Where Do I Invest In My Cannabiz?
Part 1 of 2
By: John Jacobs, Business Development Representative, BioTrackTHC
Having been around the cannabiz for a number of years in one form or another, one major thing I’ve noticed is that there are so many companies offering ancillary services within the space. Whether it’s cashless payment solutions, marketing tools, compliance tech, or a range of other cannabis software tools and technology, people in this industry are faced with partnership decisions that will affect the success of your business going forward. So where do you even start to decide who to work with? Every company’s needs are different, so it’s important to consider a couple factors to make sure you find tools that work for your business.
- How well do my company’s values and goals align with those of my potential partner?
Whether or not both parties have skin in the game, you need to make sure that the tools are in place for both partners to benefit mutually, and for the right reasons. What’s their long-term goal as a company? Are they here for the long-haul or are they in this to get rich quick and get out? The answer to those two questions will help you determine if their roadmap is intended to benefit you (the customer) or some other agenda. In cannabis, the difference in mindset between “you are working for me” vs “we are working together” is critical. The success of your business and our industry at-large relies on the collaboration and close attention to detail from everyone involved, so beware of absentee “partners”.
- Is my potential partner a proven and established entity with a good track record?
People want to make thoughtful decisions and sound investments. If you’re committing to spending a significant portion of your budget, then you expect to see a return on that investment. Do you want to invest in proven, battle-tested partnerships, or can you and your organization be tolerable to initial volatility, hoping for eventual stability and consistency?
Partnering with newcomers claiming innovative solutions can be very exciting and hold massive potential, but the downside needs to be considered as well. Have you ever bought a bad stock? Imagine watching it fall steadily for months while hoping it will skyrocket, then, one day, you realize it’s best to just cut your losses and look elsewhere. Understanding the variables of this situation is important when deciding who to partner with.
I hope to be fortunate enough to be in this industry for the long-haul. That’s why my philosophy as a sales rep is to make sure my customers find success and that means holding their hand a little bit along the way. Not everyone is a perfect partner, so it’s important you do your research and find what fits best for your business. Give me a call if you want to find out whether BioTrack is a good fit for yours!
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