It can be more affordable when done smarter, not harder.
Vangst recently published its average salary expectations report for the industry, and we wanted to highlight the costs of compliance more so than the costs of non-compliance. Serious companies spend hundreds of thousands of dollars a year on compliance staff to keep their businesses running right.
This is calculated on a per State basis, and Compliance Managers alone usually cover a specific location for compliance. Attorneys are almost twice the cost to keep in-house and aren’t as operations oriented. iComply supplements internal compliance efforts and saves time and money at a fraction of the costs of compliance professionals, which are hard to find and even harder to keep amid growing demand and enforcement.
Vangst’s full report can be accessed here. Too often, to save money on hiring full-time compliance specialists, cannabis businesses place the burden of compliance on Management, Directors, and VPs in operations.
These folks already have a full-time job and cost businesses the following, according to the Vangst report:
The costs of compliance for most other industries run 5% of average of revenues made. Meaning a $10m revenue company could easily spend at least $500,000 a year to comply. iComply helps supplement these efforts at an average of only 1% to 2% in comparison – or about a ⅓ of what a Compliance manager would cost per year, per facility.
iComply saves you thousands of dollars a year by facilitating the compliance roles from the ground up to the top down. We supplement and ensure internal compliance efforts do not cost the company its license or expensive fines by reducing gaps in non-compliance risk too common in understaffing nor the costs of inefficiency in excess overhead like salaries.
We fit into your operations at a fraction of the cost and our compliance packages save most operators 20% to 30% on average compared to our a la carte services and in addition to the savings in efficiencies. There’s a reason every other heavily regulated industry uses compliance professionals as third-party support and validation from oil and gas to hospitals, banks, and pharmaceuticals – it’s simply the smart way to go and it saves hassle, time, and money in the long run.
At a time where every penny counts, it’s more important than ever to consider your bottom line as it relates to compliance. Contact us today to find out more about our packages and services and see how we can help you save your company money and reduce the operational inefficiencies and overhead in what you already pay to comply.