This month, we're asking experienced small business mentors to offer their top tips to young Canadian entrepreneurs. Tasso Dikaios, IT manager with Time and Space Ltd. and mentor to George Christakos of The Booklyn Warehouse, says the best advice is to seek advice. Don't do it all yourself.
My first piece of advice to aspiring entrepreneurs is: Don't try to do it all yourself. There are limitations to what any one person can do. Each task needs to be carefully outlined. If there are no qualified staff members to take on a particular task get professional help and do it as early in the game as possible.
Accounting and bookkeeping are a good example of this. No business can survive long without timely and accurate accounting information. Chartered accountants and trained bookkeepers can provide regular financial snapshots of your business's health.
In mentoring George Christakos, the owner of one of Halifax's best new restaurants, The Brooklyn Warehouse, and The Canadian Youth Business Foundation Chairman's Award winner, it was evident early on that there was a need for detailed financial information. George was trying to do everything and the bookkeeping was put on a back burner and not looked at for months. It quickly became apparent up to date financial information was critical to the survival of the business and he engaged an independent bookkeeper.
The additional cost was more than offset by the value of information that was provided. George. had a clear picture of what his cash-flow looked like and in turn what he could and could not afford to do. He was able to set priorities and budgets.
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