There comes a time for any business owner when you realize your ambition will only get you so far. In the cannabis industry, in particular, there are uncharted waters around every corner and it takes a team of experts – each bringing added value in their own area of specialization – to successfully steer the ship to the top. ‘goal.
As the leader of your business, it is your responsibility to choose the team members who will lead you there successfully, efficiently and creatively so that you can stand out from the crowd and reap the rewards as a team.
So how do you find these team members? And how do you ensure that the people you choose are the most qualified to contribute to the success of your business?
One option is to recruit, vet, and hire your own team. However, it’s by far the least effective due to the significant time commitment required and, simultaneously, the most risky because you’re taking people at their word during the vetting and hiring processes.
Alternatively, many forward-thinking cannabis businesses choose to work with a consulting firm as a single, trusted resource for advice, industry knowledge, specialist expertise, personnel, and more.
But what is a consulting firm? And what factors should you consider in order to find the right consulting firm to take your cannabis business forward?
What a consultant is not
Choosing a consulting firm is not a decision to be taken lightly. You trust other people to provide you with information and direction; you entrust another established company with the success of your own fledgling business; and you use your hard-earned dollars to indicate that trust.
At Higher Yields Consulting, we don’t take the importance of this gesture for granted. We respect your efforts to reach this milestone and look forward to seeing you through to the end. That’s why we want to make sure that when shopping for a consulting company, you know what to look for.
A consulting firm is not…
- Youtube — Your business is unique. Be wary of implementing advice from a source that is unaware of your unique business, model, and goals.
- cookie cutter — No state has the same cannabis laws, no municipality needs the same strategy, and no two companies are alike in the cannabis industry. Avoid model services that treat you and your business the same.
- New – The truth is, you want a consulting firm with a proven track record of growing cannabis businesses with creative and innovative strategies.
- Multidisciplinary — The cannabis industry is unique and requires in-depth knowledge of the complexities that cannabis businesses face. Avoid working with consulting firms that cater to several different industries. Instead, choose a consulting firm that specializes exclusively in cannabis.
Above all, trust your instincts. The best consulting firm to help you grow and succeed is probably not the cheapest, yet it should be the most knowledgeable, versatile, and committed to helping you achieve your goals.
What to look for in a consulting firm
Good consultants know what they do best and have processes in place to get to the root of what you need and how to get there. Yet they are also ready to adapt and deploy flexible solutions depending on the situation.
They also engage in a relationship of honesty because they know that hiding or minimizing the truth about the challenges ahead will not benefit you or your advancement in any way.
Good consultants know that success in the cannabis industry is all about maximizing resources and efficiency. The company you choose should be experts in mitigating risk and maximizing investment.
At every step of the process, your consulting partners should help you reach your end goal. They should have knowledge and connections throughout the supply chain, and they will give you access to multiple resources to fill gaps in your business.
Above all, great cannabis consultants have extensive experience in several different cannabis businesses, including vertically integrated businesses and multi-state operators, and should have a proven pattern of success – not just a one-time win. Yet at the same time, they should be able to provide you with customized solutions rather than the cookie-cutter solutions they’ve rolled out with past clients.
Ultimately, your consulting partner should be invested in your success and engaged in co-creative action. At Higher Yields Consulting, we take a phased approach to build each solid layer on top of another solid layer, while maximizing your budget and timeline, so you can create the business and impact of your dreams.
The power of a pre-qualified team
If you’re considering working with a consulting firm, you’re probably considering a few potential options that vary in size. Many solo consultants pride themselves on being a one-stop-shop for cannabis businesses to rely on, but the truth is, there are far too many layers of the cannabis industry for just one person to be an expert. in all.
Frankly, if you’ve been burned working with consultants in the past, it’s probably because the person(s) you trusted tried to be experts in too many areas. As the old saying goes, “A jack of all trades is a master of none.”
Instead, look for a consulting firm made up of a team of individuals who are each experts in their own way. Consider the areas of your business that you know you will need help with – such as culture, design, marketing and branding, and more – and ask which member of the consulting team is at the head of each domain and why.
Also, beware of a consulting firm that assumes it knows everything there is to know. On the contrary, a consulting firm that has your best interests at heart will adopt a stance of learning and constantly improving its expertise in this ever-changing industry.
For example, at Higher Yields Consulting, we see ourselves as a learning organization. We have our proven processes and track record of success across countless unique businesses, stages and license types, but we also know that there is always more to learn and new opportunities are always emerging in this industry.
We believe in the cannabis industry and therefore immerse ourselves as deeply as possible in all aspects. We contribute to the development of legislation in emerging markets. In established markets, we attend city council meetings, engage in lobbying efforts, and actively connect with the people who have the power to further shape the trajectory of our industry.
If you would like to learn more about Higher Yields Consulting and how we can help your cannabis business achieve higher yields, book a discovery call with us today!