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

Cyndi 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.

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:

• Josh Hadley on LinkedIn
• eComm Breakthrough Consulting
• eComm Breakthrough Podcast
• Email Josh Hadley: Josh@eCommBreakthrough.com
• Hadley Designs
• Hadley Designs on Amazon
• Cyndi Thomason on LinkedIn | Email | Facebook | X
• bookskeep
• Profit First for Ecommerce Sellers: Transform Your Ecommerce Business From a Cash-Eating Monster to a Money-Making Machine by Cyndi Thomason

Special Mention(s):

• Adam “Heist” Runquist on LinkedIn
• Kevin King on LinkedIn
• Michael E. Gerber on LinkedIn
• The E-myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
• Profit First: Transform Your Business From a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
• Buoyant: The Entrepreneur’s Guide to Becoming Wildly Successful, Creative, and Free by Susie deVille
• Andrew Youderian on LinkedIn

Related Episode(s):

• “Cracking the Amazon Code: Learn From Adam Heist’s Brand Scaling Secrets” on the eComm Breakthrough Podcast
• “Kevin King’s Wicked-Smart Tips for Building an Audience of Raving Fans” on the eComm Breakthrough Podcast
• “Unlocking Entrepreneurial Greatness | Insider Secrets With E-myth Author Michael Gerber” on the eComm Breakthrough Podcast