Cannabis Business Planning & Strategy
Planning & Building for a Future in Marijuana and Hemp
What Does Your Business Plan Look Like?
Whether your business is still in the early stages of planning or it’s already a top player in the cannabis industry, it’s never too late to strengthen and develop your business plan and strategy.
Many cannabis entrepreneurs are unsure where to start when it comes to business planning and strategy. They have great ideas for their business, but they don’t have a solid plan for navigating the global cannabis industry and adapting to challenges.
At Gateway Proven Strategies (GPS), we provide business planning and strategy for hemp and marijuana companies around the world. We work with CBD retailers, hemp growers, cannabis testing laboratories and many other businesses. Our professional, reputable team is here to help companies navigate the industry and achieve sustainable success in the cannabis industry.
Here’s what you need to know about cannabis business planning and strategy: what it is, why it is important, and how GPS can help you create a business plan that instills confidence and leads you toward success in a rapidly-changing global market.
Why Is Business Planning and Strategy Important?
To be successful, your business needs to produce sustainable, dependable outcomes. You may have the best products in the world, but in order to get those products into the hands of customers, there are many complexities to navigate. If you are proceeding without a plan, your success may not stand up to the test of time.
A lack of planning can put even the best-positioned business at a disadvantage. When seeking capital and when facing change and complexity in the global market, it’s crucial that you have a cannabis business plan and strategy.
Instead of wondering how to proceed and stressing over the next steps, you can feel confident knowing that you have an excellent cannabis business plan in place. A professional, thorough business plan is also crucial when presenting your business to lenders, prospective investors, and others. When questioned, you’ll be able to explain your strategies for success in a variety of circumstances.
What Does a Cannabis Business Plan Contain?
A formal business plan summarizes your operational and financial objectives and will guide you toward achieving these objectives. A thorough written plan contains an overview, strategies, and projections for the future.
Your business plan will start with the basics: an overview of what your company does, how it is structured, where you do business, what your mission and driving force is, and how you plan to handle marketing, operations, and finances.
Next, it should describe out who your company serves, what problems your business solves for customers, and your step-by-step plan for marketing your products and achieving sales. Additionally, your business plan will often describe the main products you sell, the impact of your products on your customers, and how your business is structured around these products.
In helping you create your cannabis business plan and strategies, we will help you ask and answer the following questions:
- Where do you fit in the global cannabis supply chain?
- What resources do you need to roll out your plans?
- How can you minimize risk and maximize returns?
- How can you optimize your strengths and capitalize on opportunities?
Strategies can help you to mitigate threats, balance out your strengths and weaknesses, and use your resources in optimal ways. You may not have control over external factors – like the regulatory environment, public perception, or the volatile market – but you will at least have strategies to overcome the challenges that arise. Whether your situation is optimal or not, you’ll have plans in place that you can roll out as needed. Strategies help you take advantage of opportunities and meet your goals, whether you are just starting up or you are further establishing your business and scaling out.
Projections are often a key part of a business plan, though they are often difficult to produce if your business is still in the pre-launch stage. If your business is already established and you have a few years of data, you can create projections for future sales, market share, new customer acquisitions and more as a part of your updated business plan.
Starting a Hemp or Marijuana Business from Scratch
There are many challenges and considerations that are specific to cannabusiness. Legalization, regulation, and public perception are just a few of the factors that need to be considered in your cannabis business plan. In a rapidly-changing environment, your startup needs to keep up with changes in society and in the industry. Growing a business from the ground up isn’t an easy task, but it’s an incredibly rewarding process. Start off strong with a cannabis business plan!
Growing and Improving Your Cannabis Business Strategies
Established businesses can benefit from business planning and strategy just as much as a startup can. A thorough, updated business plan can instill confidence in you, prospective lenders/investors, and your customers. It will set you up for success in marketing, developing products and services, and more. It can help you set specific, measurable goals that will lead you toward success as you continue to establish yourself in this competitive, rapidly-growing marketplace.
Cannabusiness Consulting for the Modern Age
The hemp and marijuana industry has unique complexities that the average business consulting firm is not well-equipped to handle. Our industry-specific business planning and consulting services are tailored to your needs and backed up by an extensive knowledge of the global cannabis market.
From strategy and business model development, to go to market strategies, to operational plans, GPS can provide world-class thinking to solve for business, regulatory, and investor opportunities.
If you’re looking for guidance in writing a marijuana business plan, the GPS team is here to lend expertise and set your business up for success. There’s a tremendous opportunity available in the cannabis industry, and as the first global cannabis consultancy firm, we are well equipped to assist you in developing a smart, successful plan for your business’s future.
Contact us today to learn more about how GPS can help you navigate the global cannabis market. We look forward to hearing from you!