Submarining in Business is Not Cool
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Why Submarining in Business is Not Cool.
Welcome to the daily blunt. Today, we are going to discuss…
Submarining and why it’s not cool.
What am I talking about? And, why am I using “submarining” in an article about cannabis business?
First, submarining is a term used more in the dating scene today. It’s when someone who you were dating ghosts you (ghosting means they drop off the planet unexpectedly and don’t respond) only to randomly pop back into your life without any explanation.
So, what is submarining in the cannabusiness world?
Well, we see a lot of people circling around the market without much regularity or even a consistent direction.
Those are the sellers who one day want to sell, then disappear and the next month they want to bring in a partner, then disappear again for another few months just to change their mind and want to buy something instead. On the other side, we have buyers who run around saying they want to buy a license just to drop off the face of the earth and then appear again without any explanation a few months later.
Why does this occur?
Well, the excuse that we hear is that they were busy or were in the middle of a harvest or just lost track of time. Whatever.
From a business standpoint… SUBMARINING IS NOT OK.
Did you hear that? Submarining is not ok.
In order to be a real company (yes, I just said “real company”), there should be people placed in roles whose sole purpose is to get stuff done. That means they follow through. That means they communicate. And they follow through on tasks and communicate about the project regularly.
Look, I understand the small business owner life is hard. You are playing the expert in everything and making numerous decisions every day just hoping that you will be right some of the time. Heck, somedays being right just once is a win.
But, do you know what the hard truth is? You can’t do it all.
As the leader of your company, your job is to steer the ship.
How can you steer the ship when everyone around you is yelling or picking a different destination?
First, you need to get clear. I mean crystal clear. Like plan out your voyage before you get to the docks.
What is the direction you are heading?
Owners, you need to figure out what you really want. If the goal is taking care of your family, then what do you need to do that? If you want to acquire 2 additional licenses in the next 18 months, then be specific. If you want to find a partner and raise $500,000 for operations and expansion, then be specific. Heck, if you want to sell out, then be specific.
Managers, you need to pay attention to what the owner says they want. That means, you need to figure out what is best for the company given the goals and direction you were just provided.
How do you do that?
If the owner says they are going to expand the company, then it is your job to figure out what is the best approach to accomplish that. For example, if CO2 processing makes the most sense, then be specific about the steps to get production and up and running, be specific about product you will manufacture, and then set mile stones or goals associated with each of those pieces. If you manage a retail store and want to push your monthly sales to $325,000 per month in order to cover overhead and taxes, then be specific about goals for how to get enough daily foot traffic and your training and sales goals for each budtender.
Owners – it is your job to pick the path. Managers – it is your job to get down that road to the other side. I acknowledge that many times in a brand new start-up, the owner is the manager… but that doesn’t change the fact that both items need to occur.
Remember, in order to have a viable company later, then you need to focus your decisions in a way that makes the most sense for the company. Sometimes that is expansion. Sometimes that is positioning it to be sold for the highest price. Sometimes that is selling out now and salvaging what is left.
No matter what your goal is, jumping in and out of the picture or constantly changing direction of the ship will never get you out into open waters.
Tired of being a submarine or dealing with submarines? We understand. Sometimes, all it takes is a call to help pick the destination that makes the most sense for your voyage. It doesn’t happen overnight, but if you are willing to do the work, we can help you turn your life around too. In all fairness, we have already helped over a hundred families change their lives so we have a head start from where you are at. Give us a call at (206) 466-4020 or email us at firstname.lastname@example.org.