Managing the inventory for cannabis inventory can be challenging. You may find it hard to track individual products, which can potentially risk your compliance with your state. In an evolving and dynamic industry, new product launch and products disappear at a slight difference in speed. Moreover, the problems of the supply chain potentially break an otherwise well-operated business. In this article, we will discuss further into some resourceful tips you can utilize to boost your inventory operations:
Incorporate your tool stack
As you look for software solutions that can assist you to keep up your inventory, you must select a point-of-sale partner that assimilates with the system, which is a vital part of your brand already. You will need to look for something that would perfectly slide and integrate into your current processes as it frees up some of your time that you can use to concentrate on other things that matter the most, such as establishing big-picture approaches.
METRC reconciliation is the first and the most vital software that helps in integrating cannabis dispensary inventory management. Basically, this is an inventory tracking system that’s seed-to-sale that state regulators utilize to compliance and monitor activity.
Make use of the appropriate tools
If you try to manually manage and keep track of your inventory won’t just make you susceptible to mistakes, but it can potentially waste your important time as well. Since managing inventors can extremely take a lot of time, it’s essential for you to all the measures that need to be done to prevent mistakes and to restructure and update processes for your team. Providing your employees, the appropriate and updated tools and technology is the key to reduce the hectic hours consumed by auditing alone.
Come up with an inventory audits process
In terms of guaranteeing that you have precise reporting in your store and to keep being compliant, physical inventory audits definitely play a crucial role. If you lack authentic data, your business will be late to capture internal fraud and theft, create unwise ordering decisions, and will eventually lose sales.
Your dispensary business will cause an entire full-state audit and will be under a greater risk of penalties especially when your physical inventory is extremely far from what was claimed. Because of this, we highly suggest every dispensary owner establish a fundamental operating inventory audit procedure—preferably to do a thorough audit of your whole inventory once per week, at least.
Plan for the worst
Even companies that devote a thorough inventory planning still encounter problems that cause their plans to not be aligned. No matter if such problems arise externally or internally, all dispensary and cannabis stores must have contingency plans. They need to come up with a plan for ordering problems, slow sales, or product shortage. Once a retailer has experienced problems before, make sure that you have secondary vendors that you can ask for help. Discover partnerships with some vendors and stores that can let you offload fail products.