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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:
- Thrasio – Lead Sponsor https://www.thras.io/
- Sellers Alley / YLT Translations – Boat Party https://ylt-translations.com/ & https://sellersalley.com/
- Urtasker – Merchandise https://www.urtasker.com/
- GEMBAH – Care Packages https://gembah.com/
- pingpong – Lanyards https://pingpongpayments.com/
- Alex De Lilla – Design and branding https://alexdelilla.com/
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/
Take a look at some of our client case studies:
✔️ SellerSessions.com/Case-Studies/
❌No Set up Fees
❌No Long Term Contracts
Unlike some agencies, we do not take:
❌ Percentage of your profit
❌ Percentage of your Revenue
❌ Percentage of your Ad Spend
Get in touch for a free account audit…
Connect with SellerSessions and DATABrill:
- https://sellersessions.com/agency/
- Email: Danny@databrill.com