Week 4 - Getting ready for Vancouver

Action Items From This Week:

  1. Preparing for Vancouver Select 2018 cubing competition - Completed a. I’ve gone through my checklist and completed everything that needed to be done to prepare for this competition. On Sunday, I will run the competition and hopefully all will go smoothly. I am in Vancouver now, tying up all the loose ends and making sure all the people helping know what they’re doing. b. That being said, I need to make a more detailed generic checklist of all the things that I need to do for each competition
  2. Determine HST information - In progress a. I’ve successfully gotten my HST number and confirmed when I need to be remitting taxes. Next steps will be putting in place process for me to keep accounting in check. Right now, everything is manual and it’s painful.
  3. Organizing Niagara Select Winter 2018 cubing competition - In progress a. I had set a deadline of Friday for this one, but my co-organizer wasn’t able to get a straight answer for availability at BrockU in time. b. One issue that I keep running into with organizing these competitions is relying on a local partner who has less incentive than I do to expedite the processes. Ideally I have a partner who books these competitions, flies with me and runs them with me.

Problem & Challenges:

  1. Accounting, Inventory Turnover and Cash Conversion Cycle a. My books are not detailed, automated or useful right now. I need to make a focus one week on putting in place a system that will make it easy for me to keep my books up to date. I keep making band-aid solutions but haven’t put any real solutions in place b. I need help/advice on what softwares to use for this, how other businesses handle this, should I hire an accountant? This is a domain that I am pretty lost in.
  2. Working with local partners for organizing competitions. a. The local partners aren’t communicative enough and are not fast enough b. I think I to clearly lay out their roles to them and make a more active effort in managing them.

Action Items Planned for Next Week

  1. Running Vancouver Select 2018 - I would like to take more detailed notes on how I can improve competition time after time. I want to turn this process into one that is highly efficient.
  2. Scheduling Niagara Select Winter 2018/Vancouver Select Winter 2018 - I believe there is a lot of potential out here in Vancouver or in Niagara for another competition, sometime in the winter. I would like to book these soon as both would prove to be very profitable.
  3. Come up with an accounting solution - the sooner I get this in place, the sooner it will provide me with benefits. I need to prioritize this to get it done asap.

Contacts or Resources Needed

  1. Advice on accounting - whether this is from a small business accountant, mentor or fellow small business owner, I need some guidance in this category

Company Updates, News and Successes for the Week

  1. Brand new inventory is coming in this week which should provide a healthy boost in sales
  2. Our corporate page for CANcube Custom is complete and we will start reaching out to corporate clients for bulk purchases soon (https://cancube.ca/pages/cancube-custom)
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