Marijuana businesses are no exception when it comes to the need for meticulous project management. There’s no substitute for formulating a workable, efficient plan for launching and operating a business. Let’s take a look at what’s at stake.
Business Implementation Facts:
- Launching a business involves a defined beginning, middle and end
- Activities fall outside of normal work routine and may be unfamiliar
- Comprises people who may not normally work together
- Tasks usually involve crossing uncharted territory to achieve goals
- Activities are high profile, political and can be controversial
- Success requires the cooperation of many stakeholder groups at many levels, inside and outside of government
- Many deadlines must be met in an environment where timelines can be unclear
Why do some Businesses Fail?
- Lack of organizational experience
- Insufficient skill in managing project activities
- Inability to overcome obstacles
- Too much risk and not enough planning to manage the risks
- The industry is new and constantly changing
- Large dollar investments are necessary
- Investors want to see quick ROI
- Media scrutiny can be uncomfortable and sometimes unflattering
- Agreements among stakeholders may be difficult to achieve
- Missed deadlines
Is there a solution? YES! Effective Project Management can make all the difference for your business implementation. In fact QuantumMark utilizes a body of knowledge commonly referred to as project management methodology. This methodology has a host of tools and techniques to address project failure points and help manage projects successfully.
Over the next few weeks we will be blogging about specific risks associated with starting up a marijuana business. We’ll identify tools and techniques that might be useful to ensure the goals of the business are achieved with a minimum of controversy. In fact, our next post will be on the subject of assessing and managing risk. In the meantime, if you have a risk or concern in mind please email it to us at contactus@quantummark.com to let us know.
QuantumMark specializes in helping create detailed project plans designed to map out the steps needed to meet the stringent requirements for opening a business. QuantumMark remains current on state activities and can help businesses navigate through the steps to achieve a successful outcome. Visit us at our QuantumMark Marijuana Consulting Services website or follow us on our Blog, on Facebook or on Twitter.