How Cannabis Retail Store Owners Use Technology to Cut Costs
BY
Dalia Holmes
As a cannabis retail store owner, you need to constantly stay up to date on the latest information, guidelines, and regulations. But what about technology?
In an industry that is expanding lightning fast, saving a little bit here and there can really add up. And building back end systems that are scaleable is a must.
The beautiful thing about living life during the internet of things era is that business owners can leverage technology to save not only time, but money.
This is how thousands of cannabis retail store owners are saving money by leveraging technology.
1 - Utilizing time tracking software, with facial recognition technology.
Nothing says, "We're living in the future," like facial recognition technology.
But in all seriousness - in order to run a smooth and efficient business, you want to make sure your set schedules are followed, and that you’re only paying employees for the time they actually worked.
Time theft or “buddy punching” (occurring when one employee clocks in for another before they arrive) represent a major threats to cannabis retail owners bottom line. Time tracking technology also saves business owners in potential liability costs, let me explain.
The cannabis industry is heavily regulated; and staff are required to have licenses, be of age, and answer waivers from time to time. With time tracking tech that uses facial recognition - the store owner has the option to enable features that gather that important legal data. Saving money on buddy punching, and a potential lawsuit down the road.
2 - By leveraging integrated systems.
Technology is a common language, and the beauty of that is that different software systems are now able to integrate together, giving business owners transparency like never before.
As a cannabis retail store owner, investing in a POS system that integrates with your back end HR, payroll, and workforce management system saves you hours in every area of your business.
Information is streamlined from one location to the other, and sales data is pulled and shared.
If you had to choose one item to save you the most money, it should be an integrated system. Speaking of integrations..
3 - Software with built in alerts.
Staying up to date on regulations and compliance rules can be complicated and time-consuming, especially in an industry that’s as heavily regulated as cannabis.
An integrated POS and scheduling solution allows you to keep a close eye on break violations, overtime, split shift premiums, daily minimum pay requirements, statutory holiday pay, and other labor compliance issues.
By using an integrated system, you can set customized alarms that will keep you informed, and help ensure you’re operating in compliance with all relevant labor laws, keeping you fine-free and fancy free.
Give yourself a break, and let software keep an eye on your business metrics so you don't have to.
4 - Making scheduling decisions based on data.
With integrated scheduling technology, you have the opportunity to pull historical scheduling vs sales data from your integrated system, and basically become a scheduling magician. Tada!
You can learn how busy certain days were for sales, and predict how many budtenders and cannabusiness staff you should schedule for the same day the following year.
Additionally, automating sales forecasting, and giving you the information you need to make smart scheduling decisions, allows you to save money from overstaffing. While also ensuring you have enough staff to sell product on the busy days.
These factors have a major impact on the success and profitability of your cannabis retail store business, remember, every penny counts.
5 - By running payroll in minutes.
Imagine this, a software that integrates your employees' schedule information, clock in's and overtime pay in one swift swoop, leaving payroll two clicks from finished at all times.
In other words, software that automates the process of calculating hourly pay, stat holiday pay, premium pay like overtime, and federal and provincial or state taxes saves you tens hours of work and potentially thousands of dollars.
By automating the process of running payroll by funnelling it through your time tracking and scheduling software - you eliminate the need for manual calculations, which always involves the risk of human error.
Think of how much you could re-invest into the expansion of your business with all that extra time on your hands.
6 - Running real-time reports.
You can’t make smart business and scheduling decisions if you don’t have accurate, up-to-date information.
Using an integrated solution to deliver timely, comprehensive, labor and sales reports will save you valuable time and money, and help you reduce labor costs.
You can also set up notifications, emails, or text alerts for key performance indicators such as labor or sales percentages exceeding a certain threshold.
This automated reporting helps you stay in-the-know without spending hours on end manually crunching numbers.
In closing.
When you invest in technology for your cannabis retail store, you invest in a solution that will make your life easier and more simple. Saving you from running the risk of making manual mistakes, inconsistencies, and potentially hours of sifting through data trying to figure out what went wrong.
KayaPush is designed to integrate seamlessly with your POS system, allowing you to easily pull in transactions, run payroll, and schedule employees in one simple and easy-to-access location. With seamless integration, convenient channels of communication, and automation that works for you, you can spend less time crunching numbers, and more time making decisions and investing in your business.
