Finding the Sweet Spot: How to Manage Cannabis Stock for 30 Days
Efficient cannabis inventory management is critical for dispensaries aiming to balance supply and demand and maximize profits. Managing your cannabis stock with a 30-day supply offers the perfect balance between maintaining optimal stock levels and reducing the frequency of deliveries. By using this method, dispensaries can streamline operations, prevent aging products, and minimize the complexity of multiple vendor orders.
Why 30-59 Days is the Ideal Stock Range
A 30-59 days stock model provides several benefits for cannabis retailers looking to optimize their inventory management. Carrying enough stock for 30 days allows dispensaries to meet demand without risking product expiration or understocking. It also offers the added advantage of consolidating vendor deliveries, simplifying intake and logistics.
Key Benefits
Reduce Aging Inventory: Stock is kept within a 30-day window, ensuring that products are rotated regularly and sold before losing quality or potency.
Streamline Vendor Management: You only need to manage one delivery per vendor per month, reducing time spent coordinating with suppliers.
Improve Cash Flow: A monthly ordering cycle ensures your capital isn’t tied up in excessive stock, allowing you to maintain flexibility in other areas of your business.
Boost Operational Efficiency: By simplifying the logistics of frequent reordering, your staff can focus more on sales and customer service.
Best Practices for Managing Cannabis Inventory Over 30 Days
1. Leverage Cannabis Inventory Forecasting Software
Accurate demand forecasting is essential when managing a 30-day inventory. Using tools like FlyWheel’s cannabis inventory forecasting software enables dispensaries to predict stock requirements based on sales trends, ensuring optimal inventory levels throughout the month.
Key Forecasting Tools:
Sales Trend Analysis: Uses historical sales to project monthly demand, preventing understocking or overstocking.
Automated Stock Alerts: Receive alerts when stock reaches reorder points, ensuring timely vendor orders to maintain a 30-day supply.
Product Performance Tracking: Monitor which products are selling well and adjust your inventory orders to ensure you’re meeting demand without overloading on slower-moving products.
2. Utilize Cannabis Sales Performance Dashboards
A cannabis sales performance dashboard helps dispensaries analyze product performance and identify trends in real time. With FlyWheel’s analytics, you can track how products are selling and adjust orders accordingly to maintain stock for 30 days.
Actionable tip: Use FlyWheel’s reporting tools to analyze key metrics like sell-through rates, daily product sales, and remaining stock days. These insights help you fine-tune your monthly vendor orders and avoid overstocking or running low on high-demand products.
3. Consolidate Vendor Deliveries for Monthly Restocking
One of the key advantages of a 30-day stock model is the ability to consolidate vendor deliveries, which minimizes the logistical burden of multiple orders each month. By planning your inventory in 30-day cycles, you can order in bulk from each vendor and manage only one delivery per month
Strategies for Managing Vendor Deliveries
Negotiate With Vendors: Work with your suppliers to schedule consistent monthly deliveries that align with your sales data and stock projections.
Bulk Ordering Discounts: By ordering larger quantities once per month, you may be able to negotiate better rates or discounts from vendors.
Streamlined Receiving Process: With fewer deliveries, your team will have less ad-hoc deliveries that require time off the sales floor, and allow more for more careful and accurate intake.
4. Conduct Weekly Inventory Audits for Accuracy
Even with a 30-day inventory plan, regular audits are essential to ensure stock levels remain accurate throughout the month. Weekly audits provide a balance between monitoring inventory and reducing the workload on your team.
Audit Best Practices:
Establish Objective of the Inventory Audit: Set clear goals for the audit to evaluate inventory accuracy and improve processes. Ensure compliance with state regulations, verify records, prevent shrinkage, and confirm proper labeling and packaging.
Plan the Audit: Define the scope, locations, and time frame for the audit. Assign roles and responsibilities, and schedule the audit during times when inventory movement is halted, such as after hours or on weekdays when the store is less busy.
Conduct Physical Counts: Perform regular full counts and cycle counts to match actual inventory with recorded quantities. Ensure products are properly placed, entered into the POS, and note any discrepancies or damage.
Reconcile the Inventory: Compare the physical count to inventory records to identify and resolve discrepancies. Ensure the final numbers are accurate and reflected in the system.
Reporting & Follow-Up: Prepare a report detailing audits findings, observations, and recommendations. Share results with stakeholders, address any issues, and monitor compliance through future audits.
Interested in learning more about Cannabis Inventory Audit Best Practices? Check out our comprehensive Cannabis Inventory Management Guide
5. Use Data-Driven Insights for Inventory Optimization
A data-driven approach to inventory management is essential when maintaining a 30-day stock. Leveraging cannabis inventory control tools, such as FlyWheel’s cannabis inventory management software, allows dispensaries to make informed decisions based on detailed sales and product performance data.
Data-Driven Tips for Maintaining a 30-Day Supply:
ABC Analysis: Prioritize your inventory based on sales volume and profitability. High-demand items should make up the majority of your stock, while lower-demand items can be ordered in smaller quantities.
AI-Powered Forecasting: Use AI-driven reports to predict sales trends, helping you maintain the right stock levels and minimize excess inventory.
The Benefits of a 30-Day Cannabis Inventory Strategy
Implementing a 30-day stock management model allows cannabis retailers to enjoy several key benefits:
Reduced Logistical Complexity: Only needing to coordinate one vendor delivery per month cuts down on time spent managing supply chain operations.
Less Waste: With a 30-day stock cycle, products are sold before they degrade in quality, reducing the need to discount aging stock.
Improved Cash Flow: By ordering the right amount of stock to last a month, you avoid tying up too much capital in inventory.
Greater Focus on Customer Experience: Fewer inventory tasks allow your team to focus more on engaging with customers and improving sales.
Ready, Set, Stock!
Managing cannabis stock for 30 days offers dispensaries a powerful way to streamline operations, reduce aging inventory, and optimize vendor management. By leveraging tools like FlyWheel’s cannabis analytics and inventory management software, dispensaries can take control of their inventory, reduce the need for frequent reorders, and maintain a consistent stock flow. With data-driven insights and efficient vendor coordination, dispensaries can focus on what matters most – delivering high-quality products and a great customer experience.
Start optimizing your cannabis inventory today with FlyWheel
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