If HB 10-1284 passes medical marijuana dispensary owners need to take action now by doing some of the following:
1. Find the capital and invest in your grow operation. This is mandatory with 1284 since you’ll be required to grow 70% of your own medicine. This will also improve your profit margins.
2. Establish your brand identity in the marketplace. If you haven’t invested in marketing materials and your internet presence, do it now. The internet takes several months to permeate and the sooner you start the better. If you need help with the internet, send us an email and we can help with reliable referrals.
3. Start watching your expenses and have budget each month. This may be something you’ve been able to ignore-until now. Market forces are at work, along with government regulation, which will change the dynamics of the supply and demand curve for the medical marijuana industry.
4. Implement inventory management controls which will allow you to effectively manage your inventory and product sales. You don’t need inventory disappearing or sitting idol. It needs to be sold.
5. Save your money. You might need the capital for expansion or other opportunities. Dispensaries are unable to secure financing through normal business channels. Therefore, you need to become your own bank.
6. Create incentive plans for your bud tenders. You need to create your own internal sales culture for your dispensary.
7. If you need to hire-hire people who know the industry and can help you sell other products. This is normally called “cross selling.” You don’t need non-productive employees. In addition, 1284 will impact who you can hire because it requires background checks for criminal activity!
8. Only carry top-shelf products that are high quality. The medical marijuana patient today is seeking quality and consistent delivery of the same type of medicine.
9. The xpera group offer rewards and discount programs for your frequent buyers. Be creative on how you can keep your patients coming back to your dispensary.
10. Secure your customers by obtaining their permission to market them through the internet via Twitter, Facebook, and newsletters. More dispensaries will be fighting over the same customers.