Running a cannabis retail store can be an expensive operation, so it pays to understand how you can save on costs, and keep more in your pocket.
In this article, we will explore five ways cannabis retail store owners can prevent unnecessary drains on capital, and run a more profitable operation by leveraging technology.
1 – By protecting against time theft
One of the biggest financial drains on dispensaries is paying for unworked or unscheduled staff hours. This means paying employees even when they are not contributing time or resources to the growth of the business. Let’s call it what it is—time theft.
Think about it, if an employee clocks in early, or out late, these unscheduled minutes can turn into hours, costing business owners thousands of dollars over time. The good news is that you can safeguard your dispensary from time theft with facial recognition software and automated clock approvals. This means you only approve and pay employees for scheduled hours, regardless of what time they decide to punch out that day.
Systems like this help your business in two ways. First, they give you an added level of compliance, as your staff have to confirm their identity via facial recognition and aren’t able to buddy punch for others. Second, they eliminate unworked staff hours, saving you unnecessary expenditure while promoting employee productivity.
2 – By using employee self-serve systems
Another way dispensary owners can increase profits is to decrease time spent on trivial work, allowing them to do the more impactful work that generates profit. This can be done through the use of employee self-serve systems.
Employee self-service (ESS) is an HR technology that enables employees to perform many workforce-related demands such as updating personal information, applying for reimbursement, and accessing company benefits information. The technological methods of doing these tasks, which were previously paper-based, spare business extra cost.
An employee self-serve system is beneficial for the following reasons:
- Cost reduction: With ESS, businesses reduce the cost of running the company by cutting out the printing of papers and memos. These self-serve systems save your business considerable time and resources that would otherwise be used to access and update employee data. Every employee can access necessary data and information on the go.
- Administrative efficiency: Handling staff questions and complaints more efficiently and directly reduces the administrative load. ESS reduces routine administration, improves the work environment, and saves money on costs.
- Personal effectiveness: Employees onboarding themselves, using mobile apps to request schedule changes, and full access to critical personal documents and communication sections save time and labor. With ESS, employees can access and make changes to their personal data, access payroll and get information about their benefits.
- Overall staff improvement: Once proper synergy is attained between various business departments, productivity levels will automatically increase.
- Information accuracy: When working with intermediaries, vital information can get lost or altered. You can bypass the stress that comes with false or duplicate documents by using ESS technology. When information is retrieved from the main source, there is less room for the kind of error that can cost businesses time and money.
3 – By digitizing employee documents and renewals
Digitalization is not only beneficial to the employer, it is also essential for dispensaries to thrive and grow. Having a digital copy of employment letters, staff records, staff agreements, licenses and general documentation is a valuable resource for business owners.
Using these tools not only reduces the time and cost spent doing paperwork, one of the pet peeves of HR departments, it also makes for easy access and alterations helping business owners ensure their employee licensees are being kept up to date.
4 – By leveraging automated technology
Leveraging automated technology in your dispensary can help save business owners from working on monotonous and repetitive tasks.
This is true because automated technology allows you to focus on doing productive work while it eliminates the need for manual control over repetitive tasks.
For example: Automating your time clocks will save you from paying for unworked hours. Automating your schedules will help you make smarter scheduling decisions, and automating your payroll calculations, or streamlining staff approved hours to payroll, will save you thousands of hours when running payroll.
5 – Integrations for transparency
Integrated software gives business owners the ability to measure and compare metrics by using reports, such as labor vs sales data. It also allows dispensary owners who manage multiple locations to do so from one place.
Using this type of technology will help business owners monitor growth, and observe ways of improving the business while increasing earnings.
Some critical advantages of integrations include:
- More reliable data: A small set of unreliable data could cost your company a lot. Integration proffers accurate data across several facets, giving you a workable tool to scale your business.
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- Increased sales potential: The better the data, the better the structure and output. And the more the output, the more sales are made.
- Increased sales potential: The better the data, the better the structure and output. And the more the output, the more sales are made.
- Less time spent on administrative tasks: Technology that is integrated, like technology that is automated is guaranteed to save you time.
Integrating software is a powerful way to save time and money by having data at hand. By using workforce management and payroll that integrates with your dispensary POS software you can easily manage your entire operation.
Conclusion.
Starting a dispensary is tough, but with a keen understanding of how to leverage technology to run your operation, it doesn’t have to be!
The post 5 Clever Ways Dispensaries Use Technology to Save Money appeared first on Cannabis Business Executive – Cannabis and Marijuana industry news.
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