Planning a Cannabis Company in 2021
Planning a cannabis company takes time and detail, but the outcome is most definitely worth it. Our marijuana consultants at Quantum 9 are always adapting to the changes in business planning.
According to Forbes, conducting a successful company change requires a certain amount of foresight and the ability to deal with problems as they surface. Michael Mayes, our CEO, and member of the Forbes Business Council offers some advice for when your business needs to make necessary changes.
You need to be ready for changes when planning a cannabis company. Here are some tips so you can be ready for any change within your company.
Planning a Cannabis Company and Profitability
According to a member of the Forbes Business Council, there are three key elements you need to keep in mind when trying to achieve profitability within your company. This is especially important when planning a new cannabis company, so our marijuana consultants always keep these elements in mind. With that, the three elements include: how your new model aligns to the strategy, whether it can be a long-term model during the pandemic (with cannabis businesses, it’s promising), and how the firm’s current capabilities can support the new model. For more information on how you can plan a cannabis business, contact our marijuana consultants.
Be Ready for Staff Cuttings when Planning a Business
During the pandemic, you have to ready for anything. A big challenge for many businesses is keeping and cutting staff. Michael Mayes states that making necessary cuts to save the company is the mature thing to do. In addition, he advises moving staff to 1099 employees and bill hours as needed. This is a good middle-road solution for both employees and the company.
All in all, planning a cannabis company during a pandemic is a challenge. With that, our marijuana consultants at Quantum 9 are eager to help entrepreneurs create successful cannabis businesses. Finally, during the pandemic, cannabis may be the answer as it is a business of high-demand.