Cannabis businesses are no different than other startups; they can fail just as easily. As competition is rising, even major players are struggling to find their footing.
Looking at the cannabis industry, it’s easy to see nothing but growth potential. Yet they fail at the same rate as other small businesses, struggling from traditional startup problems: Lack of cash flow, fear of failure, and targeting the wrong demographic can all lead to failure. For others, it’s a lack of research and technology implementation right from the beginning.
It’s easy to see cannabis as a “lemonade stand” business – set it up and run it on a shoestring budget. Yet technology can increase efficiency and decrease risk from the very beginning.
Many say that technology is too expensive. But how much does it really cost you?
No matter where you are in your business cycle, take a hard look at the way you’ve integrated technology into your business flow. Is it working? A tech-first approach has you asking different questions.
Do I have a tech expert on staff?
This isn’t the same as hiring someone who likes gaming and knows a thing or two about computers. Rubberbanding technology together by buying the basics and figuring it out along the way isn’t a tech strategy. You take management and marketing seriously; why not technology? Be aware that you don’t need a full IT department to take tech seriously. Partnering with an IT support system can help develop a more budget-friendly approach to technology.
Do I consider technology as a part of future growth?
Strategizing often includes things like establishing a digital advertising budget, building a stronger customer service process, and weighing the cost of suppliers. Technology frequently becomes a subset of decisions, rather than giving it equal weight in every decision. This isn’t about buying new devices; this is about establishing better systems with every daily activity.
Do I have a budget for improving technology?
Do you replace technology as it breaks rather than allocating an amount for increasing efficiency? There will always be emergencies; look at your recent past, and you can probably find a few. The more aware you are of your needs and what makes sense, the better use you’ll have of the money you spend.
Do I consistently review processes and look for efficiency?
It’s easy to get bogged down in daily work patterns. Efficiency comes from looking for better ways to handle your daily activities. This process should be managed, with an eye on the lookout for improvements. You can’t find what you’re not looking for. A tech-savvy team constantly updates, researches, and finds new and improved ways to do business.
Do I consistently move forward?
Technology isn’t an all-or-nothing process. Moving forward doesn’t have to be all-in. Instead, it’s about doing one thing to improve one area of your business. Don’t be afraid you’ll miss a better opportunity. It’s about finding the best solution for you right now. And slowly making changes as they’re most appropriate for your stage of business.
It’s time to develop your strategy …
The good news is there’s always an opportunity to jump in and improve your technology. Even if you’ve never paid attention to it before, with a bit of strategizing, you’ll see tremendous opportunities waiting for you.
There are always ways to improve production and reduce risks.
And because the cannabis industry is old enough to create a wide variety of support systems, it’s easier than ever to partner with resources that can fill in the gaping holes in your business.
Not sure of your current tech situation? Why not take a tech-first approach? Just think about where a successful partnership will take you in the coming months and years.
For IT Strategy, Security and Compliance, or Help Desk Services, reach out to us at Cannabis Technology Partners 360-450-4759.
