepreneur and intuitive understanding of a dispensary owner’s biggest challenges to help them grow their business faster and smarter.
During this great session, we touch on some of the “must haves” for successful cannabis businesses:
Continue Educating Yourself – Whether it’s the laws that apply to your city, industry news or skills to grow your business, the successful entrepreneurs in this industry are going to be the ones who did not stop expanding what they know, and applying that to their business.
Know Your Customers – sure, you provide a service. Your customers will keep coming back, if you meet their needs. Have you figured out exactly why they love you? (Not why you think they love you.) This data will make or break businesses in the future when competition becomes more dense.
Reduce Risk Debt – aka Come Legit. Every time you cut a corner, you increase the amount of risk debt you are putting your business in. There are great options for setting your business up for success (here’s one of my favorite!), do what it takes now to position yourself in the lead.
Invest in Your Employees – your brand is your service. When your employees see the big vision, when they hold the same values for your business as you do – you have effectively created a true culture of success in your company. When you invest in your own employees, respect, education, and stability – your company continues to grow. Less turn over, better service, more customers, repeat business.Your employees are your company culture, reputation and brand, whether you choose to invest in them or not. Click To Tweet
This and more is shared on this Insight Session – Howard and I discuss at length his actionable insights and strategic advice for dispensary owners and product companies so that you can ensure the longevity of your cannabis business.
Must-Read Resources Mentioned In Session:
- What is Tax Code 280E?
- What does the IRS say about 280E?
- Guidance to banks regarding marijuana related businesses from the Financial Crimes Enforcement Network – aka FinCen Guidelines
- Cole Memo