So it's been more than 3 months since I wrote this post and it's time to update on the current situation.
Firstly my brother is still working for me but being paid by my Father. He's back doing the packing which he previously wasn't happy doing but has actually got his head down and got on with the job.
I've also got some excel macros developed by someone in Eastern Europe which cost me less than $200 but these spreadsheets have saved me that much time I would no longer require the employee I let go in September anyway.
One of the macros developed was in relation to monitoring our dead and slow moving stock items and now on a monthly basis I take action on this.
I've sent around 600 FBA listings to Amazon UK and these have now started to sell.
I was dreading my yearly visit to the accountants in December as I knew they would highlight the poor trading year I'd had and this proved to be the case. I was told (and I already knew) I could not afford another year like before and I needed to increase profits asap.
For the first time ever I'm in a position where I can actually concentrate all of my time on taking action in things which directly drive profit to the bottom line but herein lies the next obstacle I need to get over.
Cashflow.
I'm still experiencing issues of better selling products running out of stock because I don't have enough cash to replenish them quick enough. Our suppliers in Far East won't offer credit and due to the poor financials on our last yearly accounts no bank is going to lend me anymore money.
I also need to send our product lines to other Amazon sites in Europe and USA but I can't afford to buy the stock.
I'm no longer losing money anymore but I'm not really making it either if I factored my brothers salary into it. Its just covering outgoings. It's an improvement on 3 months ago and progress has been made but I'm now at another crossroads.
I can't afford to discontinue current selling lines to find more lucrative items. I don't have the cash to ensure current lines don't sell out (even though i can produce a report in two minutes telling me exactly how many I need to order) because I don't have enough cash and I don't have enough cash to buy the new products for other channels which will bring in more profits.
The only solution I can think of is to ask my Father to mortgage one of his properties and either invest into my business as a form of partner of salary or provide it in the form of a loan where I pay back the mortgage cost.
It's actually the last thing I wanted to do as I hate asking for help from anyone and I feel bad enough that he's already paying my brothers wages.
From a £150k investment I'd estimate to make approximately £35k a month. Easily enough to cover the cost of a mortgage and make a good profit.
If I don't get a cash injection I'm simply going to drift along probably increasing profits here and there but not by enough to be anywhere happy with. I'll have A basic lifestyle business which is one Amazon suspension away or delayed stock arrival away from going under.
Sent from my iPhone using Tapatalk
Firstly my brother is still working for me but being paid by my Father. He's back doing the packing which he previously wasn't happy doing but has actually got his head down and got on with the job.
I've also got some excel macros developed by someone in Eastern Europe which cost me less than $200 but these spreadsheets have saved me that much time I would no longer require the employee I let go in September anyway.
One of the macros developed was in relation to monitoring our dead and slow moving stock items and now on a monthly basis I take action on this.
I've sent around 600 FBA listings to Amazon UK and these have now started to sell.
I was dreading my yearly visit to the accountants in December as I knew they would highlight the poor trading year I'd had and this proved to be the case. I was told (and I already knew) I could not afford another year like before and I needed to increase profits asap.
For the first time ever I'm in a position where I can actually concentrate all of my time on taking action in things which directly drive profit to the bottom line but herein lies the next obstacle I need to get over.
Cashflow.
I'm still experiencing issues of better selling products running out of stock because I don't have enough cash to replenish them quick enough. Our suppliers in Far East won't offer credit and due to the poor financials on our last yearly accounts no bank is going to lend me anymore money.
I also need to send our product lines to other Amazon sites in Europe and USA but I can't afford to buy the stock.
I'm no longer losing money anymore but I'm not really making it either if I factored my brothers salary into it. Its just covering outgoings. It's an improvement on 3 months ago and progress has been made but I'm now at another crossroads.
I can't afford to discontinue current selling lines to find more lucrative items. I don't have the cash to ensure current lines don't sell out (even though i can produce a report in two minutes telling me exactly how many I need to order) because I don't have enough cash and I don't have enough cash to buy the new products for other channels which will bring in more profits.
The only solution I can think of is to ask my Father to mortgage one of his properties and either invest into my business as a form of partner of salary or provide it in the form of a loan where I pay back the mortgage cost.
It's actually the last thing I wanted to do as I hate asking for help from anyone and I feel bad enough that he's already paying my brothers wages.
From a £150k investment I'd estimate to make approximately £35k a month. Easily enough to cover the cost of a mortgage and make a good profit.
If I don't get a cash injection I'm simply going to drift along probably increasing profits here and there but not by enough to be anywhere happy with. I'll have A basic lifestyle business which is one Amazon suspension away or delayed stock arrival away from going under.
Sent from my iPhone using Tapatalk
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