The Profit First Playbook for eCommerce Proven to Boost Your Profits With Cyndi Thomason

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The Profit First Playbook for eCommerce Proven to Boost Your Profits With Cyndi Thomason

cyndi-thomasonCyndi Thomason is the Founder and President of bookskeep, a financial management tool for e-commerce offering bookkeeping, invoicing, and expense-tracking features. As a master-level certified Profit First professional and certified Fix This Next coach, Cyndi works with e-commerce clients to help them achieve long-term profitability in their business. As an industry thought leader, she devotes much of her time speaking at various events, webinars, and podcasts, including ASD Market Week, SellerCon, Prosper, eCommerceFuel Live, Freedom Ticket, and Bright Ideas. In January 2019, Cyndi released Profit First for Ecommerce Sellers, a best-selling guide that focuses on four critical areas: managing inventory, relying on debt, understanding financial data, and maintaining focus.

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Here’s a glimpse of what you’ll learn:

  • What attracted Cyndi Thomason to the Profit First methodology?
  • Cyndi’s inspiration for writing Profit First for Ecommerce Sellers
  • Common bookkeeping hurdles e-commerces sellers face
  • Cyndi lists e-comm profitability drivers
  • Inventory management strategies
  • Processes for optimizing product listings and advertising
  • How your business can implement the Profit First methodology
  • Managing cash flow and partnering with suppliers

In this episode…

Profit First is a financial management system created by author Mike Michalowicz. The fundamental idea is to prioritize allocation over traditional accounting. The system emphasizes the importance of setting aside profit to drive long-term business success and encourages a disciplined approach to success. How can e-commerce sellers implement the Profit First methodology to maintain profitability while scaling?

Profit First professional Cyndi Thomason advocates three practices to accelerate scaling: optimizing inventory management, leveraging manufacturing partnerships, and strategically managing expenses. To enhance your inventory management, order less to ensure a rapid ROI. Cyndi notes that many e-commerce sellers should learn to negotiate with their manufacturers. Beyond building a relationship, practice the art of negotiation — it could secure you 0% financing. This is one of the quickest methods to scale your business. Lastly, focus on the three main drivers of expenses: inventory, Amazon FBA fees, and advertising spend — including assessing your COGS.

In this episode of the eComm Breakthrough Podcast, Josh Hadley interviews Cyndi Thomason, Founder and President of bookskeep, about profitability drivers to help your business scale. Cyndi shares her inspiration for writing Profit First for Ecommerce Sellers, lists common bookkeeping hurdles e-commerces sellers face, and explains how to implement the Profit First methodology.

Resources mentioned in this episode:

Special Mention(s):

Related Episode(s):

Sponsor for this episode…

This episode is brought to you by Ecomm Breakthrough Consulting where I help seven-figure ecommerce owners grow to eight figures. Of course…

I started Hadley Designs in 2015 and grew it to an eight-figure brand in seven years.

I made mistakes along the way that made the path to eight figures longer. At times I doubted whether our business could even survive and become a real brand. I wish I would have had a guide to help me grow faster and avoid the stumbling blocks.

If you’ve hit a plateau and want to know the next steps to take your business to the next level, then go to www.EcommBreakthrough.com (that’s Ecomm with two M’s) to learn more.

As a special bonus to my podcast listeners, this month I’m giving away one $10,000 comprehensive business strategy audit session at no cost. Email me at josh@ecommbreakthrough.com with the subject line “Strategy Audit” and tell me why your business should win the free audit for the chance to win and don’t worry, if you don’t win the free strategy audit this month, you’ll automatically be entered for future months.

Episode Transcript

Intro 0:04

Welcome to the eComm Breakthrough Podcast. Are you ready to unlock the full potential and growth in your business? You’ve already crossed seven figures in sales, but the challenge is knowing how to take your business to the next level. Join Josh Hadley an eight-figure e-comm business owner and investor, as he interviews highly successful business owners. Get ready because you’re going to learn specific actions you can take today to help your business reach its full potential and leave a lasting impact on the world.

Josh Hadley 0:37

Welcome to the eComm Breakthrough Podcast. I’m your host Josh Hadley, where I interview the top business leaders in e-commerce. Past guests include Adam Heist, Kevin King, and Michael E. Gerber, the author of The E-Myth. Today I’m speaking with Cyndi Thomason, a master-level certified Profit First professional, a certified Fix This Next coach and the Founder and President of bookskeep. And we’re going to be talking a lot about all of the profitability drivers in your business to make sure that as you continue to scale, you’re still making a profit. This episode is brought to you by eComm Breakthrough Consulting, where I help seven-figure businesses grow to eight figures and beyond. Listen, Cyndi, I started my business back in 2015. And I grew it to an eight figure brand and seven years. But there were a lot of mistakes that I made along the way that made the path of getting to eight figures take a lot longer than it really needed to. There were times where I doubted myself in my leadership abilities, but also understanding the finances in the accounting of my business, which obviously we’re going to be talking a lot about today. Understanding those principles would have allowed me to hit the road and faster and be able to scale the business faster. So to our listeners, those of you who have hit similar plateaus and want to know the next steps to take your business to the next level, then go to eCommBreakthrough.com. That’s e-comm with two M’s to learn more. And as a special bonus to my podcast listeners, this month I’m giving away one at $10,000 comprehensive business strategy audit session. At no cost. All you need to do is email me at Josh@ eCommBreakthrough.com and in your subject line, say strategy on it and then plead your case as to why I should choose you and your business to work with for this month. But today I am super excited to introduce you all to Cyndi. Cyndi works with e-commerce clients to help them achieve permanent profitability in their business. She is the author of the best-selling book Profit First for Ecommerce Sellers and an online course by the same name. She devotes much of her time speaking at various events such as ASD Market Week, SellerCon, Prosper, eCommerceFuel Live, and other industry events. She has also appeared as a guest speaker on many popular webinars and podcasts, such as the Freedom Ticket with Kevin King and Bright Ideas with Trent. So with that introduction, Cyndi, welcome to the show.

Cyndi Thomason 3:02

Thank you, Josh, I’m excited to be here with you.

Josh Hadley 3:05

Cyndi, I am super excited to be talking to you. I know we got connected I think it was about six months ago. And the reason why we got connected is because I was talking to another guest about the Profit First methodology and asking them questions like, how do you make that work in an e-commerce business? Because inventory is so important. And advertising goes out the door so quickly. So like, how do you execute the Profit First methodology, which is a very popular book that was authored by Mike Michalowicz, right. But I didn’t know how to actually implement that. And so I’m glad that we’re connected today. I’m super excited to get to know you, and hear your strategies of how to make sure that as businesses scale, they remain profitable. So Cyndi, why don’t you give us a little bit of background? How did you get into writing the book? Why are you focused on profit first and a little bit more about yourself?

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