If you’re preparing to launch your retail cannabis venture and are looking to recruit qualified employees, download our free job description template for cannabis dispensaries. Looking to Build Your Cannabis Retail Dream Team? This responsibility should ultimately fall to the inventory manager. Think about it - it’s much easier to maintain accurate inventory counts and know exactly how much product you have on hand when your storage area is clean, tidy and organized. One of the quickest ways to find yourself facing an inventory discrepancy is by having a backroom or storage space in disarray. Maintain an organized vault/inventory storage space. Merchandising refers to how you actually set up the products you’re selling within the physical store, and there’s plenty of consumer psychology studies to show that it does, in fact, have an impact on sales. Develop and implement a product merchandising strategy.Īlong with maintaining a diverse selection of products to cater to your various customer segments, the inventory manager should oversee your cannabis retail store’s merchandising strategy. Your inventory manager should also keep an eye on other potential suppliers who may be able to service your business at a better cost. This means that he or she should be able to maintain a working relationship with suppliers and deal with any issues or complications that arise. The inventory manager also handles product orders and typically works very closely with suppliers and distributors. Coordinate product orders based on projected needs. This way, you can keep a diverse stock that includes top-selling favorites and standbys as well as new and trending products. This person also needs to keep abreast of cannabis retail trends as well as coordinate with budtenders and front-line associates to understand what their customers are buying and what they want to see more of in the store. The role of the cannabis inventory manager isn’t all doom and gloom. If you inadvertently report a discrepancy to the state or you get audited and an inspector find your inventory counts off, you could find yourself in serious hot water. As a cannabis retailer, your inventory needs to be reconciled daily to ensure that there are no discrepancies and that all sales, receipts, returns and disposals are properly documented and reported to the appropriate state agency. Perform daily, monthly and yearly inventory audits and reconciliations.Īs we’ve already mentioned, performing inventory audits and reconciliations is perhaps the most critical task your inventory manager will undertake.
Today, we’re going to take a look at five of the most important responsibilities your inventory manager will be tasked with. 5 Key Responsibilities of a Cannabis Retail Inventory Manager The fact is that in our industry, product loss or diversion can lead to a compliance infraction, which could land you a fine or, in some instances, the loss of your cannabis operator license. In cannabis retail, the inventory manager does the exact same thing - except that the potential consequences for unreconciled inventory are far greater. He or she must also perform inventory counts and reconciliationsto make sure the product on hand lines up with the store’s transaction data. In traditional retail, the inventory manager must ensure that there is enough merchandise on hand to meet customer demand, but not so much that there’s overstock, which can create cash flow and storage issues. In fact, proper inventory management is absolutely crucial to the success of a retail cannabis operation.
INVENTORY MANAGER RECRUITING LICENSE
If you’re considering applying for a retail cannabis license or have already started the process, you’re going to want to allocate some time to recruiting qualified employees and staffing your operation.īecause cannabis retail is, in fact, retail, you’ll need to fill traditional managerial and staff roles like general manager, store manager, shift supervisor, and sales associate, which in cannabis is typically referred to as “budtender.” You’ll also need to hire a manager who is dedicated solely to inventory, just as you would in other retail operations.īut even though the role of inventory manager is not new or unique to the cannabis sector, the truth is that it plays a much more significant role in our industry than it does in many others.
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