FARRIS FORWARD: Cannabis operators: How to forge ahead in uncertain times with confidence!

FARRIS FORWARD: Welcome to Farris Forward, a new series of articles curated by Jon Farris and distributed by Highly Capitalized. The series highlights the insights and strategies being deployed by industry insiders and experts, offering a glimpse into the dynamic world of the cannabis sector. As the industry evolves, operators are encouraged to follow Farris Forward every fortnight as key players continually reassess and adapt their strategies to thrive in this vibrant market. The opinions in these articles are Jon’s alone. Copyright 2023 Jon Farris and Highly Capitalized.

By the end of this article, you will possess the tips and resources necessary to develop your  Company Vision. A solid vision at minimum aligns and inspires your team as well as attracts your customers. Furthermore, it instills confidence in decision making. The vision acts as a solid foundation upon which new opportunities are built in growth times and concurrently serve as a guiding light, illuminating the path forward during uncertain times.

The cannabis market is volatile, to put it mildly. There are new technologies, trends, and fads that seem to emerge weekly. If you are not focused and deliberate with your actions, there is a risk of getting pulled in many different directions at once. Or worse yet, falling into the trap of always chasing the next shiny quarter.

Often when I talk with fellow cannabis operators and ask them what the vision for their company is, I’m met with a blank stare. Usually followed with…”my vision is to make a fortune of course!” The key here is profits are the result or byproduct of your vision, but they are not the vision itself. Without a company vision, you’re like a traveler with no map, lost, aimlessly wandering the countryside in search of the unknown.

In my interactions with industry peers, I’ve noticed a hunger for guidance not just for fleeting tactics but for lasting strategies. There are countless business books out there and they all follow similar patterns. The two books I use as my bible for this purpose are “Start with Why” by Simon Sinek and “Traction” by Gino Wickman. From my own business experiences combined with insights from these readings, I’ve formulated what I term the 3 Pillar Vision. These three foundational pillars are: ‘Why,’ ‘Core Values,’ and the ’10-Year Target.’

1. Why: Every enduring vision originates from a profound ‘Why’. This isn’t rooted in mere metrics like profit margins or market shares. Instead, it’s the deeply ingrained reason that ignites passion and drives action. What’s the core purpose that propels you forward, day in and day out? Was it to fill a void in the market, to challenge conventions, or to create a positive impact? Ponder on why you embarked on this journey in the first place. Reflect on why the world should take note. Apple’s relentless quest to defy norms or Tesla’s resolute aim to accelerate the world’s shift to sustainable energy — these aren’t mere marketing slogans. They are powerful ‘Whys’, anchoring their visions and shaping their paths.
2. Core Values: Venturing beyond your ‘Why’, you find the essence of core values. These aren’t fleeting ideals or temporary mottos; they are the enduring principles your organization stands by no matter the circumstances. Core values are the backbone, the DNA, of your company culture. When creating them, consider what principles are non-negotiable in your business. Reflect on the behaviors and mindsets that have brought success and those you wish to foster in every team member. While there’s no fixed number, most successful companies have between 3 to 7 core values. This ensures they are comprehensive yet focused enough to be memorable and actionable. Remember, it’s not about quantity but the impact each value has. For me, in the highs and lows of the cannabis sector, these values remained my unwavering constants, perpetually steering me back to my mission and true purpose.
3. 10-Year Target: The 10-year target stands as the ambitious, long-term vision for where your company aspires to be. It’s the guiding star, a beacon in the distance, that provides a clear direction for everyone involved. Rather than being a specific business plan, it’s an aspirational goal that energizes and inspires your team to think beyond the present moment. The primary objective of the 10-year target is to instill focus, alignment, and drive. It ensures that the entire team is rowing in the same direction, maintaining momentum towards a shared and inspiring future. Additionally, it allows for calculated risk-taking and innovative strategies since the vision is set for a longer horizon. In the cannabis sector, where the regulatory landscape can shift and innovations can disrupt the market, having a 10-year target becomes even more pivotal. It not only serves as a motivational anchor but also as a strategic tool, helping businesses to remain resilient amidst the unforeseen changes.

The two most important points on a map are: where you are, and where you are going. Without knowing these two key elements a map is useless. Hopefully as an operator you know where you are by performing routine health checks on your organization.  With using a strategy like the 3 Pillar Vision you now know where you are going.

Crafting a vision isn’t a one-time affair. It’s a living, breathing entity that might evolve with time due to market shifts or personal growth. What remains constant, though, is its importance. Whether you’re an industry titan or a fledgling startup, it’s your vision that dictates your trajectory.

So, my message to you, the reader: Whether you’re navigating the thrilling highs and gut-wrenching lows of entrepreneurship or striving to instill renewed purpose into a mature business, dig deep. Rediscover your ‘why’, uphold your core values, set your 10-year target, and watch as your vision takes flight. Just the exercise alone of creating the company vision builds confidence. Your vision is what makes your company unique. Make it powerful! Make it yours!

Jon Farris Bio: Jon Farris is a seasoned entrepreneur with a significant decade dedicated to the cannabis industry. Weathering the tumultuous storms of the 2007 real estate crash, as well as the cannabis downturns of 2018 and 2021, he’s not just survived — he’s flourished. Emerging as an authoritative voice in the cannabis sector, Jon imparts wisdom on both survival and growth. Whether guiding a startup or rejuvenating a mature company, he offers invaluable insights to enhance every phase of the business journey.