Welcome to another enlightening episode of the KayaCast Podcast, your go-to source for all things cannabis business. In today’s show, we’re thrilled to have Tommy Truong from KayaPush join us to explore the intricate process of scaling your dispensary. Whether you're a budding entrepreneur or a seasoned business owner looking to expand, this episode packs a wealth of invaluable insights.
Tommy breaks down the three critical stages of business growth, starting from being a jack-of-all-trades in the startup phase to reaching the pinnacle where your team outshines even yourself. He delves into the importance of understanding your business through the major processes that drive your store, assessing your team, and ensuring you have the right people to support your expansion.
Among the core topics discussed, Tommy emphasizes the vital practice of slowing down to build a robust foundation for growth. He shares strategic exercises to assess your current operations and team, helping you identify strengths, weaknesses, and key performance indicators that are essential before considering expansion.
For more insights and resources, don't forget to subscribe to the KayaCast Podcast on your favorite podcast platform and visit our website for the full archive of episodes. Get ready to take your cannabis business to the next level!
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Tommy Truong: Congratulations. You're looking to expand. Your first locations do well. And you want to continue building your empire. So, how do you know you're ready? How can you set yourself up for success? There's a really great saying you need to move slow to grow fast. To slow it down. Assess your business and build the right foundation for growth. So how well do you understand your business? Ask yourself. What are the processes that I'm repeating? As I expand, what are the things that are going great and why? What are the things that are just okay. And what are the things that are not good? What are the problems that I'm duplicating? And will this be detrimental to my business as I grow.
Intro: Welcome to the KayaCast, the podcast for cannabis businesses looking to launch, grow, and scale their operations. Each week, we bring you interviews with industry experts and successful retailers, plus practical tips and strategies to help you succeed in the fast growing cannabis industry.
Tommy Truong: Ray Dalio, a brilliant investor, talks about the three areas of a business, your people, your process, and your customers. And typically your assessment of your business will fall within these three categories. A really good exercise to understand your business better is to list out the major processes that drive your store. How it's working. Who owns each process and how it's being measured as a brilliant way to understand your business better.
There are three stages of growth in your business, as it pertains to you, stage one, you're the Jack of all trades master of none. This is the startup phase and due to necessity and really the need to understand your business better. You own everything and you're involved in everything.
And stage two, you have reliable help. You have employees that have taken over some of the key processes that run your business. But you're still the expert. You can do it better than them. You just can't do everything. So you have them help you.
At stage three, where every business wants to be you're no longer the expert. You have people more capable than you owning the key parts of your business? They're more experienced than you. They're smarter than you, and they're just better than you. And this is the goal of every business. This is when you truly scale. Unfortunately, smart people cost money and not all businesses will get to this stage. They either do not make enough money or the owners take too much money out of the business and scaling is not a priority.
So what stage are you?
People and processes are two sides of the same coin. If you want to understand your business better, you have to understand your people better. Do you have the right people to scale? When you double your stores, you double your locations, do I have the right people to do that?
A great exercise, even if you're not expanding is asked yourself this question on every single person on your roster. Do they fail, meet or exceed expectations? How are you currently measuring this? Do they fit the current role? Would you enthusiastically hire them again? And another way to ask this is if they left tomorrow, would you be happy or sad? Have you lost good people because of them? Are they a culture fit? Do they take ownership or blame when things go wrong? Do they have pride in the work or are they always looking to grow and are they a good example for everyone else? Is it a skill will or a culture problem? What are their strengths and what are the areas of improvement? Can they take on more responsibility once you've done this assessment of your team, you should have a better understanding of your people now for the employees that are engaged, make sure that you have the right environment for them to succeed. At the end of the day, they are your business.
Once you've analyzed your team, take a look at your processes. What are the major processes that drive your store? How's it currently being measured. How do you know if you're doing great? How do you know if you're not doing well? How do you keep a pulse on things? Who owns each major process? Are they capable? Is there a weekly cadence to report to you the key metrics. Once you double your store, you can't be at two places at once. How do you measure what matters?
So once you have an assessment of your major processes, what's mission critical. You can't do everything at once. There's always going to be a resource constraint. So what are the things that you have to get right before you expand?
It's so important for you just to slow it down. Build the right foundation for growth. What are the major processes that drive your business? Who owns it? Are they capable? And how are you measuring if you're on track or off track on each one? What are the key performance indicators that can tell you how you're doing and tackle mission critical. What are the most important things that you have to do today before you grow?
I hope you guys enjoyed this episode, please like, or subscribe wherever you're listening. It really helps the channel out our lot. If you're expanding, congratulations. You're in a good spot. Until next time everyone take care.
Outro: Thanks for listening to the KayaCast podcast. We hope you enjoyed the show. Don't forget to subscribe to our podcast in your favorite podcast app, or visit our website to learn more about our guests and to access the full archive of episodes from the show. Join us next time as we continue to explore the world of cannabis and help you grow, launch, and scale your business.
