Firing The Man Profitabilty, Cash Flow Management, and Budgeting for an eCommerce Business with Tyler Jefcoat from Seller Accountant
Tyler Jefcoat is the Founder & CEO of Seller Accountant where he exercises his passion for helping sellers maximize their businesses. Tyler provides financial coaching for sellers totaling more than $100 million per year in e-commerce sales. Tyler also leads the Sellers Roundtable, an exclusive mastermind group for seven- and eight-figure sellers
In this episode, Tyler provides financial coaching and a few powerful tips that will surely help maximize your business. Let’s get started.
[00:01 - 02:56] Opening Segment
- Tyler's path to becoming a founding seller accountant
- He loves the idea of coaching CEOs and helping small entrepreneurs and seeing them excel
[02:57 - 06:34] What Are Some Trends Observed From Successful Sellers in 2022
- Companies that have great products and who are connected to their customers
- Brands that are offering what the customer needs and wants
- Those who set aside a bit of money for education expenses thrive when the market is vulnerable
[06:35 - 18:44] Increasing Gross Profit despite Increased FBA Fees
- Have a coordinated strategy such as focusing on your most profitable products
- Check your p&l and just keep an eye on a seller account
- Pay attention to ads and what fuels the product to move
- Set a specific margin on your product that you can afford
[18:45 -27:39 ] Managing Your Advertising Budget
- Have more margin on the product
- Understand your cash cycle
- Find the one that intersects at the highest optimal point of these two factors: margin and cash flexibility
- Want some Amazon refunds? Check out GETIDA
- Promo code: FTM400
[27:40 - 44:30] Helpful Resources and Tips to Sellers
- Fathom - a dashboarding tool
- Take a little bit of extra line of credit to have liquidity than run out of cash
- Have a good relationship with your customers by understanding what they need and offering a product that solves their needs
- Invest in a secondary sales channel and show up prepared
[44:33 - 45:45] Closing Segment
- Check Tyler’sbook keeping business and podcast
Quotes:
“ You can't understand your margins without understanding ads that fuel you have to put on the fire to get the product to move is so crucial that you, that's what I would pay attention to if I were seller..” - Tyler Jefcoat
“ The most successful entrepreneurs in any industry have a growth mindset. They're gritty. And they demonstrate that grit and a Growth Mindset by joining some kind of peer group or coaching group.”- Tyler Jefcoat
Connect with Tyler Jefcoat
Website: https://www.selleraccountant.com/team/tyler-jefcoat/
Podcast: https://www.selleraccountant.com/podcast/
LinkedIn: https://www.linkedin.com/company/seller-accountant/
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