As a dispensary owner, you know that 4/20 is one of the busiest days of the year. It’s a day when cannabis enthusiasts come out in droves to celebrate and stock up on their favorite products. To ensure that your dispensary is ready for the rush, here are some tips to follow.
Conduct a Comprehensive Inventory Check
The first and most important step in preparing for the 4/20 rush is to conduct a thorough inventory check. Physically count all of your products and compare the numbers to your current inventory records.
This will help you identify any discrepancies and give you a better understanding of what products you have on hand.
Appature makes it incredibly easy to prepare for and perform audits. Our “Active inventory” report makes it easy to find all packages by license, location, or product type. The “Room audit” report will quickly show you everything, including plants and harvests, that are in any location. Simply filter each report, click the “CSV” button to get an excel file, and hand it off to your team to perform the audit, ensuring accuracy and saving time.
Analyze Your Sales Data
Review your sales data from the previous year’s 4/20, as well as any other busy periods, to get an idea of which products were the most popular.
Use this information to ensure that you have enough of these products in stock. Knowing which products are likely to sell out quickly will help you prioritize your purchasing and avoid stockouts.
Using retail reports like Sales by Month by Category, you can review the lead up, day of, and post sales trends of all product types, locations, and even customer trends.
Create a 4/20 Product List
Based on your sales data and inventory count, create a list of products to focus on for 4/20.
This will help you prioritize your purchasing and ensure that you have enough stock on hand for the busiest day of the year. Focus on products that have been popular in the past and consider introducing new products that you think will be in high demand.
Retail turnover by subcategory reports reveal which product categories are the most popular, and retail turnover by item tells you which individual items are your recent best sellers. Using this, you can make sure you have plenty of the most popular products, along with a variety of options for the category of products people want most.
Consider Offering Pre-Orders
If you have a loyal customer base, consider offering pre-orders to help manage the rush.
This will allow your customers to place their orders ahead of time, and you can prepare their orders in advance. This will also help you manage your inventory more effectively and avoid stockouts.
Set a Purchasing Budget
Determine how much you can afford to spend on inventory for 4/20. This will help you avoid overspending and ensure that you have enough cash flow to cover other expenses. Keep in mind that the cost of goods may be higher during the 4/20 season due to increased demand, so it’s important to budget accordingly.
Communicate with Your Suppliers
Reach out to your suppliers and let them know that you are preparing for the 4/20 rush. Ask them about their inventory levels and lead times, and place any necessary orders well in advance to avoid any potential supply chain issues. Maintaining a good relationship with your suppliers can help you get the products you need on time and at a fair price.
Train Your Staff
Make sure that your staff is trained and prepared to handle the increased traffic that you are likely to experience. This includes having enough staff on hand, ensuring that they are familiar with your inventory and pricing, and providing them with any necessary training to help them handle the rush. Having a well-trained and efficient staff can help you provide excellent customer service and increase your sales.
Prepare for Delivery Delays
Keep in mind that delivery times may be longer than usual due to increased demand during the 4/20 season. Consider placing your orders well in advance to avoid delays and ensure that your inventory arrives on time. This will also help you avoid any potential stockouts and ensure that you have the products you need to meet the demand.
Rock and roll!
Get ready to rock and roll for the 4/20 season! With a little bit of foresight and some smart planning, you can make sure your dispensary is fully stocked, staffed, and prepared for the big day. From counting your inventory to analyzing your sales data, offering pre-orders, and training your staff, these tips will help you stay on top of your game and get ahead of the competition. To learn more about Appature and how we can help you leverages your data to take the guesswork out of running your cannabis business, schedule a demo today.
Happy reporting.
