Building a Thriving Team in a Regulated Cannabis Market: Insights and Strategies
It's no secret that operating and working in the cannabis industry can be challenging for most everyone who is involved on some level. Having the right team and support is crucial in handling the normal day-to-day curveballs.
In an industry where regulations, market conditions, and consumer preferences are in constant flux, building a strong team is paramount. The success and longevity of any cannabis business depend heavily on effective team dynamics, clear communication, and adaptability.
Understanding Business Failure in Cannabis
According to the US Bureau of Labor, around 20% of new businesses fail within the first two years, and only 25% make it past 15 years. The cannabis sector is no exception, facing unique hurdles such as ineffective business planning, cash flow issues, lack of experience, poor management, and compliance failures. Each of these obstacles can profoundly impact business outcomes.
Running a regulated cannabis business involves constantly adapting to changes, be it evolving laws or market conditions. Keeping compliance as a top priority and not cutting corners is vital for survival and growth in this stringent industry.
Building a Successful Team
- Define Your Mission: Establish a mission that resonates with your team and customers. It's crucial to have a purpose that aligns with personal stories or broader industry goals.
- Set Goals and Milestones: Encourage a goal-oriented environment where achievements are celebrated. This fosters motivation and continuous improvement among team members.
- Clarify Roles and Responsibilities: Clearly define the functions within your company, from executive levels to ground operations. Each role should be well-communicated, ensuring everyone knows their responsibilities.
- Establish Ground Rules: Set boundaries and communication protocols to maintain efficiency and order within your team. This reduces misunderstandings and promotes a cohesive work environment.
- Decision Making: Outline decision-making processes and ensure that all relevant staff members are involved. Frequent and clear communication about decisions aids transparency and cohesiveness.
- Accountability: Create a culture of accountability, ensuring all team members are held to the same standards and corrective actions are taken when necessary. This contributes to a healthier work environment.
Onboarding and Continuous Training
New hires should be thoroughly introduced to the company's mission, communication practices, and overall expectations beyond just technical training. This approach fosters a sense of belonging and understanding of company goals among employees.
Building the right team isn't just about filling positions, but rather about creating a dynamic and resilient workforce that is prepared to face the unique challenges of the cannabis industry. Your involvement and dedication to team development can make a significant difference, driving the success and sustainability of your business in this competitive market.
ICS Consulting specializes in Compliance based services, such as Third-Party State Regulatory Audits, State and Local License Application Support, Technical Writing, Standard Operating Procedures Development, Worker Safety, QMS, OSHA Compliance, Metrc Seed-to-Sale Support, Compliance Operations Training, Employee Retention Solutions, and Employee Onboarding. For more information on how ICS Consulting Service can help your Cannabis Business, book a 30-minute discovery call and we'll help you map out your next steps to be successful in the Regulated Cannabis Industry.
