FBA stands for Fulfillment By Amazon (for those of you who did not know). Sometimes you get stuck for ideas after you have been using the Amazon platform for a while. You get to a point where you need a reboot, and that is why we are here today.
We are here to discuss many ideas on how you can get that much-needed reboot, so you can begin fresh and new with your Amazon FBA business platform – or you can take a look into the best amazon FBA courses.
Are you on top of your internal and external numbers? There is an old joke that begins with, “what word has three double letters in a row”? It might be an old joke with an old punchline, but there is a lot of truth to the routine.
Sometimes you have to trim the fat to find where you could be losing revenue. Some of you like to believe that you are in top of it, and maybe you are. However, there could be some spots you are missing with your revenue totals.
How does that relate to a reboot? It relates in a very simple way. Sometimes you need to reboot your financial platform to find where you are messing up. This link https://www.repricerexpress.com/best-accounting-software-amazon-sellers/ will help give you some valuable insight.
Psychology plays a big role in how you operate your Amazon FBA platform. To get to where you want to be, you need to work out the internal kinks(much like a therapy session).
You cannot just remove the core and not the symptoms. You have to remove both concerning your financial books to keep things going in the right direction. Removing that extra energy will bring about some new ideas for your brand.
2) Your Inventory
Do you currently know what you have in store and online? Do you know what sells well versus what only sells once and a while? You might be running out of something your core customers like. That could prove hazardous to your sales.
Most customers do not like to be told your items are on back order. Poor management of inventory will lead some of your customers to go elsewhere. We have seen it happen many times before.
On the other hand, carrying too much of something means you have in storage fees to contend with. We have seen many stores carry too much of something. Then, they bring it down to sell it off (at a very unnecessary price). At this point, you are basically giving the item away.
That is not what you want to do(at all). You need to be somewhere in the middle. You need to be at a place where you are keeping up with the current demand, and, at the same time, taking advantage of your competitor’s goofs.
You need a system that can place you there. Once again, this could afford you an opportunity to reboot the system. That way you have new ideas on how to capitalize on your goal.
3) The Tools
That brings us to the next point. You need the right tools to do all of that. Some of you like to focus on things like repricing and product sourcing. That is good too, but you need to focus on the tools for the job.
Some of you are already feeling stressed over having to do that. We have been doing this for so long that we can tell. That is why there is software ready and available for your utilization. One great link to check out is https://www.repricerexpress.com/choosing-amazon-repricing-tool/.
Some start to feel anxiety over the thought of doing all of that. The above link will provide the information you need to find the right tool.
Once you have the right tools, you do not have to stress so much. The idea is to let the tools do the work for you. That is why they are there. We encourage many of you too check out the current tools necessary on that page.
4) Wearing Every Hat In Your Closet
Once again, it comes down to psychology. It makes sense (in the beginning) to do everything yourself. Your Amazon FBA platform is part of your baby. Once you begin to grow and branch out(which most of you will), you will need to hire others to help you with the daily acitivities.
Most professional CEOs hire and subcontract others to do the heavy lifting. Your goal is to find the right people for the work. Your goal is to find a balance between knowing what is happening(in those other areas), and relying on someone else to carry out those wishes.
That requires a great deal of trust (on your part and theirs). You have to trust the people you hire enough to do the job on their own. The people you hire need to have faith that you are not going to micromanage everything they do. Once more, that requires a lot of trust. Hire the right people for each role.
Make a list of everything you need to be done. Create a template for the core goals for every job. Interview people who fit those styles. That might take some time and effort (on your part). It beats the alternative though.
Hiring the right person for the job will reduce the chances of you having issues later.
5) The Arbitrage Restrictions
You have to pay attention the US restrictions and protocols concerning arbitrage. Say, for example, you are shipping something from Amazon UK to the US (California, to be specific). You will need to fall in line with the Prop 65 guidelines.
We know it is getting somewhat more challenging to keep these protocols in your head. We know it is challenging to keep up with it everything. You have to try though. Keep in mind, every state has its own account and guidelines.
Make sure you know what the guidelines are no matter where you ship to. Number one of two things could happen. One, you miss some sales because you did not follow the rules. Number two, and more importantly, you could have your Amazon account suspended(indefinitely). Both could also happen too. Please pay attention to the restrictions when you ship.
6) An Effective System
Your FBA success is hanging in the balance here. This is not a situation where you can just “wing it” and hope for the best. Do you want your business to grow and thrive in big way? Then, you need to start small.
A lot of you like to jump in feet first to the deep end. That is not going to help. One thing you will learn is that most of your large successes will depend on your smaller victories.
Say, for example, you want to invest in a company. You start slow. You never put all your chips in at the beginning. It is similar to poker. You wait until you are in a position to put all your chips in, and then, you strike.
Investors start small and build using a tight ship that has excellent cruise control. The same rules apply here.
7) The Past, Present, and Future Collide
We are going to make this simple for you. Learn from your past mistakes, but live in the present. Use those teachable lessons as a benchmark for what not to do in the future.
One more thing you can is write every accomplishment you have had recently (in the past few years). Congratulate yourself on doing a great job. Now, write down what you want to accomplish in the next few years.
Seeing everything in written form will add more realism to your day. Create a plan to get those future accomplishments done. Keep it simple and realistic. One way to reduce the chances of a success is to create an unrealistic vision.
Holding yourself accountable(like you have done so far) is one of the key elements to what happens in your future.
8) Other brands
Those of you who want something more private, sticking with small supply chains will be okay. Do you want to get bigger? You need to develop relationships with other brands.
Say, for example, one company is trying to steal your product strategy and line, while the other wants to extend its services. The second one want to start putting your goods in with their line.
Do you want to fend off the other company and it wants to do? Yes, you do. Try not to focus all your energy on doing that. You want to be the better brand. If some company wants to help you by marking your brand with theirs, why not try it. You could reach a mich wider audience. Choose carefully though.
Remember, that in life you are the student. Never stop wanting to learn and grow. Turn your mistakes into teachable moments and fly.
10) Your Team
Your Amazon FBA platform is nothing without your team. Always remember to share those insights with them. You want your team to learn and grow as much as you do. Pay attention.
You have to walk the walk, and not just talk the talk. That is the difference between having a thriving Amazon FBA platform and the alternative.
Comfort breeds complacency. Always keep an open mind and invite new ideas in.
The better you get, the better your team will be.