April 3, 2020
Profit First for eCommerce Sellers: Proactively Running Your Business and Prioritizing Profit

Profit First for eCommerce Sellers: Proactively Running Your Business and Prioritizing Profit


Hey everybody, I’m really excited to welcome Cyndi Thomason We are gonna be taking a deep dive into a book that she has launching very soon January 22nd Profit First for E-commerce Sellers, Cyndi Thomason is the founder and CEO of books keep and Is a Profit First practitioner she’s, well known within the e-commerce Ecosystem and she is a regular contributor to the InventoryLab newsletter as well as our InventoryLab blog and we our InventoryLab is we just love Cyndi! We believe a lot in what she does and and just the mission of bookskeep and we’re really excited to be able to talk with you today about your book! Hi Cyndi! Hi Kim! Thanks so much for having me on and For just the partnership over the last few years it’s been great, working with you guys and and with your community I appreciate that Really it’s our honor really and So you have this book launching January 22nd if anybody that’s watching this sometime down the road we’re talking 2019 January 22nd and I have actually had an opportunity to take a look at the book and I can tell you First out of the gate this is not just for InventoryLab users although We won’t be referencing that a little bit and it’s even not even just for Amazon sellers this is e-commerce folks across the board that you and you’ll talk a little bit about that that you You know being a Profit First practitioner that you identified just kind of some things along the way that would pertain Exclusively to somebody in e-commerce and so this is really for all e-commerce people So let’s start off with the two- there’s two primary principles that you really is at the center of a lot of what you’re thinking so start off with the the small plate principle which I absolutely love but tell us about those two key components Okay, the first one is actually called Parkinson’s Law it Mike, in his book Profit First which my work is a derivative from his book Profit First that came out first in 2014 and then it was re-released by Penguin House in 2018 and what I have done in my book has tried to take the underlying principles that he has developed and apply those to my clients I’ve worked with e-commerce sellers for for almost five years now exclusively and so I wanted to Address the issues they were facing in trying to implement Profit First and the challenges that we had as we worked with our clients. So The underlying principles of Parkinson’s Law and the primacy effect that, we’re going to talk about are recapped in my book but they’re really told from Mike’s Perspective in the research that he Did in developing his book and the Small Plates principle really comes from the diet industry and it’s a perfect Time of year to be talking about that everybody’s got their resolutions you know but you know the diet industry says that if we would work off of smaller plates that our calorie consumption would go down and And and there’s a number of pieces to that you know if you eat your vegetables before you eat your sweets you’ll eat less, sweets so there’s a rhythm in a sequencing that’s important so Profit First really, works with the the idea of Parkinson’s Law to help us understand our behavior around money and What Parkinson’s Law states is that it’s in first of all let me just say if the economic Law was developed in the 1950s by Cyril Northcote Parkinson he was a British naval officer and he studied how the British Navy how their bureaucracies changed and grew and how they used their resources And he came up with this theory of induced demand and that’s your economics lessons for today and induced demand really basically says, we use what we got so if you’ve got a Plate full of food you’re likely to eat at all if you’re some plate is smaller and there’s less food on on it again you’re likely to eat it all and the sense of satisfaction From eating your plate of food is is the same satisfaction The example that that we like to use because I think everybody can relate to it is toothpaste and if you have a Brand new tube of toothpaste and you’re going to use that in the morning you don’t really think about it you just squeeze out a nice long bead of toothpaste if you’re down to the very last little bit in your tube and You know I’m gonna have to go to the store in a few days you get really conscious of using just a little bit, right? And that is the part of the Parkinson’s Law of induced demand where you use what you got and the nice thing about understanding this is that it’s a factor in all of our behavior and if we can set up our Finances in a way that works with that behavior whether it’s toothpaste or money in our bank account Or time whatever the resource is if we can understand that behavior around ourselves then we can Better manage our finances so that We work with that behavior and we’re Small Plates come into play from from the financial perspective is we equate the Small Plates to bank accounts and Those bank accounts are set up to have specific purposes so for example if you have like most of my clients we start working together you have one bank account that’s for all of your all of your activity Your operating expenses paying for your inventory paying for your payroll Paying your sales tax when they come do all of that stuff is put into one account then you look at that account day every day I Guarantee you most of my clients will go Sit down at their desk and they log on to their bank account and that’s their data point and their data Is either I got a lot of money or I got a hustle I don’t got a big payment coming up and I don’t have any money and this really hard to look at that one bank account and understand, where you where you stand actually As much as I like to say that we’ve got Books that are up to date and you could go look at your QuickBooks or your Xero and understand where you are financially The reality is even I don’t do that I look at my bank account My books are always a few days behind and by having Having everything in one bucket I don’t really get good data so what Parkinson’s Law and the way we employ it in Profit First for e-commerce sellers what it allows us to do is Segregate our money into different buckets for different purposes kind of like the old envelope system that your grandmother may have had you know Where she had something for an envelope for rent and envelope for groceries an envelope for her utilities we do that same thing with our business bank accounts and It allows you to look and see, okay, I’ve set aside this money for inventory and I know I’ve got a bill coming up. I may not get it for another 60 days but I’m gonna have to pay it and I’ve got the money set aside there to pay it and so that’s what Parkinson’s Law allows us to do is just to really segregate and Understand our habits around money and segregate the way we keep track of our money so that When you log on to your bank account you’re giving some real you’ve got a dashboard you’ve got some real data you can make decisions from and I just love the way that you explain it the way that you’re able to break that down is so meaningful and you I Like your choice of words working with this because it’s almost like instead of working Against that that way of thinking you’re using that way of thinking to work with to support you know the growth and moving forward and You know kind of goes back to you and I talked recently about we did a webinar together about InventoryLab and whether or not they should be integrated with you know people using Xero and QuickBooks and how the two can work together and really had a great time with that but we talked a little a lot about fear and that you really have such a great technique of helping people anticipate what’s coming around a corner and I’m always looking for ways to pump the fear out of the room just a little bit more up the anxiety out of the room because especially for for people without that background in business and in e-commerce there are a lot of unknowns and of course you’re going to be and when you have that Small Plates I remember Dave Ramsey talking about using the envelope you know going back to that debt system and I remember him talking about when you take the cash out of the envelope for the groceries then you factually know that you’re not accidentally spending the money that you need to keep lights on and you know it’s kind of like the same thing and I I mean the the money part of it there’s a lot of value there but for me the value was in the elimination of the anxiety and fear around money that I knew where everything was you know and That I was in front of it and it wasn’t in front of me it Wasn’t you know it wasn’t controlling me? I was controlling it kind of a thing and that in applying that theory for e-commerce businesses, I think is just just fantastic you know any any business needs some needs the visibility of where their cash is going and I talk to people all the time that wouldn’t they tell me You know I really don’t know how much I spend on marketing and I really don’t know how much I spend on payroll I can guarantee you people that are doing Profit First know because every time they get a settlement from Amazon or or we go through the 10th and 25th cycle that that we recommend which is handling your cash like twice a Week- I’m sorry twice a month not every day but by handling it twice a month you learn your patterns and So people that are going through that process and every other week are sitting down and saying Okay, I’m putting this percentage towards my inventory I’m putting this percentage of my income towards my payroll they can tell you you know you know 40% goes to payroll 35 persons to inventory and that that’s their numbers they know them because they work with them and they know that when the accounts get out of sync that something’s changing in their business and it gives them enough bandwidth and enough time to react to that and And once you realize you’ve got that bandwidth then that’s when the fear can leave you because You you can in business is going to happen. I mean there’s ups Downs that’s what it’s all about right and so just giving yourself enough runway to react to it is is what gives you that sense of Peacefulness freedom under you know understanding that you’ve got time to work out whatever the challenges come up to be Yeah and you and I’ve talked before about knowing your numbers and of course anybody watching this But they’ve probably heard that you know a half a dozen times already but you know again without that background in business knowing your numbers sometimes especially it was definitely true for myself What what numbers what am I supposed to be accounting for and when I had no idea So there was a lot of fear around what I was doing but You know before InventoryLab my background Was in the nonprofit sector and e-commerce played an important role in keeping the lights on and you know you know Generating that additional income that was needed so It wasn’t something that I was just doing? Flippantly you know it was I was very serious about it but I didn’t have the knowledge around I just need money was going out and money, was coming in but I had no idea really the patterns yeah and but I had Without that knowledge it wasn’t until I got on the other side of it that I could look back and say I I dealt with a lot of discouraging moments, where I felt like I don’t know what I’m doing you know this is what You know I’m so discouraged I’m so frustrated all the time I’m so tired But a lot of fear a lot of anxiety and it wasn’t until I got on the other side that I thought it is when you know those numbers When you know what numbers you’re supposed to be accounting for and when and then When you do know them you come at running your business in a very different way and I have really especially being in my role with InventoryLab I’m really able to see that that’s a differentiating factor between an entrepreneur and Somebody that is that desires to be an entrepreneur that Even if that number isn’t what you want it to be yet it’s that knowing of the number That they they just take on a very different persona you know they self identify as an entrepreneur at that point So I know And again in my in my role I know a lot of folks that that can be very intimidating You know kind of sitting down and really getting a handle on numbers I kind of when I think about it it might be like putting together a personal budget You know which for a lot of people can be scary and as Probably everybody’s already guessed I attach a lot of fear you know to To money it’s it’s just I I grew up like that and I guess it just kind of stuck with me So doing a budget I would rather get a root canal every day of the week for a month before I wanna sit down and do that um but that at the expense of my my my well-being my emotional well-being and feeling at peace and empowered with my business So in your roll it books keep is that something that’s common do you have folks that are kind of coming in maybe even that feel like they do know their numbers and You kind of find out that they don’t or folks that have come in and said here’s my shoebox filled with information Help me figure this out I’m ready to take that step is that so despite its importance is that something that you see pretty often? It is. And it’s interesting because even People that think they know their numbers aren’t always evaluating the important pieces of the of the puzzle you know and As we talked the other day in the other webinar that, we did they may be relying on Information that they’ve put in a system that they’ve not updated and kept up to date and for that reason They’re relying on information thinking they know their numbers and when we actually do the financial piece We can see, where The process is that they’ve had in place for relying on numbers really weren’t giving them reliable numbers and so I think the It is a Situation, where people people have whatever their money history is that they have it Either a fear around it or or a feeling of incompetence and so that they don’t even proclaim to want to know because they just don’t feel capable of it and But it is the language of business and it really is important for you For any entrepreneur to understand what that language is telling them so that they’re getting good information to be able to adjust and react to what’s going on in their business. If they’re looking at data that is Flawed then they’re going to be making decisions That may lead them to a result that they’re not wanting to make so Get taking the initiative and in realizing the importance of facing the fear of the numbers and taking The time to learn what they’re representing really is the biggest thing that can help folks Know how to move forward in their business. It’s an interesting thought that what we have grown up with or Established thinking of money and how that might influence how we run our businesses and I talked with a woman named Monica she runs e-commerce kids a group that I’m a huge fan of and I’ve really just kind of feel like she was changing the world When I saw her, speak at a conference I thought Oh, my word and I immediately remembered when I was a kid I probably about eleven, there was a statistic that Said pretty much that entrepreneurs come from entrepreneurial families and I immediately check that off the list as options for my life because I did not have you know I didn’t have an entrepreneurial role model in my family, or even in My immediate circle and so I thought, okay, Well that’s not in the cards for me but then I found myself in this career. That you know that I loved but you know didn’t pay really well I really struggled self-identifying as an entrepreneur and So I think that I think I’m gonna have to look into that a little bit more you know just kind of talking to people can they can they look back and see how What they thought of money and and those established Ideas around money how that changes how they’re in their business. I do want to go back to the Small Plate theory a little bit then kind of just so you also in the book talked a lot about you know you see like the common term, ‘cash flow’ and there’s actually a chapter called Inventory Insanity and um and Prioritizing Profit, what’s a lot of folks that you know that’s Those are two words you don’t often see together ‘prioritizing profit’ but I do wanna start with cash flow because that is a common term within running a business an important you know something that people should probably be familiar with but for anybody that isn’t can you tell us a kind of just a basic Definition of what is cash flow what does that mean Well it’s quite simply the money that comes into your business and then the money that flows out of your business and the rhythm that is created by those two transactions and of course what we want is more coming in than going out and But that’s not always and I probably would say it’s not even typically the case With a lot of people that we start to work with But it really is just the flow of money coming in and going out of the organization So it’s not some big complicated accounting technique there are cash flow reports that you can use but but if you just take it down to its most basic level of You have money coming in and you have money going out and for really to be profitable you really want to be sure you’re living within those funds coming in and It’s kind of a pet peeve of mine that people say you just need to throw more money at the problem You just need to buy more inventory and that will solve your cash flow issues because in reality is The opposite if you do not have a business model that is going to support buying more inventory and selling it at a price where you’re going to get a return you’re going to continually be stuck with cash flow issues and borrowing the borrowing money to buy more inventory to Generate more sales that aren’t contributing to your bottom line Doesn’t get you out of that problem in fact borrowing money creates another expense you have to pay for and that’s the interest expense so you may have this infusion of cash coming into your business that you have to then pay back the principal and You have to pay back the interest so There are times when borrowing money is useful but Until your business is really set up and proven out with its business model and you know your numbers you are really Potentially throwing gas on a fire and I really Recommend if anyone’s considering taking out a loan so that they can buy more inventory And they are not in a position of really understanding their profitability and that their business model is working hold up take take a few minutes get things figured out before before you put yourself in debt and you risk money going into a Business model that you may not be able to sustain long term yeah I absolutely agree Betsy leave that to the seasoned folks you know the ones that ourself identifying as an entrepreneur they know their numbers like the back of their hand there’s an ease to it they have that flow Then okay you know when you have some spare time Then you can look at doing something like that I’ve read an article recently I wish I could remember What it was but the author, was talking about you know? Addressing an issue and the solution and he said if you have a leak in the roof you don’t go buy more buckets you know an essentially kind of same thing so the answer to the you know if you have a cash flow problem is not to to get more buckets and invite you know buy more inventory You know there’s other approaches but sometimes and they might not even know that other options even exist you know there’s so much out there like social media and maybe they have somebody that they’re connected to kind of introduce them to the idea of e-commerce so they kind of see what’s working for their business and Feel like while those numbers apply to mine, also and if I mimic that and of course that’s not the case would you agree Right everybody’s business is different You know I, we have clients that are in the same Vertical niche in e-commerce that are selling very Similar products their approaches to their business are very very different and their methodologies for when they borrow cash or when they were How they ramp up and introduce new products they’re very different and even though they’re probably selling to some of the same customers they’re That’s what’s fun you know that’s what allows us to put our mark and our brand on our Products and our service is that we can do it our way and so I would say there’s necessarily one right way but they’re Relying on that I can tell you is is a way that is You need to be prepared for and you need to be sure that you understand your profitability to be able to support debt and And there’s nothing wrong with with doing it different from somebody else that you may be connected with They they don’t know your business so people people it’s hard for people to give advice on social media I think it’s It’s fine to say this is how I did it but there’s a whole lot of experience behind how you did it that can’t be addressed in a you know a little post on Facebook and so take time and just get yourself educated Before you think that somebody else’s Methodology is isn’t necessarily the answer for your approach you know to your problems or your approach. Absolutely. So, Profit First for E-commerce Sellers, it’s literally a hundred and sixty pages of actionable tools Templates click by click instructions so it’s not like what we were just talking about you know it’s not just for one, business model everybody Seasoned Amazon sellers, seasoned e-commerce business owners, brand-new folks, they’re gonna find something actionable Throughout. I mean really just like click by click step by step templates, tables where they plug in these numbers here and there And there is a part of the book I just really really loved and because I have such a heart for it for new folks that are coming in you know and I want so much for them to To hit that tipping point where they you know where we know that they’re gonna succeed but you give them very realistic goals and I you mentioned Robyn Johnson from best from the nest you mentioned her in the book I know the two you were really great friends and worked together in a lot of different projects but you use her example of when you’re brand new that the Expectations should be you know your sourcing inventory your goal should be 40% ROI so return on investment percentage for anybody that isn’t familiar with that term 40% ROI and then as you grow as you learn more? you’re going to raise the bar now it’s 50 percent ROI percentage and 60 percent ROI percentage and kind of going step by step through that that scaffolded you know kind of journey I just really really appreciated but I also love that she or that you point out and I know that Robyn points out also Kind of going back to like that social media and comparing yourself to other business models it’s made it very very clear you should expect and anticipate that sourcing is gonna take you a little bit longer Because this is, you’re gonna do it the right way. You’re gonna go about it the responsible way. You’re gonna source without regrets. You’re gonna make mistakes here and there ,it’s gonna happen, but setting these goals expect that it’s going to take you a little bit longer and There’s there’s such a great Focus on that and it’s that proactive approach the responsible approach the entrepreneurial approach to sourcing inventory eliminating that ambiguity you know pumping the fear out of the room when it comes to that and You even touch on some of the tools that are available you know of course You know the Amazon seller app, is free if you’re selling on Amazon as Especially you know if you’re doing FBA or even Merchant Fulfilled that information you’re able to see that as you’re sourcing you’re able to see what the what the profit would be and you can plug in your You know your buy cost can get plugged in in the Seller App and of course if you’re Subscribing to InventoryLab you have access to Scoutify, and you’re in Scoutify you’re able to actually set your desired ROI in the app So if your goal of your brand-new and your goals 40% you plug in 40% And as you were out you know sourcing inventory as you’re scanning or however you’re researching it’s gonna pop up you know that desired ROI it’s gonna let you know if it hits that target it’s gonna tell you actually even your target cost per unit so letting you know that you need to be able to purchase this for this amount you know cost per unit or less and if you don’t you’re not going to hit that ROI percentage and then you know to kind of like keep it moving so Scoutify even has a more Tools but you know if you’re just starting out if you’re brand new the Amazon Seller App is there it takes Longer it doesn’t have a lot of that information like really put up front that kind of follows along with you know The what how the book kind of guides you through like what’s important to look at that’s all like really upfront on Scoutify But the Amazon Seller App is there as well But I, just all of it just that proactive approach it’s just kind of seen throughout the book. Well one thing that you know the sourcing piece of it is really important and of course that’s where all of it starts with you know cash going out the door but What I see with a lot of my clients is that they don’t pay attention to what happens After they’ve made that purchase and if they have repricers connected to their listings and What looked like a really great sourcing decision at the time that they made it over time the the inventory Landscape has changed the repricer has gone in there and done some work and what looked like a great you know 50% ROI When the actual sale takes place and you look at What you got for the product? Sometimes it’s not meaning that and so that’s what the cautions that I would have for people is those Systems where you are making those decisions on realize that that that’s not necessarily how it’s going to play out over time and What I see with a lot of my clients is they think okay? I’m sourcing at 50 or 60 percent So that’s got to be what my ROI is But whenever we actually do their books we come in with a much lower number and it’s never fun to have to say Sorry, but your your gross. Margin your gross profit is not really at a sustainable level for your business and What I’ve come to understand over time- Working through those differences in my clients expectations with what we present it as Verified books that have been reconciled back to statements you know What have what drives that difference is over time what you thought? Was going to happen at the time you sourced did not play out and you know a repricer may have changed things you may have had to manually go in and change the price of a product to get it to move Long term storage fees i’ve been a huge impact, we actually even added it in InventoryLab Scout is our web-based research tool inside of InventoryLab on the web and we built in a storage fee calculator so as you’re researching products you can see the decline of Profitability over time because it has become such a big factor and it seems like Amazon is changing Those fees like all the time recently made it change again but kind of in towards the benefit of the Seller. Thankfully! Doesn’t happen often but, when it does we kind of celebrate and you know but there are so many different things that can impact and things that people don’t think I’m out too much like in Scoutify you’re also able to plug in your Sales tax percentage so if you’re paying sales tax you’re able to plug in your estimated shipping so how much it’s gonna cost to ship this product FBA You know what it’s gonna add to that FBA shipment bringing all of those things together but even then I always say This will give you a ballpark idea of what you can anticipate the net profit to be because free price errs and Long-term storage fees all those things after it you know the cash flow comes in and after it’s like When it’s all said and done after the sale it might look different and it might look very different When it all- all the pieces are brought together. yeah, unfortunately that is our experiences is that it does look different and it must it’s not it’s not a good surprise usually it’s usually I hate to tell you this but you’re not as well off as you thought you were and let’s figure out What’s going on in the way you’re managing your business that you’ve had your expectation of one thing but your performance is actually Something different let’s get those two things in alignment because just like we look at our bank account For Profit First and make you know that’s our dashboard if people are looking at you know Seller Central or InventoryLab and they’re making Decisions off of data that’s not been maintained and that’s not really in sync with Their financial system they’re they’re making decisions on that data so let’s let’s get those things in sync so you’re making decisions on good data and can have a better outcome and When we were talking before you use the term set it and forget it. That set it and forget it mentality and how dangerous That can be the Small Plates principal having those things in place kind of makes that very a lot easier to do didn’t account for that you know account for everything over time not you know just setting it forgetting it and sticking your head in the sand but keeping a hold on that what it when you’re applying the Small Plates principle it’s just so much easier to actually like accomplish that and and throughout the book you know like what you were saying you encourage folks not to just look at profitability before but addressing and Really evaluating profitability after the sale as well to get an Idea of what’s working for your business what isn’t working for your business and making those informed decisions. You know clients a lot of times will will tell me this is my best seller this is my biggest performer and look, they’re losing a lot of money and I’m like whoa What’s your profitability on that performer and we start digging into it and yes it’s popular but they’d be better off if they never sold another one You know selling something that you make no money on that ties up a lot of your cash is a recipe for a cash flow problem so really understanding what your profitability is by product and the ability to Understand the volume and the need for cash to keep that product in stock Those those kinds of decisions will set up, when you when you make those decisions in conjunction with An account for inventory for example if you have a percentage of everything that you could bump sell go directly into inventory so that you can buy inventory and replenish again and you’re running out of money all the time that’s a pretty good sign that you’re not recouping the cost of your of your product When you’re selling it that’s a red flag you know you got you that’s a wake up call you gotta pay attention Yeah I Think I think maybe we’re seeing the same people Like one of my favorite at conferences is to sit down with somebody and do like a one-on-one Consultation. Like, tell me about your business now let’s look at your InventoryLab account let’s look at it together and let’s see what you can get more value out of but what tools aren’t aren’t you utilize make that you could be and why and so it was InventoryLab you’re able to view profitability by ASIN, by MSKU, by category, by supplier, so you’re really able to kind of bring those pieces together but I’m telling you it’s very rarely do I say to somebody What category do you think is your most profitable or supplier or MSKU they feel very strongly they’re very confident like oh I know this one is going to be you know this is my number one and then, when we look at the numbers if Again exactly what you said sure it’s a popular one you’re probably it’s usually the one that they’ve sold the most quantities of you know most recently but you know it’s going to be something else. You do talk about inventory but I don’t want anybody to think that this is about inventory management this is like way beyond Inventory management guidance I mean that is a piece but this isn’t just about you know what like the humdrum kind of inventory management just like the rest of everything we’ve been talking about you’re providing tools That will help people see you around corners and you’re using real you know actual examples of clients that you’ve had through bookskeep and one that I really really liked was Carol Was an example to use in the book that You know that one of the things that happens is Amazon loses inventory but Carol’s solution to that I thought was really Interesting and I was like oh my gosh I never thought of that before Can you talk a little bit about about Carol and that experience and coming up with that? Sure. Carol we luckily we had been doing Profit First with Carol for a while and She had an inventory account and she was banking money in that account to be a launch some new products and she had just bought a I think it was like a $12,000 shipment of her product and sent it into Amazon and it was a number of different products Carol’s story is in the book and she’s Just awesome for sharing her stories and her good stories and her bad stories so You know I think it’s it’s really Wonderful, when somebody is willing to give you know all of their information to be able to help somebody else so kudos to Carol! But Carol had bought like a $12,000 shipment and sent it in to Amazon and Amazon lost her shipment luckily she’d been saving money for a whole new inventory a launch of the new product so she had money for a whole new inventory buy and Immediately bought a new order because it was a busy time for her and she needed to have the order there. She bought it do you know that they lost the second order to. You know, Carol, bless her heart! All of that had transpired and it was favorable that she had gotten inventory in and they were shipping her product again still hadn’t found the second Batch of inventory that, was still lost then her account got suspended it was suspended for 11 days So she had not only Had she got all her money tied up in inventory she had 11 days Where didn’t sell anything and she had to get resources and people involved to help get reinstated So she learned some things from that experience one of them is to ship smaller quantities don’t ship all $12,000 worth of your stuff in at one time and she ships by By product so that she’s not sending you know 15 or 20 of different things. She sends so much of product A and so much of product B Individually so that those things go in and her experience has Been she doesn’t have things get lost in that situation so I think Carol had some really great a couple tips for people Okay, and other for the bandwidth to react but she got smart how to do business differently too. Throughout all that though with the suspension and you know the money that you have to kind of invest to be able to get reinstated and and the loss of the inventory and for her to share that and be transparent about that it was so helpful to some of the other people but, when I got to next to, avoid that going forward smaller shipments that contain single SKUs right and and you know it’s so that that’s one of those things that gives heard that runway You know if something does go wrong and I just thought. Oh my gosh why? Why have I not thought about that before? And I love that but throughout the book you you have you share client stories and obviously folks that have given you permission to do so and but There’s just so much to learn from from what you know from mistakes that they had made successes they had had There’s there’s just so much information and and I love your transparency in the book you’re so transparent you even have a whole section on where you know the pitfalls of Profit First you know Where people have gone wrong in the past when they have you know start to apply these methodologies to their business You say this is where things have gone wrong in the past and this is how to avoid those and I thought yep That’s about Cyndi I loved it we really want people to be successful. I mean it. I can tell you it’s changed my life just in the way I manage my business and in the ability to To do some really great things with my team and for my team Having that profit account allows us to to really reward Reward our team and to do some nice things in the community So it’s really awesome but I learned from doing it Wrong too it just it makes it work with our behavior instead of against it like we were talking about. Parkinson’s Law I’m gonna log into my bank account and I’m gonna decide whether there’s a lot of money there and I want to do Something fun or there’s a little there and I need to be hustling so why not have that day to be more meaningful? It has been such a pleasure talking with you so January 22nd Profit First for E-commerce Sellers. I’m so excited! I got my one copy so yay! That’s a good-looking book right there and it’s coming in hard copy correct? It will be for for March I’ve got a number of Speaking things going on in March and so the hard copies are on order but I don’t have them yet right now it’s available on Kindle and Amazon for pre-order. For Kindle and paperback for pre-order. I found out a day or two ago that the audible version has been Approved and so it’s in their process of being listed now so the audio book should be out by the 22nd also. Oh, wow, so how can people get in touch with you if they just like to know more or even know more about bookskeep- becoming a client of bookskeep how can they get in touch with you? bookskeep.com That’s b-o-o-k-s-k-e-e-p .com a lot of information on my website I do a lot of blogging and so there’s a lot of You can get a lot of questions answered on the blogs there if you’d like to email me it’s Cyndi c-y–n-d-i at bookskeep.com there’s Also a contact us form on the website so if you can’t remember my name You can just do the contact us one it’ll come to me. And, so right after January 22nd or soon thereafter you’re also going to be launching kind of like a Facebook Book Club for Profit First for E-commerce Sellers correct? Yeah it’s um it’s Something new we’re going to try we’ve of course bookskeep has a page then in all our blog posts are listed there’s they’re available but We’ve got a lot of resources that are in the book that people can log on to our website And in the website they’ll be able to download the templates that We use for doing profit assessments for making good product decisions just a ton of really great Excel templates as well as articles and so as people are making use of those I have a feeling there’s going to be people that have questions and that gets stuck and so there’ll be a Facebook page where they can go and on that Facebook page they can post questions We’ll try to give them an answer and point them in the right direction and hope that other people that are working through it can Also help out with that if they’ve already done it and You know understanding what questions people have will help me to to understand where they’re getting stuck in and how I can improve and and write more in Our blogs about those topics so that hopefully We make it a little more seamless for people as they try to implement Profit First going forward. Well I’ll be in that Facebook group for sure! I’m just really excited about the entire launch in general and thank you so much for allowing us to talk about the book and just really kind of bring some of this information together for folks and letting them know that it’s coming out it has been such a Pleasure to talk with you thank you so much! Thank you, Kim! This has been fun- thank you so much for all your support I really appreciate it.

1 thought on “Profit First for eCommerce Sellers: Proactively Running Your Business and Prioritizing Profit

  1. Profit First is THE thing to do in your business, and Cyndi Thomason really knows and understands the ecommerce seller. She takes Profit First to a whole new level!!

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