How you handle your inventory is what makes your business a success. In the cannabis industry, this can be a little more difficult due to the valuable nature of your products. Here are some of the methods that you can practice that will help you with the management process.
Stock Your Commodities
Stock your shelves with the items that you know will sell well. This will prevent less popular items from taking up space on your shelves and working to reduce your profit margins. Keep your more valuable commodities placed closer to the register. This will allow you to keep a better eye on it. Another benefit is that you may be able to sell more of it for those that aren’t sure about the product that they want to sample.
Use Electronic Aids
Tracking your inventory and reordering on a timely basis can eat up a lot of your efforts. Using dispensary POS software to manage product inventory could help you with this task. This is because you would have an electronic record of the items that have been sold and track when your stock needs to be replenished. Using this type of system cuts down on the amount of time that you need to spend doing physical inventory counts.
Employ Protection Means
As with any type of valuable merchandise, you don’t want to have the entirety of your inventory sitting on your shelves. Keep out what you think that you can sell in one day and have the rest locked up. This will help to protect your inventory in the event of a robbery. At the end of the work day, consider relocating all of your inventory into a more secure area of your dispensary. Another thing to consider is lighting and adding in security doors to help with the protection of your inventory.
Practice FIFO
One of the most basic principles when it comes to managing inventory is practicing the First in First out (FIFO) protocol. This is where your oldest inventory is sold first so that it doesn’t have a chance to lose it efficacy. Stock your shelves in such a manner as to promote this style of sales. Your inventory is valuable, and you don’t want to lose out on the opportunity to sell it at your cannabis dispensary.
Employ some of the same strategies that other high end retailers use for their inventory management. Use these tips so that you can manage your valuable inventory at your cannabis dispensary worry-free.