Working with partners to build a business
Anne Forkutza worked with Tammy Olsson and Blair Kennedy to launch Domo Enterprise, an innovative, Vancouver-based tea company which received support in 2011 through CYBF’s Spin Master Innovation Fund. Anne believes that working with partners to build Domo presents some unique challenges and opportunities. She has this advice for entrepreneurs working with partners to launch and build their businesses:
- Capitalize on each other’s strengths – and make sure your strengths are complementary! Tammy is the tea expert and manages production, new product development and clients. Blair does design, copy and branding. I manage strategy, press, sales and anything that has to do with numbers.
- Hire experts to fill the gaps. I was in charge of doing ALL the bookkeeping and had little experience in it. After many late nights of working on it, we decided I would handle some tasks (e.g. invoicing, pricing, calculating cost of goods) and a bookkeeper would do the rest. This approach gave me back my sanity and freed up my time to focus more on growing our business.
- Have a great mentor to support your team. The mentor we are working with through CYBF’s Spin Master Innovation Fund has been incredibly helpful as we grow our business. He comes from the food and beverage industry so knows exactly what he’s talking about! His advice has been priceless.