Cash is King: Thrive, Not Just Survive in the Crisis

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Listen to a crew of experts to help you plan through these tricky times. Listen to this podcast for more details and share across groups and to fellow sellers in the community.

A bit of a background

  • Nate Ginsburg is the CEO of Seller Placques helps with finance and Operation services.
  • Lyden Smithers is the Director of Ignite Brands, an Amazon Account Management Services.

What You Need To Do Right Now

  • If you are starting off, work with someone who have e-commerce experience.
    • Fix your books now.
  • You need to have your financial statement and books fixed before anything else. AFTER THAT then you can focus on other parts of your business.
  • Businesses do not go out of business because they are doing badly, but because they have no cash flow.
  • Be on top of your numbers.
  • It is easy to just not look at the numbers but this is what you nede to be doing.
  • Distinction of profit versus cash flow:
    • Profit is Revenue minus Expenses
    • Cash flow keeps you in business.
  • Go through your profit statement and look at your lowest hanging fruit:
    • Look at those which are not ROI generating
    • Look if it is an expense that you need or driving your ROI.
    • You can also reduce it, it depends.
  • You need to have a good projection for a long time.
  • Track your sales on daily, weekly or monthly basis. It is preferred that you have your hand on the pulse of your business.
    • TRACK DAILY -you can quickly react on an over spend!
  • Clarity KILLS FEAR!
    • Start tracking your cash inflows and outflows over a period of time.
    • Update those assumptions — these projections give you clarity.

How to manage your cash

  • Keep your cash in the bank if you want to keep it simple.
  • Attack your biggest expenses first — you are trying to optimize cash flow first before profit.
  • Get the help of your supplier, cash flow projection is the other side of sales projection.
  • Show them the bigger picture and what your plans are.
    • This way, they can grant you extra payment terms.

Get Help From Your Supplier

  • If you don’t know your sales projection, cash flow projection to know what kind of help you will need.
  • Plus you get to show your supplier how they can help you and come up with a win-win solution.
  • Create a partnership with your supplier.
  • Show them the projected growth and how your order can grow.

Best practices

  • Ship by ocean or sea.
  • You will need someone in the middle who can vouch for you.
  • Each supplier will be different, they have different situations and cash flow issues too.
  • A bigger company will have bigger capability to help you.
  • Understand the process of how your product gets to you.
  • Look for the win-wins and present it why it is better for them to assist you, how it will benefit them.
  • Optimize on softwares, costs, and suppliers.
  • Rather than have the PPC cost come out of your credit card, you can use your rewards cards, use cards that can give you cash backs.
  • You can also UP your limit so you get to pay at a later time.
  • Some awesome financial products:
    • The Brex Card gives you zero interest for 60 days.
    • PLASTIQ allows you to make you payments charged on your credit card.
    • These give you 60 days on your inventory management.
  • Look for products that give you 50% or more profit margin to keep your head above water.

To get help, or if you have any question then get in touch with us: danny@sellersessions.com

If you are looking for help or more information check out: https://sellersessions.com/case-studies/

Connect with our guests:

  • Nate@SellerPlex.com
  • hello@lydensmithers.com

Our Sponsors:

SellerSessions LIVE — Tickets SOLD OUT!

Send Danny an email to get on the wait list: Danny@SellerSessions.com

About SellerSessions 2020

  • Our venue this year: The David Game Keynote Theatre, with tiered seating.
  • This year we are supporting a charity and a portion of the proceeds will be given to  Tomy’s pioneering studies for prevention of babies born asleep: https://www.tommys.org/
  • We will give away 5 FREE tickets for single-parent Amazon sellers. If you know anyone please get in touch to get the details.
  • Confirmed speakers and more to come:
    • Brandon Young
    • Dr Yev Marusenko
    • Destaney Wishon
    • Zack Franklin
    • Nadine Schöpper
    • Liran Hirschkorn
    • Ivelin Demirov 
    • Dr Ellis Whitehead
    • Paul Harvey 
    • And yours truly, Danny McMillan. I will be hosting the show and speaking on a topic.

? Need help with your Amazon PPC?

Check out what we do here: ✔️ SellerSessions.com/Agency/

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✔️ SellerSessions.com/Case-Studies/

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❌ Percentage of your profit
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