How to Reach Your Revenue Goals & Grow Your Amazon Business 2018-01-29T12:04:20+00:00
646-494-8675


How to Reach Your Revenue Goals & Grow Your Amazon Business

646-494-8675

How to Reach Your Revenue Goals & Grow Your Amazon Business

646-494-8675


How to Reach Your Revenue Goals & Grow Your Amazon Business

To have success in any business, you need focus — and to guide your focus, you need to set goals. There are a number of reasons why goal setting is important, but at the end of the day, goals help motivate you to aim higher and win big.

Such is definitely the case for Amazon sellers.

Many Amazon sellers prioritize revenue when thinking about their goals — it allows them to better focus and clearly map out how to grow.

Take Elizabeth Whitcomb, for example. Soon after launching her storefront with a handful of products, she had inconsistent sales and knew something had to change. So she honed in on a revenue goal to keep herself focused: grow from about $17,000 in monthly revenue to $50,000. She set this goal back in May 2017 and today is doing six figures in sales.

For Shawn and Lisa Hearn, their storefront was missing growth opportunities because they lacked cash flow to buy more inventory when they needed it. So, like Elizabeth, they focused on a revenue goal and what it would take to get there. They wanted to increase revenue from $3,000 per month to $10,000 — within a few months, they’ve seen 8 and 9 times that in monthly revenue.

So how did they accomplish such rapid growth? Keep reading for everything you need to know about setting, reaching, and — like Elizabeth and the Hearns — surpassing your revenue goals.

To have success in any business, you need focus — and to guide your focus, you need to set goals. There are a number of reasons why goal setting is important, but at the end of the day, goals help motivate you to aim higher and win big.

Such is definitely the case for Amazon sellers.

Many Amazon sellers prioritize revenue when thinking about their goals — it allows them to better focus and clearly map out how to grow.

Take Elizabeth Whitcomb, for example. Soon after launching her storefront with a handful of products, she had inconsistent sales and knew something had to change. So she honed in on a revenue goal to keep herself focused: grow from about $17,000 in monthly revenue to $50,000. She set this goal back in May 2017 and today is doing six figures in sales.

For Shawn and Lisa Hearn, their storefront was missing growth opportunities because they lacked cash flow to buy more inventory when they needed it. So, like Elizabeth, they focused on a revenue goal and what it would take to get there. They wanted to increase revenue from $3,000 per month to $10,000 — within a few months, they’ve seen 8 and 9 times that in monthly revenue.

So how did they accomplish such rapid growth? Keep reading for everything you need to know about setting, reaching, and — like Elizabeth and the Hearns — surpassing your revenue goals.

Every business owner makes mistakes – it’s part of being an entrepreneur. You just don’t want a big mistake to happen at the busiest time of the year, Q4. Amazon is predicted to drive 34% of all holiday shopping this year.
SETTING
REVENUE GOALS

When setting any goal — especially a revenue goal — the key is to set something that’s realistic but also aspirational. Will this goal drive your business to new heights? Can it get you out of a rut? Is it attainable?

To start, look at your growth rate over a given time period and factor in any changes you’ve made or will make to your business (for example, expanding your product line or getting a better inventory price from your suppliers).

To gut check your revenue goal, consider running it through the SMART check. In other words, is it Specific, Measurable, Attainable, Realistic and Timely? From there, prioritize the steps you need to take to make your goal a reality.

Setting
Revenue Goals

When setting any goal — especially a revenue goal — the key is to set something that’s realistic but also aspirational. Will this goal drive your business to new heights? Can it get you out of a rut? Is it attainable?

To start, look at your growth rate over a given time period and factor in any changes you’ve made or will make to your business (for example, expanding your product line or getting a better inventory price from your suppliers).

To gut check your revenue goal, consider running it through the SMART check. In other words, is it Specific, Measurable, Attainable, Realistic and Timely? From there, prioritize the steps you need to take to make your goal a reality.

Now that you’ve set your goal, it’s time to map out how you’re going to reach it. Here are five places to start:. 

1. Optimize your pricing strategy:

In some cases, you’ll earn more money by selling more units at a lower price, so don’t let the desire for large margins be your only driver. You ultimately want to make sure your inventory sells well — and sells fast.

2. Determine how much inventory you need to turn:

When you set your revenue goal, work backwards to determine how many units you’ll need to sell in a given time period.

3. Know your sales velocity:

This will help you determine how much stock to have on hand at a given time. Not only that, it will prevent you from experiencing a stockout or, on the flip side, sitting on stale inventory.

4. Consider expanding your product line:

After all, the more you sell, the more you make. Just be strategic about what products you’ll add to your arsenal.

5. Maximize cash flow:

You’ve heard the saying: you need to spend money to make money. Having access to cash when you need it will enable you to more efficiently reach your goal and grow your business. More on this below.

REACHING
YOUR REVENUE GOALS

REACHING
YOUR REVENUE GOALS

Now that you’ve set your goal, it’s time to map out how you’re going to reach it. Here are five places to start:. 

1. Optimize your pricing strategy:

In some cases, you’ll earn more money by selling more units at a lower price, so don’t let the desire for large margins be your only driver. You ultimately want to make sure your inventory sells well — and sells fast.

2. Determine how much inventory you need to turn:

When you set your revenue goal, work backwards to determine how many units you’ll need to sell in a given time period.

3. Know your sales velocity:

This will help you determine how much stock to have on hand at a given time. Not only that, it will prevent you from experiencing a stockout or, on the flip side, sitting on stale inventory.

4. Consider expanding your product line:

After all, the more you sell, the more you make. Just be strategic about what products you’ll add to your arsenal.

5. Maximize cash flow:

You’ve heard the saying: you need to spend money to make money. Having access to cash when you need it will enable you to more efficiently reach your goal and grow your business. More on this below.

TAKING
ADVANTAGE
OF DAILY ACCESS
TO CASH

As an Amazon seller, you’re familiar with the “cash flow crunch” — you make sales but don’t see any income for at least two weeks, so you lose out on opportunities to replenish inventory, risk an Amazon stockout, and ultimately put your account status in jeopardy. Needless to say, you’re not growing your business or hitting your goals.

But what if you had daily access to your Amazon income? That’s exactly what propelled growth for Elizabeth Whitcomb and the Hearns.

For Elizabeth, Amazon’s two week payment delay created a cycle of inconsistent sales: she would sell out of her inventory, wait two weeks for her income, then finally replenish her stock — only to start the entire process over again.

The Hearns, who follow a retail arbitrage model, would see discounted items that they could resell for triple the price on Amazon, but they were unable to buy them because Amazon had their capital.

TAKING
Advantage
OF DAILY ACCESS
TO CASH

As an Amazon seller, you’re familiar with the “cash flow crunch” — you make sales but don’t see any income for at least two weeks, so you lose out on opportunities to replenish inventory, risk an Amazon stockout, and ultimately put your account status in jeopardy. Needless to say, you’re not growing your business or hitting your goals.

But what if you had daily access to your Amazon income? That’s exactly what propelled growth for Elizabeth Whitcomb and the Hearns.

For Elizabeth, Amazon’s two week payment delay created a cycle of inconsistent sales: she would sell out of her inventory, wait two weeks for her income, then finally replenish her stock — only to start the entire process over again.

The Hearns, who follow a retail arbitrage model, would see discounted items that they could resell for triple the price on Amazon, but they were unable to buy them because Amazon had their capital.

Then they found Payability, a service that gives you daily access to your Amazon income, so if you make a sale on Monday, you’ll have access to the income as soon as Tuesday. It’s not a loan or credit card — just your money, as you earn it, for a small 2% flat fee.

Having daily access to cash allows you to turn inventory faster, make more productive business decisions, and ultimately surpass your goals and grow your business.

“Payability has helped me grow my business, have cash flow every day, be able to go into product lines I might not have been able to explore before because I didn’t have the funds to try,” says Elizabeth.

“Before Payability, life was much harder,” says Shawn. His wife Lisa continues, “There was always a limit to what you can spend because you have to pay bills and there would be little left to go build the business some more. Having more cash flow [with Payability] allows you to buy more and you can sell it faster because you can buy it faster.”

To learn how you can experience growth the way Elizabeth and the Hearns have, visit www.payability.com or call 646-494-8675.

MEET
PAYABILITY

Meet
Payability

Then they found Payability, a service that gives you daily access to your Amazon income, so if you make a sale on Monday, you’ll have access to the income as soon as Tuesday. It’s not a loan or credit card — just your money, as you earn it, for a small 2% flat fee.

Having daily access to cash allows you to turn inventory faster, make more productive business decisions, and ultimately surpass your goals and grow your business.

“Payability has helped me grow my business, have cash flow every day, be able to go into product lines I might not have been able to explore before because I didn’t have the funds to try,” says Elizabeth.

“Before Payability, life was much harder,” says Shawn. His wife Lisa continues, “There was always a limit to what you can spend because you have to pay bills and there would be little left to go build the business some more. Having more cash flow [with Payability] allows you to buy more and you can sell it faster because you can buy it faster.”

To learn how you can experience growth the way Elizabeth and the Hearns have, visit www.payability.com or call 646-494-8675.

Payability
the Best Way for Amazon Sellers to Get Paid in Days Instead of Weeks

Getting paid daily will allow you to buy more inventory and turn it faster, stay in the Buy Box, and negotiate better deals with your suppliers. Faster inventory turnover, ownership of the Buy Box, and lower overall costs? Sounds like a winning combination for increasing your margins and growing your business.

We only charge 2% (less than most credit card processors!) so it won’t cripple your margins.

To get the cash flow you need to beat your Amazon sales goal this year, call Payability at (646) 494-8675.

Payability
the Best Way for Amazon Sellers to Get Paid in Days Instead of Weeks

Getting paid daily will allow you to buy more inventory and turn it faster, stay in the Buy Box, and negotiate better deals with your suppliers. Faster inventory turnover, ownership of the Buy Box, and lower overall costs? Sounds like a winning combination for increasing your margins and growing your business.

We only charge 2% (less than most credit card processors!) so it won’t cripple your margins.

To take control of your Q4 sales and maximize your business’ growth at year-end, call Payability at (646) 494-8675.

© Payability, Inc 2018.
All rights reserved. All other products, services, and company names are trademarks, registered trademarks or service marks of their respective owners.

© Payability, Inc 2018.
All rights reserved. All other products, services, and company names are trademarks, registered trademarks or service marks of their respective owners.