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
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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.