5 Growth Hacks Cannabis Retailers Can Learn from Mainstream Retailers

NCIA’s Service Solutions series is a sponsored content webinar program which allows business owners the opportunity to learn more about premier products, services and industry solutions directly from our network of established suppliers, providers and thought leaders.

In this edition originally aired on Wednesday, September 15, 2021 American Security, a leader in home & business safe solutions for 75 years, sat down with NCIA to discuss cash management problems facing the cannabis industry today and what retailers have discovered as a solution.

Presentation Slide Deck: Available Here

In this session you’ll hear from operator-owners in cannabis retail and their financial partners about the growth hacking tips helping them grow greener profits, faster. Still UNbanked? This session will give you the tools you need to make decisions about your cash and asset management today and in the future.

Learning Objectives:

• How to improve operational efficiencies at the point of sale through end-of-year financials.
• How to get provisional credit from the bank and increase cash flow.
• How to select the right Cannabis-friendly financial partners.
• How to identify hidden threats to your bottom line and overcome those threats with technology.
• How to set the bar for compliance safety and security that will last you the next 30 years.

Speakers:

Albert Porto, National Sales Manager, Smart Safes, American Security
Rony Ghaby, Director of Operations, Sectran Security, Cash Logistics
Steve Morss, Chief Cash Operations, Dama Financial, Cannabis Banking

3 Ways a Smart Safe Can Assist in Your Business’s Cash Management

What if you could keep your business profits safer than ever before? For retailers, keeping cash safe is one of the most important daily challenges. And good cash management means that you need a good safe.

Of course, not all safes are created equal. A smart safe can help you with cash management like you never imagined. In fact, here are just a few of the ways that a smart safe will completely change how your business manages cash!

Better Accountability

One of the biggest concerns regarding cash management is employee accountability. If it’s the end of the night and the money is running short, you definitely want to know who is responsible!

Fortunately, some of the best smart safe features concern the accountability of your money. For example, money can be deposited into your bank account the moment that a bill is received during a point of sale transaction.

Along with this, smart safes let you create different IDs for different employees to keep track of who was accessing the safe at any given point. You get a digital paper trail that you can easily audit, especially if anything happens to go wrong!

Fewer Banking Fees

Every business hates the fees associated with banking. And if you’re a small business, these fees may quickly eat into the profits you were hoping for!

That’s why businesses quickly fall in love with the ways that smart safes reduce banking fees. Basically, you can set up your smart safe in conjunction with your bank of choice to consolidate all of your banking activity.

What does this mean on a practical level? You will no longer be paying so many fees for things like deposits, changing funds, sweeps and everything else. And simply put, every fee that smart safes help you puts money back into your business.

Making Cash Management Visible

One of the biggest trends in the past decade has been making data more visible. Most of us aren’t great at juggling statistics and running numbers in our heads. Therefore, anything that makes the process easier to understand is an improvement.

With smart safes, all of the data the safe tracks can be transmitted to an intuitive dashboard. And this dashboard helps track cash, validate notes, and generally provide updates about business finances that you can take in at a glance.

Perhaps you have dreamed of coming up with ideas to streamline cash management and boost your revenue. Take it from us: making the safe data visible is your best bet to learn about areas where you need to improve!

Your Next Move

Now you know how smart safes can improve your cash management. But do you know who can provide the exact type of safe you are looking for?

Here at American Security, we practically invented the art of modern cash management. To see how we can help secure the money at your own business, just contact us today!

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