Week 4 - Getting ready for Vancouver
Action Items From This Week:
- 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
- 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.
- 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:
- 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.
- 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
- 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.
- 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.
- 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
- 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
- Brand new inventory is coming in this week which should provide a healthy boost in sales
- 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)