We’re far enough into 2019 that it doesn’t feel weird writing a new number at the end of the year, but still early enough for tips on improving your Amazon business. If you’re stuck on ideas, RepricerExpress has ten things you should be doing in your Amazon FBA business in 2019 to get ahead.
1. Stay Organised in Bookkeeping and Accounting
Other than being the answer to the riddle “What word has three double letters in a row?’”, bookkeeping means being organised and on top with your numbers. And when you know exactly what’s coming in and going out, it’ll be easier to see where to trim fat and where potential revenue goldmines are.
2. Keep on Top of Your Inventory
Having lousy inventory management sucks. Running out means losing customers and sales while carrying too much means super high long-term storage fees. But that Goldilocks spot right in the middle? That means you’re able to meet buyer demands and capitalise on competitor mistakes. Invest in a good inventory management system and develop smart strategies to put yourself in the sweet spot.
3. Get Tools to Do the Work for You
There are very few reasons why you should put things like repricing, keyword research and product sourcing on the backburner. But if you’re feeling stressed at the idea of ramping all that up a level, then use software to take the load off your shoulders.
Your Seller Central account can help a lot, but things like repricing software, feedback software, project management software and inventory/order/listings management software can save you time and help you keep on of things.
4. Hire, Subcontract and Delegate
In the beginning, it’s fine to wear all the hats yourself. But as you grow and expand, you’ll need to take on skilled help in different areas like marketing, customer support, sourcing, fulfilment, accounting, legal and more. It’s not to say you should totally separate yourself from these areas, but you should not be working half a dozen skilled full-time jobs when there are pros out there that can help.
5. Stay on Top of Arbitrage Restrictions
These days, it might seem like arbitrage is getting tougher to carry off. For example, if you ship to the U.S., then you’ll need to make sure your products are in line with California’s Prop 65 guidelines. And that’s only considering one state in one country — each marketplace and country has its own list of rules and restrictions you need to follow. Not doing so means you can lose out on potential sales or, worse, get your account suspended.
6. Develop Smart and Efficient Systems
What we mean by this is creating schedules and habits that lead to an overall ecosystem that helps your business thrive and grow. Start with little things, then snowball them big systems, working from the bottom up. Look at this way: pretend you’re an investor looking to buy a company. Would you choose the one that operates in a freewheeling, haphazard way? Or would you chase the one running a tight ship that can account for everything?
7. Don’t Forget the Past, Live in the Present, and Look Ahead to the Future
Before you dismiss this as New Age hooey, give it a chance. Do the following:
- Write down the top five things you’re proudest of accomplishing in the last year. Seeing this in black and white will help solidify just how far you’ve come, as well as point out areas you need to improve in.
- Give yourself a pat on the back for what you’ve done so far — it’s important to not forget to reward yourself.
- Write down the top five things you want to achieve in the coming year, and the steps you’ll need to take to get there.
People who make goals and hold themselves accountable are far likelier to accomplish what they want, and faster, than those who don’t.
8. Keep the Lines of Communication Open with Brands
If you’re looking to go the private label route, then sticking with just suppliers and manufacturers will do the trick. But if you’re looking beyond that, then developing good relationships with brands is a must. Pretend you’re Apple for a second and there are two businesses on your radar. One is trying to mimic your products, which means you have to devote attention to fending that off, while the other is offering to sell your products in their store. Which company do you like better? Now, go be that better company.
9. Never Stop Learning
When you first start out, the gap in knowledge can seem overwhelming and you can get a bad case of impostor syndrome. But as time goes on, you feel more comfortable — and it’s in this comfort that complacency can breed. Don’t let that happen to you by keeping yourself open to new ideas, working with a mentor, attending workshops or conferences, or listening to relevant podcasts.
10. Keep Your Team Learning and Growing
Investing in yourself is a great place to start, especially because it sets a fantastic example to your team. You’re showing them it’s important to keep learning — but you’ve also got to walk the walk by helping them learn and grow, too. Bring in trainers or send them to workshops so they, too, can keep improving. When they get better, your business gets better.
It can feel like a bit much to take all this on at once, so break it down into smaller, more digestible steps. Start with just a few and practice them until they become ingrained habits, then take on more until you’re running at peak efficiency. Another way to get there is to use RepricerExpress. We’ll streamline the pricing side of things so you can focus on these 10 things to do to your Amazon business this year. Get started now when you sign up and kick things off with a 15-day free trial.