As legitimate storefronts and businesses evolve in the cannabis industry, theft and crime have moved in to take a bite out of profits. As a result, business owners are turning up the heat using crime prevention techniques, including security personnel, employee theft prevention strategies, and video surveillance systems.
That’s in addition to regular management practices of production, marketing, legal requirements, and more. It’s a bit overwhelming. With so many issues staring you in the face, it’s easy to throw your hands up and ask: Where do I start?
With awareness.
The adage “you don’t know what you don’t know” applies here. By becoming aware of the most pressing risks, it’s easier to create plans to do something about it. Awareness is the key to winning the battle.
Only through awareness can you control:
Theft
Any retail organization is open to the risk of having physical products stolen. Cannabis businesses have risks all along the supply chain, from production to products in retail settings. What’s more, these threats often escalate, which can be traumatic to everyone involved.
Money
While physical products carry their own risk, cannabis businesses have the added peril of dealing with cash transactions, which increases financial losses. While some banks have moved into the industry, federal level uncertainty has put banking and financial providers in short supply. That creates an extra level of risk as you look for reputable organizations to do business with.
Data
In a highly technological world, business is managed both online and off. You can track, manage, and secure your information through various systems. Of course, this increases your risk beyond the physical, opening up to cybercriminal behavior. Are you doing enough to protect your client list? Especially if you’re involved in medical marijuana, the added regulations are something you can’t ignore.
Employees
Employees are often the weakest link. They create both internal and external threat potential just from doing their jobs. An unaware employee can click on a phishing link and compromise your data. An employee can also intentionally steal merchandise and money. While trust is necessary to run a business, there are ways to thwart potential behavior and reduce your risk.
Follow best practices to protect your bottom line from risk
There isn’t a one-size-fits-all approach to protect your cannabis business from danger. With awareness comes the possibility of building protection systems all around you. They can include things like:
- Doing background checks on employees
- Creating a security training program for new and existing employees
- Strengthening your on-premises security systems
- Maintaining schedules for depositing cash
- Changing security codes and passwords regularly
- Installing video surveillance and upgrading regularly
- Reconciling receipts daily
With every threat comes a chance to build a more robust system to prevent it from occurring. A reliable security system coupled with strong management practices wins every time.
For IT Strategy, Security and Compliance, or Help Desk Services, reach out to us at Cannabis Technology Partners 360-450-4759.
