Business or Hobby?
You’re an Amazon e-commerce business – your books show you have a profit but you don’t have the cash to show for it. If you don’t know your numbers, you’re not really a business. You have a hobby.
The first step in setting up a data-driven, profit-first strategy is putting the tools in place to help you track and manage your money.
In my interview with Robyn Johnson at Best From the Nest we talk about the Profit First strategy for knowing your numbers and running your business.
I also share insights on some tools you can use to shed light on your resources and clear up the blurry vision of your expense story.
Do you need funding?
You think cash will fix your problem, but you need to know the numbers before you get the loan.
Online tools like Fundbox connect to your bank information and give you analysis when determining your line of credit amounts. Customers have claimed this tool is easy to operate and gives instant access to cash to bridge a gap for a payment to a wholesaler.
We go into more detail about Kabbage (https://www.kabbage.com/ _blank), Blue Vine (https://www.bluevine.com/ _blank), Fundera (https://www.fundera.com _blank) and Fundbox(https://fundbox.com/ _blank): Lending, There are New Options
Watch those wire transfer fees.
Everything you do from CC transactions to inventory purchases have hidden charges and fees. Take the mystery out of your wire transfer fees with VEEM. You can read more about VEEM here.
An Inventory Tip
Looking only at your bank balance or your P&L statements is not your full financial picture. Separate your inventory account from your operating cash flow, you will receive more clarity on your profit and loss statements.
Keeping up with all aspects of your books is crucial to reaching your profit goals. You may not have total control of your sales, but you can control your expenses. And these tools will get you on the path to profitability.