Effectively managing inventory is a top priority for cannabis dispensary owners and managers.
Knowing where your cannabis inventory is, how much of it you have on hand, and when you’ll need to reorder products is an essential part of the business for adequately serving your customers and competing in an increasingly crowded industry space.
For cannabis dispensaries, managing inventory can be difficult. Inventory can often make up a significant portion of a business’s expenses and it must be managed properly if it is to remain profitable.
But when it comes to cannabis businesses, there’s also the concern about dispensary compliance. It’s imperative these days that cannabis retailers of all types and sizes have the right tools and technology to simplify the inventory management processes, eliminate tedious manual work, and better organize your ever growing cannabis inventory. Below are a few tips for dispensary owners and managers to help make inventory management for your dispensary easy & profitable.
1: Inventory Audit Standards
Auditing your inventory, or the process of physically counting all the cannabis products in your store is critical for accurate reporting and overall dispensary compliance.
Inventory audit best practices for dispensaries:
Define your store’s audit