The world of small cannabis retailing can be fulfilling for small business owners. It could also pose some challenges that are unique to this particular industry. For those who have made that plunge, finding the right platform or program could help make the process easier. Below are some reasons why cannabis entrepreneurs need to adopt new apps for their business.
Streamline Business Processes
The medicinal and recreational cannabis industry has grown over the last few years. The adoption of laws legalizing medicinal and recreational use had opened opportunities for both small and big businesses. Now, more budding entrepreneurs are exploring the market.
With more states legalizing consumption, businesses also boomed. Colorado, for example, generated around $506 million from sales revenue tax as well as licensing, and application fees. Meanwhile, industry reports show that total sales revenues around the country reached $6.7 billion in 2016. This is indicative of how big the market truly is.
As a business in the middle of all this growth, having a platform to streamline all processes is essential. Always select the one that has a friendly-user interface but chock full of features to help run the business. Several necessary components to look at include cost-effectiveness and access.
It should also have product and payment system integration, customer management capability, and user efficiency. Other features to look out for include a weight or scale capability. Customization is also essential. The platform should have the capability to accommodate specific business add-ins from customer promotions and discounts to loyalty programs.
Ensure Compliance with State Laws
Entrepreneurs need to be updated on the current regulations that could impact cannabis-related business. Currently, there are 29 states that allow medicinal use. Meanwhile, 8 states and Washington D.C. now allow recreational use. Click here for more information on state or territorial laws about medicinal and recreational use.
The platform should be in concurrence with statewide regulations covering the local medicinal or recreational market. To protect the business, it should have a feature for verification and validation without compromising customer privacy. Security is also important in selecting the right platform.
Ensure Precise Monitoring and Reporting
States often implement strict transaction rules and penalties for noncompliance. A platform equipped with a monitoring and reporting feature would help the business owner address requirements. It should also have the capability to generate the necessary reports, from product inventory and system audits.
Aside from sales tracking and retail management, it should also have an employee management feature. The platform should also have an online capability feature to assure continued use of the system even when there are internet connection issues.
Having a tech app or platform tailor made for the cannabis entrepreneur could do wonders for a small business. Whether it is for the new business owner or a seasoned retailing looking to expand, bringing in a new platform could help facilitate and streamline the process of doing business every day. It could also help the business owner navigate through unique industry challenges. Finally, it can take the business to the 21st century.