Team building by a CFO on call in the cannabis industry is essential to foster a collaborative and effective workforce that often faces unique challenges due to regulatory and operational complexities. It is vital for ensuring the success and sustainability of the business, as well as maintaining a positive work environment. A CFO with experience in this sector can play a significant role in guiding and supporting these efforts to create a cohesive and motivated team.

Here are areas in which a CFO can facilitate team building, particularly in the cannabis space:

  • Ensure that everyone understands how their roles contribute to the organization’s success by giving them a well-defined role with clear responsibilities and objectives. This helps prevent duplication of efforts and conflicts.
  • Invest in the professional development of team members, providing them with the skills and knowledge they need to excel in their roles and adapt to industry changes. This includes mentorship and growth opportunities.
  • Build a diverse workforce in an inclusive environment. Then, give value to different perspectives by including a diverse team in decision-making. Demonstrate that this can lead to better problem-solving.
  • Equip team leaders and members with conflict resolution skills to address issues constructively and prevent conflicts from escalating.
  • Establish feedback mechanisms for recognizing and rewarding team members’ achievements, boosting morale and motivation. Build in regular check-ins – one-on-one and team check-ins – to provide opportunities for feedback and address concerns or challenges.

Team building includes promoting collaboration between departments, holistic thinking in problem-solving, and giving them the tools to adapt to the industry’s fast-paced and ever-changing landscape.

BTA – By Example: Retail

When we engage a new client in the retail space, team building is one area we focus on for the operations to function well. Retail stores, by and large, have built-in staffing vulnerabilities.

  • Due to the long hours of retail stores, there is more than one shift of workers to cover staffing needs.
  • There is a higher turnover rate of workers.
  • It is not a high-paying job.

Building teamwork is a valuable yet challenging component of the overall culture of the business.

A client in SoCal started by buying one retail store that was about two years old and doing about $600,000 a month in sales.

  • We introduced the concept of team building as being a key factor to overall success and profitability. We evaluated the existing staff and identified a couple of strong, knowledgeable employees who could be shift leaders. We had the new owner oversee the staff directly so they could learn first-hand how their employees performed. Additionally, the new owner could develop the culture that they wanted to have in the business with this boots-on-the-ground approach.
  • We made sure that the HR function was in place and had an HR resource contracted for safety meetings, training programs on products, and general operations.
  • We implemented a tipping program, so there was an incentive for good work performance.
  • We also clearly defined review and compensation policies in the employee manual.

As time passed, we saw that the shift leaders were taking care of their shifts. Sales were increasing. Employee retention was increasing. Customers really liked to see the same consistent staffing.

Because of new ownership and the variety of improvements we made, we are not able to put a number on the team-building efforts, but we know it was a major contributing factor. By the second year, sales had doubled, and they continue to grow.

Team-building is an ongoing process and should be proactive from a management standpoint. For these reasons and more, having a CFO On Call brings high value to your operation, helping you create an organizational team that can help achieve your long-term goals.

If you need the expertise of a CFO, let’s talk. I can be reached at Bruce@CannabisCPA.Tax or 818-225-8022.

CFO Services

Why BTA Cannabis CPA Tax?

  • Subject Matter Expert sought nationwide
  • 30+ Years of CPA Experience
  • Cannabis-specific experience since 2018
  • Multi-state service area: 20 of the 24 legalized states (plus Washington, D.C.) as of 4/24/24

Tap the image to enlarge.

The striped overlay shows the 19 states (plus Washington D.C.) that BTA serves as of 11/12/23.

Map source: DISA’s Marijuana Legality by State showing legalization, medical use, and recreational use as of 10/31/23. https://disa.com/marijuana-legality-by-state