6 Tips for Growing Your Cannabusiness

With rapid growth comes change – and the Cannabis Industry is no exception.  Whether changes are innovative, or a setback on the road toward federal legalization, potrepreneurs in the new green economy must have insight into their business across the entire supply and demand chain.  Once you have a true understanding of your operation’s financial health, quality control, inventory status, customer relationships, and overall compliance, you can grow your business exponentially.

How does this work?

Our ERP software experts have compiled 6 key tips for turning your cannabusiness insights into cash:

  1. Be compliant – Compliance with state and local laws from seed-to-sale is critical to staying in business, and this can be achieved with cannabis software. Aside from running a legitimate operation, seed-to-sale software benefits include the ability to reduce compliance costs by having all documentation automated, track products at the ingredient level, and easily manage recalls. Being compliant is the only way to future-proof your cannabuisness.

  2. Become a Cannabis Customer ScientistAccording to BDS Analytics, cannabis consumers are driving the industry — not only when it comes to determining new product trends like sublinguals, transdermals, or topicals, but Cannabis product brand awareness and loyalty. Know your customers’ needs, and keep an open line of communication between you, your customers, and the vendors you engage.  Customer Relationship Management (CRM) software is a powerful tool for tracking and maintaining customer interactions as they apply to your cannabis product manufacturing or distribution business. What if there’s a product recall?  Connecting a CRM solution with your ERP enables you to contact customers and suppliers as needed based on purchase history. It’s good business.

  3. Track costs and overall financial health – Are you currently able to track and analyze important financial data such as costs, profit margins, or revenue? If not, it’s time to boldly go beyond the spreadsheets, and take a serious look at your finances. ERP software suited for highly regulated and infinitely lucrative industries, like Cannabis, is your best bet.  When you gain 360-degree visibility into your financial tracking, you make better business decisions. It’s as simple as that.

  4. Secure your data – Data security is always a top priority for manufacturers and distributors – especially when they are in a complex industry, like yours. Business software that features a strong data security foundation will empower you with full visibility into important transactional data and management across crucial areas such as access levels, controls, monitoring, and auditing. Bottom line: don’t let oversight compromise your business operations.

  5. Personalize your software – Not all businesses are cut from the same cloth. Your unique operation requires personalization in order to keep your team engaged, productive, and successful. Know your business to grow your business — by customizing your enterprise management software experience.  SYSPRO invites you to deploy your business software your way, engage with the software your way, set up payment your way, and connect technologies (such as POS and eCommerce) your way.

  6. Smoke your competition – Cannabis Industry product development is booming, and in order to stay ahead in this “green rush”flexible, scalable business software is your best friend. In addition to adaptability, your cannabusiness cannot compete without real-time insight into the quality of your product, recipe and formula data, full product tracking, and again, customer relationships. Knowledge is power, and it will take you to the top.

Cannabis ERP: Grow With SYSPRO

While many seed-to-sale software vendors claim to provide business insight, oftentimes they lack the right tools for taking that insight to the next level.  With 40 years of manufacturing and distribution expertise under its belt, SYSPRO has earned the trust of thousands of companies in complex industries, like yours.  Whatever you grow, manufacture, or distribute, SYSPRO’s award-winning software solution will take your cannabis business to new heights.

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