Here at Seller Labs, we’re not accountants or financial planners . . . but we do work with experts in those fields, experts who happen to be some of the very best in the business. This week, we’re turning the blog over to one of those experts: Tyler Jefcoat of Seller Accountant. Enjoy Tyler’s five-part series on the 5 Keys to Increasing Your FBA Profitability. Check back all week for one key per day to maximize your Amazon FBA success.
Each brand owner needs to know what’s most important to the success of their business. Whether you’re looking at new customer acquisitions, increased profit margins, or donations to local charities, keeping a record of these will help keep your team on track.
KEY 4: MAKE (AND KEEP) A SCORECARD
I love sports, but have you ever noticed that watching sports without a functioning scoreboard stinks? I want to know who is winning and how much time is left on the clock. Without a scoreboard, I can lose interest. The athletes on the field also need the scoreboard to know how much time is left and whether they need to change tactics or not.
You and your employees function the same way, but instead of having a brightly lit arena-size jumbotron scoreboard, you need a scorecard. An easy-to-decipher scorecard will have your 3-10 most-important metrics tracked over time in a way that you can see trends and red flags. If understanding sales trends will help you make better decisions, make a scorecard that makes it easy to compare current results with last year’s. If product returns have a major impact on the health of your company, then track a returns percentage on your scorecard each week so that you can see when it moves.
Nothing creates accountability and engagement for your team like understanding how to win and what the score is. For more information about driving accountability, engagement, and results using the right scorecard, For more information check out a recent blog post on creating a scorecard.
Tyler Jefcoat, Co-Founder and CEO of Seller Accountant, is a longtime accountant and successful business builder who excels in helping stressed out owners regain their lives while driving superior financial results.