The Regrow Difference: Avoiding 3 Common Mistakes
Young Companies Make
By Craig Harper, Regrow Board of Director
As a startup, cannabis supply chain management software company in an emerging market, Regrow has experienced all the growing pains of building a new business. Creating something from the ground up requires patience, perseverance, and a whole lot of grit. However, it takes more than just hard work to create a successful business model.
Regrow recently announced its advisory board of business executives and industry experts, of which I am proud to be a part. Something we as advisors often get asked is why we’ve chosen to support a particular company’s journey. The answer might surprise you. For Regrow, it was the fact that I was impressed by their leadership team’s ability to avoid three common mistakes that, in my experience, many young companies make. Here are some of the missteps all too familiar for new companies in emerging markets and how Regrow is rising to the top as a first-of-its-kind cannabis supply chain management software.
Mistake #1: Try To Do It All
One of the biggest and most detrimental mistakes new business owners make is trying to do too much. This results in an overreaching business model that encompasses too many verticals or geographies with limited resources. Ultimately in this scenario, a company will end up with an underperforming product or service.
By narrowing your focus, business owners have the opportunity to provide a unique solution to a specific problem that their competitors aren’t currently doing. Regrow’s founders have extensive experience in software development and business growth in a number of different industries. By taking their past successes and applying them specifically to the cannabis industry, Regrow is offering a supply chain management software solution to an entire corporate landscape that is still in its infancy and looking for ways to legitimize its operations.
Mistake #2: Don’t Know Their Differentiators
Just like knowing your business focus, it’s important to know what makes your business unique and different. Too many new companies don’t know their differentiators and therefore do not know how to set themselves apart from their competitors. A business needs to understand what makes them different and unique, and why this differentiation matters to their addressable market.
For example, Regrow isn’t just a supply chain management software. We are a cannabis industry-specific system designed with the market’s needs in mind. Why is this important? The leadership team has been able to develop a platform that can integrate multiple systems required of a cannabis operator, including state compliance tools. Taking an entire industry from using up to a dozen different systems separately and consolidating them into one, simplified dashboard allows them to be more efficient, effective and, in the end, more likely to succeed.
Mistake #3: Can’t Quantify Their Differentiators
Once you’ve narrowed your focus and identified your differentiators, you need to quantify the benefits of the differentiators that you deliver to your clients. How does your product or service’s differentiation allow your client to either save money, or generate more revenue? Knowing the answer to this question allows you to assist your client in building a business case to purchase your product or service, that only your business can deliver. As a cannabis supply chain management software, Regrow has the ability to help operators reduce costs as well as increase yields.
The Regrow Difference
By providing operators a cannabis supply chain management software, Regrow offers a much-needed solution for a growing industry. Learn more about how you can experience the Regrow difference for yourself.