The pandemic taught us all to expect the unexpected, whatever our professional field. But a fast-moving industry like cannabis requires extra diligence. If your business isn’t prepared to pivot to accommodate marijuana industry trends, it might not survive its competition.
Let’s look at how you can build adaptability into the roots of your company culture and prepare to weather the next big change.
Stay On Top of Trends
One important aspect of maintaining a flexible business model is knowing what’s going on in the marijuana industry.
Read up on the latest consumer trends regularly so you can anticipate what your consumers want and adjust your inventory. Stay updated on the latest news in the industry, as well as regulations that could affect your company. This way, you can plan change as soon as possible.
Review Your Product Lines Frequently
If you can continuously innovate your product lines while keeping your sense of identity, you’ll adapt sustainably. Consider your regular customers, who come to your company for a service they know and love. Conduct monthly product reviews with both the latest popular industry products and your existing bestsellers in mind.
Take a look at our blog post for more guidance on consumer trends and how they relate to inventory planning.
Maintain a Strong, Adaptable Team
A team of competent employees who are focused on finding solutions will ensure your business can adapt to sudden changes. Hire employees with the traits to meet the mark. Creativity, resilience, and problem-solving are just three qualities to look for.
Create an environment where team members are encouraged to challenge your company’s existing processes while still following your core mission. and where they’re ready to adopt new approaches along the way.
Prioritize Learning and Development
If you want to build a workforce that will adapt when job roles and responsibilities have to change, emphasize upskilling. Even if your employees work remotely, make sure they’re always motivated to learn new things.
Some popular ways to help your employees develop their skills? Implement mentoring, host sessions where employees can share what they’ve learned, regularly ask employees for training feedback, and encourage cross-training.
Leverage Technology
Patterns of how consumers buy and interact with brands now change frequently. One of the most logical ways to keep your business thriving alongside change is to elevate what your company’s technology does and can do for you.
One of these tech solutions could be to build a strong e-commerce platform and experience. Another could be gathering data at a greater depth than ever before and using it to forecast demand or solve real-time problems.
Prepare for Changing Marijuana Industry Trends
When the cannabis industry changes quickly and unexpectedly, a flexible business model will help you meet the challenge. Reliable finance options like inventory financing will give you breathing space when you need it most. Speak to Bespoke Financial to discuss how our solutions could support your company’s plans.
