4 Ways Marijuana Dispensaries Can Prevent Loss
Adopting strategic business protocols is necessary to boost marijuana dispensary profits. Product theft is one of the main reasons most cannabis dispensaries suffer losses. The key to curbing these problems is prevention and a smart cannabis POS system can help.
In this article, we’ll mention a few ways marijuana dispensaries can establish preventative measures to ensure their stock is safe and secure.
Two is Better Than One
In an industry where cash and cannabis are readily available, even the most loyal employees can be tempted. This is why at least two dispensary staff members, preferably at least one manager, should be present during every step of the inventory process.
Unsupervised product or currency counts will likely lead to theft at one point or another. Leaving one employee in charge of these tasks is not only financially irresponsible but could potentially put your entire business at risk for lack of state compliance. Mitigating this susceptibility by having multiple people involved will eliminate this temptation and stop the problem before it starts.
Investing in a quality security system has become increasing important to marijuana dispensaries. Installing video surveillance, alarm systems, reinforced entries, safes and security staff are measures that must be taken by all cannabis retailers.
The reality is owning a marijuana dispensary is a high risk business with cash and cannabis flowing in and out on a daily basis. Criminals will go to extreme lengths to break-in if they consider your cannabis storefront a susceptible target.
While combatting the physical theft is critical to sustaining your marijuana dispensary, fighting cyber attacks is equally important. Using a cannabis POS system that prioritizes dispensary security will instill confidence in consumers and business owners alike.
Hone Your Hiring
Staff turnover can be a stressful situation for any business but especially for a marijuana dispensary. Hiring a new employee requires a thorough interview process, verifying references from previous employers, and a strong intuition.
Typically there will be an abundance of applicants who are eager to enter the growing marijuana industry but your best bet is hiring employees with years of experience. Not only will there product knowledge be evident to incoming customers but they’ll likely be familiar with your cannabis POS system.
However, attracting talented and knowledgeable budtenders will most likely mean above average compensation. The extra expense is imperative to preventing employee theft and will be well worth acquiring a qualified and trustworthy staff member.
Powerful POS Software
Implementing a powerful cannabis POS system will transform the way your marijuana dispensary does business. Technology has revolutionized the way cannabis retailers do business and provides a variety of fail-safes that can significantly cut down on product loss.
Inventory tracking is paramount when using a cannabis POS system and accounting for every gram of flower is now completely automated. If any discrepancies in the stock or revenue show up, you’ll be able to quickly identify when it took place and who was on the clock.
Above are a few ways you can implement loss prevention at your marijuana dispensary. Considering the amount of time and work is required to successfully run a cannabis retail operation avoiding risk should always be a high priority.