I'm excited to finally share that we are in the process of buying a new house. If you've been following me here or on Facebook for a while you know that this has been my biggest goal for 2015 – a goal I thought wasn't realistically going to happen. If you've ever sold a house then you understand the ups and downs. We had no one look at our house for over a month so we started talking about taking it off the market, doing some upgrades and putting it back on the market in 2016. I knew that I couldn't have it on the market during the Q4 selling season if I wanted to sell at my projected level on Amazon. To our surprise, we received a good offer on our home, found a home in the same town that we love and have gone through the inspection process. Now we are just waiting for move in day!
I'm sharing my story because it speaks to how important it is to be on top of both your personal and business finances.This is the biggest financial commitment we have EVER made and we know that my business plays a major role in making it happen.
“Know Your Numbers” is a phrase that is always popping up in Facebook groups, blogs, and podcasts. Going through the home selling/buying process made me realize how truly important it is. Staying on top of my numbers has always been a struggle for me as a business owner. I think part of it comes from the “I hate math” mentality I have had since middle school. I successfully sell items for a profit on Amazon, BUT I need to know if, when all expenses are taken out, that my business is in the black.
When I started selling on eBay and into the beginning stages of selling on Amazon I tracked everything on a spreadsheet. It was a total time suck! I madethe decision to invest in Inventory Lab at the beginning of 2015. It has made tracking my expenses and understanding my numbers each month much easier. Inventory Lab automates all of the Amazon fee-related expenses (inbound shipping, commission, pick and pack, etc). It's one less step for me to do. Being overwhelmed by all of the data points I needed to track in my spreadsheet was another reason I tended to put following my numbers on the back burner.
I am still working on the process to make sure that I take the time to review my numbers each month. Part of my plan is to have my accountability partners prod me to make sure that I dedicate enough time each month to review all my numbers not just my sales figures.
What are you doing each day, week, month, quarter to understand the flow of money in and out of your business?
What are you doing TODAY to move your business forward?
If you are new to selling on Amazon FBA, consider checking out Amazon FBA Newbies! over on Facebook. It's a great community of veterans and newbies discussing anything and everything related to FBA.
If you
are looking for more specialized one-on-one direction to grow your business and or manage your life balance, I highly recommend heading over here and checking out the individualized coaching available from Kristin Ostrander.