Running a small business requires the ability to improvise, adapt, and overcome—now more than ever. Over the past couple of years, it has become more important than ever for business owners to be able to find expert advice, stay on top of changing information, and adapt quickly to new insights. Having a knowledgeable advisor on your side has never been more important to ensuring that you are able to focus on building and scaling your business with confidence.

Twenty twenty-one is boom time. Everyone is getting back out in the world and having a good time. People who were stuck at home all last year are now traveling and seeing friends and family… But in between those BBQs and vacations, it’s time we should all spend a few minutes focused on our finances. After all, now that it feels like the world hit the “reset” button, there’s no better time to check in and see where you stand, by the numbers.

There are many reasons new businesses fail, and cannabis companies are not immune to the same issues non-cannabis operators face. The accountants and advisors at Breakaway have seen that financially savvy, professionally operated cannabis entities are far more likely to thrive. In the following piece, we list the three most common reasons cannabis businesses fail and provide guidance on how to avoid these pitfalls.

California is famous-or infamous, depending on your perspective- for their comprehensive consumer protection laws. While many decry these burdensome, costly regulations, they save lives and foster safer living conditions. The author is not against regulations per se but believes that products with similar risks should be subject to similar regulations.

This article wraps up my story of becoming an entrepreneur. Thanks for reading. As we discussed the tips and lessons I learned to help build a successful business, I am thrilled to leave you with this final piece.

Endemic to the cannabis cultivation business is a significant timing difference between upfront expenses vs delayed revenue receipt compared to other verticals in the cannabis industry. Especially with cost-basis accounting, it is difficult to discern the underlying value of a cultivation business by merely looking at an income statement. In this piece we’ll explain how to prove the value of a cultivation business.

One of the things we at Breakaway Accounting + Bookkeeping pride ourselves on is our ability to help cannabis clients improve performance and enhance financial reporting. Today’s case study examines a situation in which we helped a vertically integrated California operator take a step back, assess performance across the enterprise, and implement practical solutions that lowered overhead, optimized processes, and boosted revenue and profits.

Owning your own business is a dream come true! There’s nothing like the amazing feeling of getting your first shipment of business cards, hiring employees for your team, speaking with customers about how your business will service them – and overall joy of enjoying your passion daily.

Ready to make a career change to self employment? The first step forward is to evaluate, and yes take the leap. Once you’ve committed, it’s now time to create your business formation, including short and long-term planning.

At a young age, we are all told to just get a job, go to work and earn money to be able to provide for your family. This is often reflected as the key to living the American dream.