5 Tips for Growing Your Cannabis Business Team
By: Annie Kiely
If you’re ready to expand your cannabiz, you’ll need the support of an excellent team.
No matter how dedicated you are to your work, successful expansion requires talented help. No one can do it all alone. Well, at least not successfully anyway.
Cannabis consumption and acceptance are at an all-time high. Now is the time to take advantage of a growing industry. Many start-ups and small cannabis businesses get themselves into trouble by expanding too aggressively and growing their teams to unsustainable sizes.
It can be difficult to strike a balance between being understaffed and expanding beyond your means.
Many of these challenges can be overcome with strategic planning.
We’ve put together five tips to help you put together a powerful cannabis business team.
#1 Develop a serious business plan
If you’re planning to guide a growing team to success, you’ll need to get a comprehensive business plan in place.
You cannot make reasonable and informed decisions if you’re constantly on edge and responding to emerging crises.
Too many startups fail because they overlook the importance of a realistic business plan. But taking the time to write a business plan has serious benefits.
To survive in this challenging industry, you need to know where you are, where you want to be, and how you're going to get there. Your business plan will act as your roadmap. A good cannabis business plan outlines exactly how you plan on achieving your goals. It also indicates who is going to help you.
Before even writing a single job listing, refer to your business plan. It is your guidebook to growing your company successfully.
#2 Be realistic about how much help you need and how much help you can afford
It's challenging to find the right balance between how much help you need, and how much you can afford.
The reality for most cannabis business owners is that they put in long hours as the business begins to grow.
However, entrepreneurs must strike a balance.
Having too much on your plate does not set you up for success. You are more likely to suffer from burnout, forget things, and miss out on important opportunities - simply because you are spread too thin.
Carefully writing a business plan will help you be realistic about what skills you need from your new team, and how many teammates you can realistically afford to employ.
#3 Get a great HR Program in place for existing employees
Even if you are currently working with a small staff, you need to create a professional working environment.
As a business owner, it is your responsibility to take care of your workers. Providing employee benefits, compensating contributions fairly, and providing positive encouragement will help you build the right team.
When it comes to hiring, don't forget your own employees can be your best advocates in attracting excellent and dedicated talent.
One thing to keep in mind is that with a growing industry comes a growing number of professionals, many of who have options to move throughout the industry as things heat up.
To prevent losing out on the best talent to your competition, prioritize your people. Your team is the backbone of your business.
#4 Attend industry events
Attending industry events can boost your knowledge and your network. You never know who you may meet. It be could someone who transforms your business for the better.
As the cannabis industry expands, you can expect even more people attending industry events. A personal connection is imperative in the hiring process.
Making a point to go to an event in your area could lead to a new business partner or team member.
#5 clearly define Team Roles
While you need a variety of skill sets for your team, employees must be clear on what their roles are.
Overburdening employees with too many tasks at once is efficient. Not to mention stressful. A strong team has clearly defined role descriptions.
If you want your cannabis business team to be successful, people need to know what is expected of them.
This goes back to your business plan. Do no try to wing it when it comes to hiring. Before seeking candidates, you need to have clear job descriptions and duties. Otherwise, you risk setting your business up for failure.
Establish clear team roles to build a successful team.
The cannabis industry is growing fast. Anyone getting in on the ground floor will eventually need team members. Taking advantage of opportunities for expansion now will position you for success in the long run.
Preparing to hire the best and the brightest team members will give you the edge you need to keep growing, even when competition emerges.
AUTHOR: ANNIE KIELY
Annie Kiely is a freelance writer, editor and researcher who lives in the 'burbs of Toronto with her partner and too many pets. Annie is an advocate for wellness, mental health support and literacy, and spent many years working in the charitable sector. In the past few years, she has built a successful freelance business conducting research and writing services for cannabis businesses all over the world.