The E-commerce Leader

[00:00:00] Michael: Getting profitable is vastly different from just seeing revenue or units sold or both going through your books.
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[00:01:09] Intro: Hey folks. Welcome back to the e-commerce leader podcast today, we’re in the middle of talking about six ways to reduce risk in business or your e-commerce risk, which generally shows up as financial risk. We’re going to talk about two of the main ways and then sort of recap some of the ways we’ve talked about.
[00:01:25] Most of these are by Jason. I’m just going to flag up now that Jason is. Profits how its workshop coming up, which you may want to check out more details at the end of the show. So stay tuned. If you want to hear about that, meanwhile, enjoy the show and may you make even more profits than you ever have before by implementing this stuff?
[00:01:43] Michael: So could you summarize these six ways to reduce business risk? For
[00:01:46] Jason: sure. First way is upgrade your financial operating system, your personal knowledge about how to run your business and financial terms second way is to make.
[00:01:55] Debt more wisely. Third way way is to upgrade your CPA or chartered accountant. The fourth way is to get a pro profit minded business coach or mentor in your life. The fifth way is create a cash surplus and emergency fund. And the sixth way is do a self audit of any legal or tax. You know, liabilities or situations in which you have exposure and resolve those proactively rather than reactively.
[00:02:21] Once there’s a problem that’s pointed out. Yeah, very
[00:02:26] Michael: smart. I like it a lot. Now, obviously this relates in, in, in some ways to profits, we were talking about a lot of this sort of in the end impact your profits. And you’ve got a profit habits workshop coming up, which I think is really cool. And tell us a bit more about that.
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[00:02:39] Jason: So if you’re listening to this show live right now, it comes up on the sixth and 7th of December. If you’re listening by replay, then you can just go to. Profit habits.com. That’s going to be an evergreen version of that eventually. And so our signup list will be there at least. So you can check that domain.
[00:02:58] Yeah. It’s a workshop that we’re doing with Zack Martin. One of our. Prior coaching clients who as a CPA by training and was a consultant tax consultant and, and financial consultant at a big accounting firm. And then he became an e-commerce operator. And then we joined him on that journey and we’re his coaches and, and then he’s just crushed it.
[00:03:19] I mean, he’s just, he’s just made it look easy in a way now of course he wouldn’t say it was easy, but from an outside observer, I think what I like to say is he’s the best financial operator we’ve ever seen. And so he’s doing this workshop with us. It’s a two day workshop and we have 17 profit habits.
[00:03:37] Interestingly, I just kind of scoured this list. Only one of them. Of the 17 is something we talked about this morning. So the, the 16 other things that we did not touch on this morning, so this is not just harvested content out of that or anything like that. It’s, there’s a good, solid list of practices that every e-commerce CEO should know and is going to learn through the school of hard knocks.
[00:04:00] Or not learn, but can learn through our two day profit habits workshop really easily. So we have a workbook, we’ve got some bonus eBooks. We’re going to have six hours of training over two days. That’s how it works. And people get access to the. If they want. And so that’s coming up and we’re really excited about it.
[00:04:15] So if that’s of interest to you, be sure to jump into that, get profit habits.com is the URL to sign up and we’d love to have people participate. Yep. I’ve just got
[00:04:26] Michael: to say, I’m just going to have. It’s not so much a plug for this is for this kind of education generally. As you just said, you’re going to learn it anyway through the school of hard knocks.
[00:04:34] As some how Sue came to me once as a client said, yeah, I thought education’s expensive. But then I looked at the cost of my mistakes and it turns out to be cheap. And so I, I cannot stress enough really from my personal experience, this. Getting profitable is vastly different from just seeing revenue or units sold or both going through your books.
[00:04:54] It’s just not the same at all. And all the smart people that I know, like no exceptions in the seven figure sellers who are scaling businesses and are happy and enjoying it are really, really proud of. Yeah, Savi and all the ones having a miserable time don’t know what’s going on. So I just think it’s critical to go to this kind of event.
[00:05:09] So there you go. That’s my, my 2
[00:05:10] Jason: cents. Yeah, I totally agree. I mean, as coaches and mentors and people who run small groups and that kind of thing, we see this over and over the people who take the time to get financially. And really understand what’s happening in their business in terms of profit and loss and top line revenue versus profit and all the elements involved in how to make all of that happen.
[00:05:31] They go from strength to strength, get better and better and grow their business successfully. And they have the capacity financially to join groups and, you know, go to big events and, and learn from the best people in the world. And and it’s because they’ve sorted out. Financial operating system in essence is that phrase.
[00:05:47] I kind of like, I think I’ll keep using that. So that that’s the gist of the workshop and we do hope that it really helps people tremendously. Yeah.
[00:05:55] Michael: Excellent. It’s really, really heartening to hear that kind of content out there and not yet another webinar on how to get rich in five minutes. It’s really, really important directive to all that stuff out there in the internet marketing space.
[00:06:06] Final thing I should say to anyone listening is obviously if you enjoy the content that forgets. I’ve got to keep saying it. According to the internet, mark seen practices like reading about you’re supposed to do it. So subscribe on Spotify or apple podcasts, wherever it is, Google podcasts. If you’re on apple podcasts, please give us a, a review, a rating out of five stars.
[00:06:23] You don’t even need to write the review if you’re willing to. That’s obviously great as well. And don’t forget to check out our call in show. This is a brand new app where they’re live every Tuesday. We get the times, right? It’s 8:00 AM. Pacific 11. I am Eastern or 4:00 PM UK time, 5:00 PM central European time.
[00:06:39] And we got very cool lineup. We’ve got Kyle Hemer who Jason’s repeatedly references is a coaching partner. And Chris green is obviously extremely well known to people in this sort of Amazon retail ops space. And just more generally in the e-commerce now. So it’s called lineup. I’m enjoying those shows.
[00:06:53] Totally.
[00:06:54] Jason: Yeah. It’s it’s different format, different topics. We’re doing hot takes. It’s a lot faster format. And so we just have one. We have everybody’s point of view on it and boom, we’re done. And I think that format’s fun. And so I hope people are appreciating that and as it happens, it’s one of the top business shows.
[00:07:11] I think it’s in the top 100 on call an app. And so, because it’s a new platform and we’re early into it it is w we are, you know, in the top of the charts. And so that’s super fun as well, but it’s good content and people should. Absolutely.
[00:07:26] Michael: Yeah. Wow. It’s been a lot of fun has ever mattered and thanks very much for everyone.
[00:07:29] Who’s been listening today as well. Thanks man.
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