Tag Archives: Business

5 Simple Strategies to Take the Next Step with Your 2016 Amazon FBA Goals

Are you like me when it comes to starting the new year off?

I love new beginnings, love fresh starts, love setting goals and starting over new. Every year we have the opportunity to make it our best year yet.

smart-person-2Hopefully by this time you’ve made some SMARTER goals for your business and for yourself personally. We hope you take this opportunity to dream big, have fun, and set some tremendous goals. If you haven’t seen our post about setting goals for the year, we encourage you to check it out and see how you can set SMARTER goals for yourself and your business in 2016:

  • S – Specific – The better you know your objective, the easier it will be to attain it.
  • M – Measurable – Can the results be measured and compared to the goal?
  • A – Actionable – Can you take action steps to meet this goal?
  • R – Realistic – Are you both willing AND able to meet your goal?
  • T – Time bound – When do you want to accomplish this goal?
  • E – Exciting – Do the goals get you excited about your future?
  • R – Relevant – Do these goals match up with the season of life you are in?

Now that you’ve set your 2016 goals (seriously, stop right now and set some goals if you haven’t already), we’re going to take those goals to the next level. Here are 5 simple strategies for taking your goals to the next level for your Amazon FBA business this year:

1. Write down your goals.

penpad2Often we find ourselves thinking about or talking to other people about our goals, without actually putting pen to paper and writing down a record of our goals. For some reason, however, the physical action of moving a goal from our brain and our mouth down to a piece of paper has an effect on whether we achieve the goal. There’s just something in the process of writing it down that causes people to achieve their goals more often.

2. Break down your goals into smaller goals.

kenya_2808How do you eat an elephant? One bite at a time. Break down your huge goals into bite-sized pieces so you can keep your forward momentum.

For example, if your goal is to double your sales by the end of the year, then figure out the halfway point and make that a smaller goal for your business. If you made $50k in sales last year and want to double it this year to $100k, go into your account in Seller Central and figure out which day in the previous year you hit $25k in sales. Set a smaller goal for yourself to hit $50k by that date this year.

Another example: You can set smaller goals for your Amazon FBA education. If you set the goal to finish the Proven Wholesale Course by February, you could set smaller goals that will help you complete the course on time. Look at the modules, see how many there are, then figure out when you should finish each of the modules in order to reach your February goal.

3. Put your goals on your calendar.

If-it-doesn-t-get-scheduled-It-will-never-get-doneOnce you know what your bite-sized goals are, write your deadlines on your calendar or put them in your calendar app. Having the deadlines on your calendar means you will see them regularly and will keep your goals fresh in your mind.

Even more important than putting those deadlines on the calendar, though, is scheduling time to work on your goals. Make an appointment with yourself to work on achieving your goals. You make time for the things in life that are a priority. If your goals are a priority, you will set aside time where no one can interrupt you as you make progress on your goals. You’re much more likely to actually do something if it’s scheduled in your calendar.

4. Find accountability for working on your goals.

AccountabilityWe all need someone to walk with us in life as we make progress towards our goals. I’m not talking about just posting your goals on Facebook for all your “friends” to see. That’s not true accountability. No one is going to come back in a month and check on that post and see how you’re doing.

Find a specific person who has experience in the area of your goal who you can talk to regularly and who will call you out when needed — someone who will ask you honestly about your progress. You don’t have to tell one person all your goals — that could get overwhelming for your accountability partner. But maybe you could tell your spouse one goal, tell a friend in the Amazon business another one, tell your sister another one. And with all of these people, make sure you’re giving, not just taking in the relationship. Accountability works best when it’s mutual, not a one-way street.

5. Review your goals regularly.

shutterstock_117743374-review-600pxStephen and I set ten really big goals for 2016, three personal goals and seven business goals. We will review these goals throughout the year, the same way we did last year. Towards the end of each month we have a budget meeting to go over our family finances, and we also review our goals at the same time. We remind ourselves of our motivations for reaching those goals, look at our progress, decide if they’re still relevant (in 2015, we completely deleted one goal by August because it no longer applied to our life situation; for another 2015 goal, we reached it in July instead of December!), and figure out the next step to take to keep moving forward.

For some people, a weekly review is good, for others quarterly, but for us a monthly review works best. Again, it’s crucial to put this review time on the calendar, or it’s too easy to forget to do it. We challenge you today to put a reminder on your phone or in your calendar for a monthly review of your goals for the next 12 months.

403a88a5d63b40347827bce7e74afd12If you follow the steps above, you’re much more likely to accomplish your goals in the time you set for yourself than if you just hope and wish that you’ll achieve them. Dreams are good, but we don’t want you to just live your life on dreams. We want you to develop plans that will help your dreams become reality. Some of you have some amazing long-term goals for your FBA business (like paying off your mortgage or other debt, being able to stay home with your kids, finding freedom from your corporate job). Working towards your 2016 goals will also help you achieve your long-term goals and achieve them faster.

Please leave a comment below and let us know how you’ll use these 5 strategies for making progress on your 2016 goals. What is your next action step? Did you put a reminder on your phone for your regular goal review? Did you schedule a time to work on your goals this week? Let us know!

 

The #1 Way to Ruin Your Q4 Sales on Amazon

ruin-q4-salesWe see them during all the pivotal dates this time of year. We saw them on Black Friday, we saw them on Cyber Monday, and we’ll see them again over the next couple of weeks. Posts on Facebook groups that include screenshots of huge sales numbers or pictures of 10 shopping carts loaded with toys from a retail arbitrage haul.

We can be inspired by these posts and feel excited for what is to come in our businesses — or we can have another response and ruin our Q4 sales.

We can start comparing ourselves to other sellers.

IMG_1571Comparing yourself with other sellers can be the fastest way to ruin your Q4 sales. Falling victim to the comparison trap might not cause you to lose sales today or tomorrow, but it will definitely have an impact on your psyche and your business over the long run.

When we compare ourselves to other people and start feeling negative emotions, that negativity can snowball. Pretty soon we’ll find that our entire mindset has shifted. We could become so dejected over not feeling good enough as a seller that we are tempted to quit. Or even worse, we could start making bad buying decisions for our business.

It’s crucial throughout the year but especially in Q4 to keep in mind what you don’t know when you see posts on Facebook about amazing sales or massive RA hauls:

  • recruiting-software-comparisonWe don’t know how much profit other sellers are making. If someone says “I made 6 figures in sales!” we can’t assume anything from that number. After that seller takes out the cost of inventory, supplies, or other fees, they might only be taking home in their pocket $15,000 of that $100k. And we don’t know how much time they spent to buy and prep their inventory. For all we know they really are only making minimum wage for their time.
  • We don’t know how other sellers are paying for their inventory. We don’t know if they run a cash-only business or if they go into debt to make huge purchases.  We never know if someone is making horrible decisions, taking out ginormous loans, and maxing out multiple credit cards to finance their Q4 inventory. This kind of behavior is very dangerous. At any moment Amazon could shut someone’s account down for something they did or did not do, and that seller would be stuck with the debt without getting a disbursement from Amazon. They could be making bad buying decisions thinking they have to blow a ton of money on inventory before December 10 in order to maximize Q4 — but what if their inventory doesn’t sell as expected? Or maybe they pay for everything with cash, make a ton of sales, and buy a new car in January. It could be either scenario when you see those posts online. The point is we just don’t know.

I’m not trying to suggest that everyone who makes these types of posts on Facebook is giving an inaccurate portrayal. On the contrary, many sellers make these posts in order to inspire others or as a way of celebrating within a community, neither of which is a bad thing. What I want us all to think about is how am I personally receiving this post? If I’m receiving it in a negative manner and comparing myself to others, then I have a problem.

When we get caught up in comparing ourselves with other sellers, we can have two types of negative results:

  • comparison-is-the-thief-of-We can begin to feel discouraged. If I’m comparing my Chapter 2 to someone else’s Chapter 12, I fail to take into account all the years of experiences (some successful, some otherwise) the other seller has had. When we compare ourselves this way, we can completely lose the steam in our engines and lose the motivation to excel as a seller. Worst case scenario, we could decide to quit.
  • We could look at other people’s sales and start getting puffed up. If I’m comparing my Chapter 12 to someone else’s Chapter 2, I can get arrogant, be filled with pride, and make reckless decisions. “Pride comes before the fall,” says the wisdom of Proverbs. Again, the comparisons have the potential to lead to incorrect thinking.

So then, what should we be comparing?

We should be comparing our outcomes with our goals

Q4 is an excellent time for us to begin looking back to see if we met our goals — for Q4 and for the year. I really hope you’re setting goals every year, if not every quarter. Goal setting is the best way for me to challenge myself in my business. Rather than comparing my sales to someone else’s, I want to look at my own goals and see how I fared this year. Did I meet my goals? If not, what can I do to tweak those goals for next year? What am I planning to do to make next year’s sales even better?

Don’t get weighed down by looking at other people’s sales numbers. Don’t fall victim to the trap of comparison. Focus on where you are personally and how you can meet your own goals.

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How are your sales going this Q4? I don’t want to know specific numbers — remember, we don’t need to compare those to anyone else’s. But did you meet your goals? Did you exceed them? Do you see now that you need to tweak something for next year? Let us know in the comments! We’d love to know how your Q4 is going, in general terms rather than specific numbers.