E029: DSC Acquisition, ERP, Strategy, BFCM Tips. Plus Operators Are Joined by Sharoon CEO of Fulfil.
Nov 8, 2023
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Sharoon, CEO of Fulfil, joins the Operators to discuss topics such as the dominance of Shopify in e-commerce, the challenges of M&A deals and ERP implementation, the importance of authenticity in communication, and the value of OKRs for aligning leadership and maximizing profit.
Shopify's dominance in the e-commerce industry is evident through their solid growth and ability to attract major brands.
Being authentic and transparent in business, including being willing to say 'I don't know', builds trust and fosters long-term success.
Implementing an ERP system at the right stage of business growth helps streamline operations and improve efficiency.
Deep dives
Shopify's Strong Growth and Dominance in the E-commerce Space
Shopify's recent earnings report showcased solid growth in their GMV and the addition of big brands to their platform. This demonstrates Shopify's dominance and their ability to attract major players in the industry. While the specific breakdown of new store growth versus same-store sales growth was not provided, it is speculated that Shopify's offline GMV, boosted by their POS system, is growing faster than online GMV. The overall consensus is that Shopify is poised to continue growing and consolidating the e-commerce industry.
The Importance of Authenticity in Business
The podcast discussion emphasized the value of authenticity in business. Being genuine and transparent with customers, team members, and partners builds trust and credibility. It was highlighted that being authentic includes being willing to say 'I don't know' when appropriate, rather than providing an opinion or answer without sufficient knowledge or understanding. Authenticity can help create strong connections and positive relationships, which contribute to long-term success in business.
The Significance of Implementing an ERP System at the Right Time
The discussion underscored the importance of implementing an Enterprise Resource Planning (ERP) system at the appropriate stage of business growth and complexity. While early-stage businesses can focus on simplicity and keeping their tech stack minimal, as operations become more intricate, an ERP system becomes valuable in managing inventory, sales channels, and logistics. Implementing an ERP system too early may lead to unnecessary complexity without corresponding benefits, while implementing it at the right stage can help streamline operations and improve overall efficiency.
Setting Effective Goals and the Value of OKRs
The speakers discussed their approaches to setting goals within their organizations. They touched upon the utilization of Objectives and Key Results (OKRs) as a framework, such as the one popularized by Google. OKRs involve identifying key objectives and setting measurable key results that contribute to achieving those objectives. These goals provide clarity, align team members, and drive progress towards specific outcomes. Different companies may adopt different goal-setting methodologies, but the underlying principle is to define clear objectives and measurable outcomes that drive success and profitability.
Final Thoughts: Tips for Q4 and Adaptability
As Q4 approaches, the speakers emphasized the importance of adaptability in facing the unpredictable nature of the business landscape. Being prepared to react and adjust strategies based on changing market conditions is crucial. Additionally, authenticity and clear communication were highlighted as essential traits for leaders and teams. Lastly, a bonus tip was shared, recommending businesses to ask for ad credit and negotiate deals with tertiary ad networks to maximize advertising budgets. Taking these insights into account can help businesses navigate Q4 and strive for success.
[00:02:32] Non-disclosure of data indicates intentional misdirection.
[00:03:17] Shopify dominating the e-commerce industry confidently.
[00:09:51] Unilever holds minority stake of Dollar Shave Club, why?
[00:11:59] End of toxicity surrounding DTC industry acquisitions?
[00:15:36] M&A is difficult; deals often fail.
[00:20:07] "I wish I said 'I don't know' more." - Mike.
[00:22:01] Be direct when asking for a something.
[00:26:12] Brands buy multiple software pieces; integration fails. Sharoon.
[00:30:32] HexClad's success with Fulfill enables calmness.
[00:34:28] Don't implement ERP systems too early.
[00:36:29] ERP implementation failures due to being early.
[00:44:33] Results-driven manager sets financial objectives and defines success for team.
[00:48:07] Leaders need focus, competent teams, and guidance.
[00:54:02] Value of OKRs: Aligning leadership, maximizing profit.
[00:56:35] Early on, simplicity is crucial for success.
[00:59:49] Getting ad credit from tertiary ad networks over BFCM.
In the world of eCommerce, a legendary WhatsApp group is rumored to hold the secrets to unimaginable success. The catch? You must have nine figures in revenue to gain entry. The world's biggest brands have denied its existence for years, until now. Four titans known as "Operators" are leaking the secret contents in an effort to share their wealth of knowledge with people like you.
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Sean (Host) / seanecom Jason (Host) / jasonpanzer Matt (Host) / mbertulli Mike (Host) / mikebeckhamsm Finn (Producer) / finn_radford Northbeam (Partner) / northbeam Fulfil.io (Partner) / fulfilio Sendlane (Partner) / sendlane
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