Before you pop the champagne (or, in my case, spark the bowl) on New Year’s Eve, don’t forget to tie up any remaining loose ends with your business. Unfinished tasks could cost you thousands if left dangling for too long, so start the New Year off right by taking care of any unresolved issues before January 1st.
Inventory Reality Check
Whether you typically take inventory quarterly, yearly, or sporadically, it’s always useful to make some time before the end of the year for a quick inventory reality check. Start by auditing slow-movers and bestsellers—you don’t want to rely on your memory here.
Next, flag anything that is expired, seasonal, or otherwise unsellable. There’s no need for these products to take up space on your shelves and counters if you can’t do anything with them.
You can also use this time to begin preparing for January returns or drafting credit requests for vendors. Taking care of these tasks at the end of the year can help your entire team ease back into the workplace following their New Year celebrations.
“I found $4,000 worth of stale kratom I didn’t even know we had. That’s on me.” — Shop manager, Janey Oakley, Ohio
Insurance & Compliance
The end of the year is a great time to review your insurance coverage, too. Not only do you want to renew your policy in time, if necessary, but you’ll want to report any significant changes in your business, such as revenue or headcount, to ensure that your premiums are up-to-date. If you carry items like THCA, D9, or other hemp-derived cannabinoids, it’s also important to ensure that you’re covered in case of a seizure.
Don’t forget to double-check any applicable licenses you may have. This includes local and state credentials, cannabis resale licenses for dispensaries, retail tobacco licenses for vapes, and others. Failure to renew these documents could result in fines and, in some cases, more serious legal repercussions.
“If you think compliance is expensive, try non-compliance.” — Paul McNulty, former U.S. Deputy Attorney General
End-of-Year Staffing Moves
Take some time to review employees’ hours, responsibilities, and holiday schedules. If possible, let go of problem employees before the holiday rush. Issues with attendance, attitude, and quality of work will only get worse during the chaos of Christmas and the New Year, so it’s best to nip these problems in the bud sooner rather than later.
Consider distributing year-end bonuses or gift cards as a way of rewarding your most loyal employees. Even a small token of gratitude can have a big impact on the morale of your staff—especially at this time of year.
Digital Hygiene
You can use the end of the year to improve your digital hygiene, too. Start by backing up your point-of-sale (POS) system, especially if you haven’t done so in a while. If your data does become corrupted, you’ll be able to restore the data from this backup in a quick and efficient manner.
Since you’re already focused on your POS system, it’s a good idea to begin exporting data—such as customer lists and sales figures—to begin planning your Q1 strategy. Taking care of these tasks now gives you a head start once you do enter the planning phase.
Make sure to change any system passwords and remove any user accounts that are no longer needed. For best results, use strong passwords that contain a combination of upper and lowercase letters, numbers, and special characters.
“Cybersecurity isn’t just about technology; it’s also about processes, people, and governance.” – Intelligence and national security executive, Washington, D.C.
Physical Security Gaps
Finally, you’ll want to address any physical security gaps you may have. Test your alarm system and ensure all cameras are in working order. If you’re worried about holiday break-ins, consider implementing timed lighting or motion sensors to deter would-be thieves.
If your cash handling isn’t tight already, now is the time to fix it. Resolving these issues ahead of time will help you minimize headaches and maximize revenue during the holiday rush.
Start Your Countdown Early
You don’t have to wait until December 31st to start your countdown to the New Year. Use these few remaining weeks to analyze your business operations, address any unresolved issues, and begin planning for the year ahead. Once the daily grind resumes in early January, you—and your staff—will be happy that you did.
“15-Minute Fire Drill” Checklist
Here’s a list of five quick wins you can knock out whenever you have some unexpected downtime at the store. Taking care of smaller, self-contained tasks like these can help pass the time while making progress toward your end-of-year goals.
- Re-Merchandise a Small Display: Rotate trending products in, such as fresh strains, best-selling vape flavors, or the newest glass pieces. A quick refresh makes the shop feel new and can help boost impulse buys.
- Update Signage & Price Tags: Double-check product labels, deals, and signage to ensure everything is accurate and up-to-date.
- Tidy Up the “High-Touch” Areas: Wipe down counters, glass cases, and demo products. Smudge-free glass makes the store look cleaner, while organized shelves can help shoppers find the products they need.
- Prepare For Upselling: Identify several different products to recommend with common purchases (e.g., papers for flower purchases, coils for vapes, or bangers for dabs). Share quick talking points with staff so everyone can pitch add-ons and upsell as smoothly as possible.
- Refresh Your Product Knowledge: Spend a few minutes reviewing a new strain, accessory, or brand. Then, share any new information with your staff so everyone can answer questions when asked.
Resources: Foot notes
https://www.managecfo.com/cxoinsight/the-hard-case-for-investing-in-compliance-nwid-57.html
https://www.linkedin.com/pulse/cybersecurity-smes-your-blueprint-long-term-business-growth-kti9f/
