Any small business owner will tell you: the early stages of getting a company off the ground are chaotic. We recently conducted a study that revealed 69 per cent of Canadian entrepreneurs launched their business within six months, while 27 per cent did it in one. When you’re out of the gate that quickly, you need all hands on deck to maintain momentum.
In order to grow a business and keep operations running smoothly, it’s not uncommon for entrepreneurs to do double (and triple, and quadruple) duty – the core team often wearing many hats to ensure that sales planning, marketing initiatives, HR programming and financial management don’t slip through the cracks.
Because it’s impossible for one person to do it all, teamwork and networking are a necessity. This philosophy is at the core of Canada’s leading business incubator for emerging tech startups, Ryerson University’s DMZ, which helps new businesses succeed by connecting entrepreneurs to the resources that will contribute to their success. In a community that unites startups with customers, advisors, influencers and other entrepreneurs, support from industry experts is central to fostering the new technologies that will one day transform our lives.
At Intuit, we’re passionate about helping small businesses thrive. Like the DMZ, we believe that entrepreneurship is essential to Canada’s future economic prosperity, so we’re committed to providing the education, tools and resources that will boost long-term success. Bookkeeping, while such an important piece of the healthy-business equation, tends to be a particular pain point for startups, so we’re making it easier for them through a partnership with the DMZ called the Intuit #FinanceHub.
By leveraging the expertise of trusted advisors, the #FinanceHub provides high-quality, strategic financial advice and services to the DMZ’s 80+ startups to help fuel their success. Working in industries ranging from education to finance, commerce to retail, this program will play a valuable role in the growth of these companies by giving the founders essential bookkeeping skills they can carry with them throughout their careers.
Startups are building products and solutions that are changing how we do business around the world, but emerging entrepreneurial leaders will need to be comfortable with financial management if they want to stay afloat. Once a simple business plan is in place, effective bookkeeping will ensure operations can progress as quickly as the team’s next big idea.