Cyndi Thomason is a Certified Master Profit First Professional, and the founder and president of bookskeep, a virtual company that provides bookkeeping and Profit First consulting services to ecommerce clients all over the world. Cyndi also just released a new book, Profit First for Ecommerce Sellers: Transform Your Ecommerce Business from a Cash-Eating Monster to a Money-Making Machine.
So far, we’ve talked a lot about the technology behind our stores and how to optimize our store pages on the show. But today, Cyndi is going to teach us how to make our businesses more profitable using Profit First, a cash flow methodology that we also use here at Electric Eye.
We discuss Parkinson's law and Primacy Effect, and how they impact our money habits; the challenge of managing cash flow in a business with inventory, especially when you try to scale; and a quick-start approach you can use to make sense of cash flow.
In This Conversation We Discuss:
- [2:10] How Cyndi niched down to a Profit First approach to ecommerce businesses
- [5:20] What is Profit First?
- [8:10] How much can store owners pay themselves?
- [10:45] How you can start implementing the Profit First system
- [15:25] How does debt work into the Profit First methodology?
- [19:15] Shopify, Amazon, and accounting
- [21:35] What’s unique to eCommerce businesses, when it comes to accounting and Profit First
- [23:40] What you can do today to start become more profitable
- Learn more at https://www.bookskeep.com/
- Read: Profit First for Ecommerce Sellers: Transform Your Ecommerce Business from a Cash-Eating Monster to a Money-Making Machine
- Facebook: https://www.facebook.com/bookskeep/
- LinkedIn: https://www.linkedin.com/company/bookskeep/
- Profit First Friendly Banks: https://info.bookskeep.com/blog/profit-first-friendly-banks
- Start a Simplr free trial: simplr.ai/honest
- Are you a maker, crafter, or small manufacturer on Shopify? Get easier production scheduling & inventory management with Katana. You can try it free for 14 days. By using the promo code “HONEST” you'll get 30% off your first 3 months of paid subscription! Sign up at Katana’s website here: www.katanamrp.com.