customer story

Standard Wellness unlocks financing and saves +10 hours a week

How Standard Wellness financed machinery for its cultivation sites and streamlined its purchasing with Order.co.

 

Standard Wellness at a glance

2x

ROI in cost savings

10

Hrs of manual work saved per week

1

Invoice per month

30

More days to pay every vendor

Mikey Haverman, Purchasing and Procurement Coordinator at Standard Wellness shares his experience using Order.co to conveniently access capital and save 10+ hours a week on purchasing.

The problem

Manual purchasing: Repetitive data entry during the checkout process

Minimal spend control: Orders placed across locations without approval

Cash flow challenges: Lack of net terms from vendors

Mikey Haverman, Purchasing and Procurement Coordinator at Standard Wellness, spends his days purchasing everything from gloves to soil to processed goods to packaging and labels for the company. His position requires high levels of organization and project management to ensure that everything needed for production is in place. 

Before reaching out to Order.co, managing procurement was a challenge for Standard Wellness. Without a dedicated purchasing platform, their team spent hours each week on manual processes for shopping, checking out, and tracking deliveries across dozens of vendors. A lack of standardized approvals also led to uncontrolled spending and inconsistent purchasing practices. This issue made it difficult to streamline operations and maintain accountability.

Accessing net terms also proved to be no easy feat. Mikey shared that he often found himself dealing with vendors who were unwilling to extend credit due to the complexities associated with the cannabis sector. Standard Wellness had to pay upfront for many of their supplies as a result, leading to cash flow constraints.

Even accessing the funds they needed for large-scale capital equipment was tedious. Before Order.co, Mikey described obtaining traditional financing for flower-filling machines as a “very convoluted process.” 

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The solution: Centralized procurement and vendor management  

Looking to expand their operations in the highly regulated cannabis market, Standard Wellness needed a centralized platform to manage their procurement processes across their cultivation, processing, and dispensary operations. In the spring of 2022, Standard Wellness partnered with Order.co to:

Of all the features on the platform, Mikey noted that approval workflows were his favorite. “Nothing is bought without me being able to look through it. It's really helpful to be able to know what they're getting for their facilities. It gives a level of security before things are purchased,” he shared.

Mikey was also a huge fan of the Order.co Google Chrome extension, saying, “I installed the Chrome extension, so it's really as easy as when you're on a page is just clicking that button and then just waiting for it to upload into your cart. I've used it since day one of using Order.co.”

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The outcome

Significant savings

The results of their partnership with Order.co speak for themselves. Mikey notes, “Order.co has to at least save me ten hours a week, which is 25% of my work time.” Rather than needing to manually enter shipping and payment information for each vendor across multiple locations, Mikey inputs these details just once.

Having all orders, vendor numbers, and tracking information consolidated in one platform also eliminated the need to dig through email inboxes for shipping updates. And if an item needed to be returned, all Mikey had to do was click a few buttons and Order.co would contact vendors directly to facilitate returns. 

“Having one centralized place that has all of the orders in it with the vendor numbers and the tracking is extremely helpful.”

In addition to time savings, Standard Wellness was able to integrate purchases that previously went on multiple credit cards into the platform. Consolidating orders through one system made it easy for their team to track spending, manage vendor relationships, and automatically ensure that every purchase was categorized accurately for bookkeeping.

Optimized cash flow

Since Order.co pays vendors upfront and sends Standard Wellness one invoice for all of their orders each month, they can also now access net terms. Paying just one monthly invoice with all vendors accounted for has helped Mikey maximize cash flow and align payments with production schedules. 

“We were able to secure the cash in two days...”

Using Order.co’s capital advances that gives businesses access to up to $500K in capital, Standard Wellness was also able to secure financing for their flower-filling machine in just two days. They took advantage of the program’s flexible repayment, empowering them to manage cash flow effectively without disruption. 

Whether they needed funds for renovations, inventory, or additional equipment, the capital could be used at their discretion. The whole process was hassle-free with minimal paperwork required and, as a result, Standard Wellness gained financial support when they needed it most!

Scaling made easy

As they expanded into new markets, Order.co’s centralized purchasing platform enhanced onboarding for new team members and ensured that consistent processes were being followed across locations. All frequently purchased items, product catalogs, and vendor information is accessible to new hires from day one, reducing the need for extensive training.

Unlock up to $500k like Standard Wellness

Learn more about how Order.co Financial Products, like capital advances and net terms, can help your business grow.
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