Cash Flow Management During COVID-19 Pandemic
We’ve said it before, and we’ll say it again: risk comes hand-in-hand with business. The same is certainly true for any Amazon business. But while the struggle is real, knowing your numbers and managing your cash flow can help you protect your profit and stay in business - especially in times of a global health crisis. Cyndi Thomason is the President of Bookskeep, a virtual company that provides accounting services to e-commerce businesses worldwide. Cyndi is an Ecommerce specialist who’s driven by her passion for helping small businesses make sense of their numbers and understand their cash flow. She is a speaker and educator, and her book, Profit First for Ecommerce Sellers, reflects her mission and desire to support small businesses.
Cyndi joins me today to discuss how Amazon business owners can better manage their cashflow. She explains how understanding cash flow can help businesses weather crises like the COVID-19 pandemic. She illustrates the Business Crisis Trend and its different stages, as well as underscores the importance of setting aside a rainy day fund. She also defines the “profit first” strategy and reveals how you can recession-proof your Amazon business.
“If every business were ‘profit first,’ they would have the cash reserves to get through whatever rainy day it is.” - Cyndi Thomason
This week on the Amazon Files:
- Why Cyndi started Bookskeep and what services they provide
- The impact of COVID-19 on Ecommerce
- Mike Michalowicz’s Business Crisis Trend and its different stages
- How to prepare for the economy’s resurgence
- The 13-week cash flow plan for Ecommerce sellers
- The importance of planning your money and setting aside an emergency fund for your business
- The benefits of creating a financial calendar
- How to recession-proof your Amazon business
- What the Profit-First strategy is and why you need to have different bank accounts for your business
- The “turn-and-burn” mentality in Ecommerce
- Why you shouldn’t start your Amazon business on credit or loans
- The power of taking small, consistent steps in your business
Resources Mentioned:
- Cash Flow Tool
- Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
Connect with Cyndi Thomason:
- Bookskeep
- Book: Profit First for Ecommerce Sellers
- Bookskeep on Facebook
- Bookskeep on LinkedIn
- Cyndi Thomason on LinkedIn
Grow Your Amazon Business!
Thanks for tuning into this week’s episode of The Amazon Files, the show to help Amazon seller along their business journey one step at a time with Amazon expert and your host, Kristin Ostrander. If you enjoyed this episode, head over to iTunes, subscribe to the show and leave us your honest review. Don’t forget to share your favorite episodes with your friends on social media! Use the codeword #ProfitFirst to join us on Facebook. Each week, Kristin hosts a live discussion on how to grow your Amazon business. Don’t forget to check out our website and subscribe to our mailing list for even more resources.
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