Running a cannabis dispensary is a complex task as you have to think beyond product displays and retail sales. Inventory management is one of the daunting aspects because it involves more than keeping an eye on stock levels. You have to add product offerings, expand distributions, and ensure compliance with regulations as a part of the process. It sounds like a lot of work, and the risk of errors makes it even more challenging. As a dispensary owner, you can look for ways to handle all these tasks easily and flawlessly. The right system can also improve efficiencies, reduce costs, and boost profits. Here are some inventory management tips you can rely on.
Stay ahead of the local regulations
Although cannabis is legal in many states, the industry is highly regulated. Retailers need to stay compliant with the relevant rules and regulations to stay on the right side of the law. Compliance guidelines cover the entire aspects of cannabis retail from seed to sale, and inventory management is not an exception. You must understand the rules and stay ahead of the changes to ensure compliance.
Implement inventory tracking software
As your dispensary grows, the product line becomes broader. Managing stocks becomes tougher over time, but you can simplify it by implementing cannabis tracking software for your business. Look for one that gives each product a unique identity with SmartTags. It will enable you to know the location of your items throughout the retail cycle. Managing the process becomes a breeze, regardless of the size and scale of your business.
Audit stocks frequently
Frequent audits of your stock keep you in control, so it should be a part of your inventory management process. Conducting spot checks is a good idea as it enables you to see which products are active and identify the dead ones. Consider making an inventory report daily to keep track of items in stock and short supplies. If you cannot audit and report every day, try to do it at least once a week.
Prevent employee theft
Dispensary owners often prioritize compliance at the risk of overlooking employee thefts. Cannabis products are expensive, and dishonest employees have all the reasons to pilfer your stocks. It is crucial to stay one step ahead of such incidents. You can do it by incorporating strict rules and systems to secure your inventory. Start by hiring reliable employees only after thorough background checks. Limit access to stock, maintain records of people accessing the inventory rooms, and install alarms and video surveillance to safeguard the area.
Ensure proper storage practices
Managing your cannabis inventory successfully is also about ensuring proper storage practices. Since these products are perishable, you cannot take chances with storage conditions like temperature and humidity levels. Moreover, you will need product-specific containers to maintain their integrity over time. Invest in the right kind of equipment and facilities to keep inventory intact.
Managing stocks is vital to keep your dispensary running successfully. Since it requires a lot of work, automation is the wisest decision. Start by implementing a software solution right away and do your bit with regular checks.