Best inventory management hack for Amazon sellers revealed with Matt Putra
Matt Putra, an experienced CFO and founder of EightX. Matt will be sharing insights on negotiating better terms with suppliers, including extending payment periods (net 30, extra safety stock, etc.), through effective forecasting strategies.Highlight Bullets> Here’s a glimpse of what you would learn…. Common mistakes made by e-commerce brand ownersStrategies to make businesses more profitable and bring in more cashAdding fixed costs too earlyBuying too much inventory for the wrong SKUsStruggling to scale ad spendingOptimizing SKU management and cash flow strategiesDifferent financing options for ecommerce businessesManaging inventory and ensuring stock levels are maintainedQuick wins with credit cards for ecommerce businessesTop three actionable takeaways for ecommerce business ownersIn this episode of the Ecomm Breakthrough podcast, host Josh Hadley talks with Matt Putra, founder of EighX and an experienced CFO. Matt discusses various strategies for ecommerce businesses to scale profitably, including the importance of managing fixed costs, inventory for the right SKUs, and ad spending. He offers advice on financing options like PayPal Capital and Mayflower, warns against overusing credit cards, and suggests leveraging cards like Parker and Ramp for better terms. Matt also touches on the significance of maintaining stock levels, especially for Amazon sellers, and shares a case study where optimizing ad spend led to increased profitability. The episode concludes with Matt's top three tips for ecommerce owners and an invitation to connect with him for further financial guidance.Here are the 3 action items that Josh identified from this episode: Action Item#1 Streamline business operations and make strategic decisions, such as cutting non-performing SKUs.Action Item#2 Build strong relationships with suppliers to negotiate favorable terms, impacting cash flow positively.Action Item#3 Explore creative financing options, such as stacking credit cards and leveraging different financing tools, to gain a competitive edge.Resources mentioned in this episode:Josh Hadley on LinkedIneComm Breakthrough ConsultingeComm Breakthrough PodcastEmail Josh Hadley: Josh@eCommBreakthrough.comMatt Putra's company, EightXKickfurtherSellersFiUpworkAmex Plum CardRampBrexTraction by Gino WickmanOfficeVibeTaylor Holiday from Common Thread Collective in LinkedInPreston Rutherford in LinkedInSpecial Mention(s):Adam “Heist” Runquist on LinkedInKevin King on LinkedInMichael E. Gerber on LinkedInRelated Episode(s):“Cracking the Amazon Code: Learn From Adam Heist’s Brand Scaling Secrets” on the eComm Breakthrough Podcast“Kevin King’s Wicked-Smart Tips for Building an Audience of Raving Fans” on the eComm Breakthrough Podcast