Not to steer too far from cannabis accounting, let’s talk about assets. Assets are generally thought of as land, buildings, equipment, inventory, usually something you purchased or leased. Assets make a huge contribution to the success of your canna business and without them, you wouldn’t be in business. So what’s your most valuable asset? It’s likely your staff.
How can staff members be our most valuable asset? Everyone is replaceable right? Well, everyone is replaceable but at what cost? How much time and money do you spend on hiring? Running ads, reviewing resumes, interviewing, running background checks are all costly. Then when you get them on board, how much time do you spend training to where they can actually be productive?
In theory, it shouldn’t be too difficult to find people who want to work in the cannabis industry. It’s exciting and new for both staff and customers, people want to be a part of it. No doubt many people want in because they are counting on perks in the form of discounted or free inventory. Be very careful with this; for one thing it may be illegal (I’m not an attorney) and for another, you are giving away profits.
So that your time and money is not wasted hiring people who won’t be successful in your operations, do a good job of vetting all potential hires. Take time to interview them privately and be cognizant of what you can and cannot ask. Check references. Once you’ve made your decision and your person is on board, be sure they are trained properly and support them as they progress through your organization.
I’ve had a lot of success in retaining good employees over the years, some have followed me through several career changes. The secret to my success? I set a good example by working hard and having fun. More on that in future blogs…