prioritising Archives - Amazing FBA - How to sell on Amazon UK
How to private label on Amazon

*NEW* Free Guide on how to Build a Private Label Business

"Build" Guide - how to Build your Private Label Business


  • The overview of our proven process

  • Easy to absorb points for skim reading

  • Lots of detail if you want the nitty-gritty!

Archive

Category Archives for "prioritising"

129 My New Year’s Resolutions No. 1

Happy New Year!

I am back after a much needed break. It was nice to get away and spend time with my family and reflect rather than constantly being in action.

I’m going to be doing a mini-series focused on the idea of New Year’s resolutions. I will be changing things up this year and I’m going to resolve to not do things rather than the usual resolutions to do something; I’m going to take away instead of adding.

The Wrong Way to do New Year’s Resolutions

Resolutions tend to revolve around exercising more, going running, learning to cook, starting a business. Just stop. Where are these resources coming from? Where are you going to get the time? The money? The mental focus? Where is this going to come from to accomplish these new things?

My philosophy is: you have to stop some habits first. There is still 24 hours in a day. Your bank account still holds the same amount of money. Your anxieties, your stress, your reservation don’t magically reset with the new year. Whilst it is important to have a plan, I think it’s more important to make the space for these new plans. You have to make time, money, and above all, mental focus. While, for many people, mental focus seems less important than time or money, it’s not. Trust me. I’ve been at this game for a couple years now and your mental focus is your most important asset. All the money in the world won’t make you successful if you don’t have the mental focus.

My To-Not-Do List

The first thing I want to stop doing, is trying to pursue too many business models at once. At the moment, I am solely focusing on private label, and I’m basically going to stay with that. I’m trying to do various different things in my life and it’s time to give them up. The most important thing I have given up, is the last of my piano students. I wasn’t enjoying it and it was adding quite a bit of stress. While it’s important to have off-Amazon income, it was taking too much of my focus.

What can you give up from your daily/weekly schedule that will clear up time and mental focus? It might only be a few hours a week, but those few hours can be spent on better pursuits. For me, it means more time helping you out with the podcast, helping my mentees, or focusing on the mastermind group.

Learn to Give-Up Products that Don’t Work

I am giving up products that are a disaster. While that may seems obvious, it’s easy to fall into the sunk cost fallacy

. Launching a new product takes a lot out of you. It’s takes time, energy, and money. Once you put so much into it, you become attached to it and it seems like everything is wasted if you walk away from it. So you keep sinking more and more into trying to force it to work rather than cutting your losses and walking away. You have to take into account what the market will bear. The market being your consumers and competitors and the law of supply and demand.

I tried to make one product work and it nearly put my entire business at risk. It was getting many negative feedbacks (NOT reviews!) which could have led to my account being suspended. That would have put other products at risk that were actually performing well.

I have probably spent several thousand dollars on that product over that course of a year and a half. I put time and effort into it, spent some money and time with a designer,  hired a photographer. None of that matters because the market has spoken!

Another product I eliminated sold quite well around Christmas 2015. However, when I ran the numbers it just about broken even. I realized that if it’s not going to make a profit at Christmas, then it’s not worth the effort I’m putting into it.

Consequently, this year I had a niched-down version of that product and it sold even better. I sold around 1095 units during the Christmas season, and I only have a few left. I turned my cash over in a about three months. From the time I put the first deposit down until now. It was about 25% margin which, while not exciting, is definitely worth renewing. None of that would have been possible if I tied all my money up in that other product that sold, but didn’t turn a profit.

Harden Your Heart towards Your Products

By giving something up now, you can re-purpose those resources into something more valuable. My suggestion is to be hard-hearted about your products. If they don’t sell, cause problems for your account, or don’t turn a profit when you run the numbers, cut them loose. If you haven’t ran the numbers to find out whether you have been profitable, January is a great time to do it.

The London Mastermind

Need more personalised input on issues like this? Live in the UK in or near the South-East? You might want to consider joining us for monthly meetings where we can thrash out all the issues like this one for YOUR business. Check it out here.

127 Why Email is Killing Your Amazon Business

Today, I want to talk to you about focus and your use of your time. Everyone in this business seems to go through this same things: overwhelm. I did a whole series on this that you can find here:

  1. #73 Overcoming Amazon Overwhelm – Part 1
  2. #74 Overcoming Amazon Overwhelm – Part 2 – Energy
  3. #75 Prioritising Tasks – Overcoming Amazon Overwhelm Part – 3

However, today I want to talk about the biggest time-suck in your life, which is email. Email is one of those things that seems like a productive use of your time, and if you worked in a corporate environment, or still do, you can relate to this. Email is one of the most common things in everybody’s life. For many people it’s the first thing you do in the morning.  You go through your email with your coffee when you wake up. If this is you, STOP.

Take Control of Your Agenda

If the first thing that you do in the morning is work on emails, whose agenda are you following for your time? Not yours. I’d say it’s being set by the people that have emailed you which could be anyone.

If you think that your boss or your clients won’t be understanding, then maybe, you can prioritise them and only them by filtering your inbox. Though, I’m not entirely convinced that you have to respond to them by 9 am. However, if you do, them schedule a time for that rather than react to the email coming in.

Chances are though, you could get away with answering emails twice a day. 11 am is usually early enough for most emails; then again at 4 pm. If this makes you uncomfortable and you’re worried you may miss something important, put it in your signature. Let them know that you don’t read emails often and offer an alternative way of contacting you if it can’t wait. Let them know that they can contact you on your mobile. Now, don’t put your mobile number in the email. The people that will need to contact you via mobile with have it. You don’t want to get a bunch of random calls throughout your day. That would defeat the purpose.

The purpose is to take control of your time. By limiting your time spent on email and limiting who has access to your attention, you are able to plan your day as you see fit rather than being bombarded by random conversations that make it impossible to focus.

Limit Social Media

Another thing that people do is check Facebook obsessively. Personally, despite have a lot of Facebook friends because of the podcast, I don’t get on Facebook much. Giving credit to Tim Ferriss of the 4-Hour-Workweek, we don’t increase productivity by adding things but rather by removing them.

What this Means for Your Amazon Business

The number one productivity killer is email. If you are letting it take over your life, stop right there. If you are looking for a specific email, say from a supplier, that will help move your business forward, then order your inbox by the “From” field rather than “Date”. That way you can look for a specific person rather than being saturated with all the emails you have received recently.

Another time-trap with email is when you are trying to compose a message to go out. Obviously, you have to go into an email system to do this and then get sucked into your inbox. What I have begun to do is draft the email outside of the system. I will go into notes or notepad and compose it there.

If you are going to be sending similar emails to different people then make sure you are using templates. This does two things. It creates a standardized process so your are simply doing copy, paste, send, rather than typing it up every time. It also keeps you off the email system. So you pull up the template, then dump it into the email system rather than spending too much time in your email.

Don’t Use You Inbox as a To-Do List

Some people use their inbox as a to-do. Their messages are a list of task to be done. If that’s you, don’t feel bad, we’ve all been there. Instead, make a separate list. During your scheduled email time, make a list of what needs to be done. Use the previous day’s emails to create your to-do list for today.

Take Control

Schedule time to check your email and never make it the first thing you do. Have your own set of priorities that you need to work on that will move your business forward.

I have one space left if you are looking for a mentor and are serious about building a business. Go to http://amazingfba.com/mentoring if you’re interested.

#75 Prioritising Tasks – Overcoming Amazon Overwhelm Part 3

  1. WHAT TO WORK ON
    1. What you work on (effectiveness) is way more important than how well you do it (efficiency).
      1. Prioritising is absolutely critical. It is probably the single biggest factor after. This takes discipline, courage and energy. If you lack those, work on your mental and physical state. Go for a run. Phone a friend (Briefly!). Have a quick coffee. Whatever works for you. Then crack straight into it.
    2. How to identify what to work on:
      1. What worries you most?
        1. What are you avoiding that you know you need to do?
        2. Which area of the business feels most neglected? If you’re just starting out, it’s going to be product selection. If you’re next down the line, it will be finding suppliers etc.
        3. What keeps you awake at night?
      2. What great opportunity are you neglecting?
        1. e.g. a new product line;
        2. a new sales channel (eg eBay);
        3. building an email list;
        4. new marketing channels (eg Facebook)
  2. WHAT TO WORK ON FIRST
    1. COVEY GRID: Urgent vs. Important projects and tasks
      1. Urgent things are driven from outside you. I use an exclamation mark! to mark these
        1. external to your business e.g. HMRC (tax man in UK!); suppliers; Amazon
        2. internal to your business e.g. a VA or business partner
        3. They can fill your days but it’s reactive not proactive so it’s not a way to grow a business well. If you’re short of energy and time you may have to just deal with these however for now.
      2. Important tasks – are driven by long term impact. I use an asterisk * to mark.
        1. it can be avoiding large negative impact e.g. getting corporate tax return in on time to avoid fines and legal issues
        2. it can also be gaining long term opportunities e.g. more revenue from another sales channel (eg Shopify site or eBay)
      3. Tasks can be both urgent and important.
      4. Work on Cat. I tasks as a top priority
    2. The Covey 2X2 grid: classify your thoughts/projects/ worries:
      1. Cat. I urgent and important matters- things that have big impact and have to be done, e.g. getting corporate tax return in on time to avoid fine and legal issues.
      2. Cat II: Important but not urgent. Things that have a big impact but not driven from outside. Eg. for me, creating and gearing up email marketing, setting up a Shopify website; Exploring Vietnam as a place to source from
      3. Cat III – urgent but not so important, e.g., responding to an email from a potential supplier who needs to know from you before Chinese New Year closes factory for the month.
    3. The Covey Grid: prioritise
      1. Do Cat. I urgent and important first. Once done, try to avoid this being a crisis next time.
        1. example:tax return: put the date for annual corporate tax return in your iPhone calendar with a date 4 weeks before to get in touch with your accountant.
      2. Make time each day to deal with III urgent crises. Again, try to find a way to make this systematic so it doesn’t end up driven by urgency so much.
      3. CRUCIAL: Carve out a sacred time to work on Important but not urgent tasks.
        1. 3 hours a day is ideal if full time; 1 hour is good if part time; even 20 minutes is effective if you’re cramming it in very part-time.
        2. After you have dispatched the most urgent tasks or projects, go straight to your most effective ones.
    4. The Lee/Schwabb nuclear method:
      1. If you’re really overwhelmed, this is the most effective single method I’ve ever met:
      2. list your biggest worries/urgencies etc.
      3. [star the important and add ! exclamation marks to urgent] [my addition]
      4. prioritise ruthlessly from most important on
      5. limit strictly to 7 tasks. 5 is better. 3 is more realistic.
      6. Work on the most important/urgent task until it is done or pushed as far on as you can
        1. example: getting Freight Quotes.
          1. Email 3 potential Freight Forwarders to check what info they need
          2. Gather obvious info like weight, dimensions, supplier address from supplier. Check the product value frm supplier emails. That’s one email but a crucial one.
          3. Check receiving address in USA e.g. EZPrep. One email.
          4. Check which duty category your products are in. One quick look up
          5. That may be all you can do in one day. But you’ve moved the task on as far as you can.
          6. When you check email in the afternoon/evening, if you have all that info, collate it then send it the FF.
  3. TIME USAGE
    1. Lack of time is lack of priorities. Worth reiterating. Always aim for an outcome/goal!
      1. if you can’t plan for a year, try a quarter
      2. If you can’t think that far ahead, try the next two weeks
      3. If your energy is low and your brain is mush, plan the next hour at least! What do you want done when you stand up in an hour from your Mac?
      4. One hour of great work is probably worth more than a day of nonsense activity. I’m ashamed to say I still end up doing the latter too much. Forgive yourself and move on.
    2. Multi-tasking is BS for any important activities. Turn off all distractions when working.
      1. Don’t read business emails in bed. I’m bad at this but have learned it doesn’t help your relationship and also you worry about things you can’t change at midnight.
      2. If you need to talk to your supplier at 1 am, do it. But don’t kid yourself you’ve turned in for the night. You’re working. You’ll need to get up a bit later, next day, probably, at least after a day or two of this. That’s okay. Plan accordingly. Just don’t do it in bed or you’ll end up not sleeping because you’re thinking about business. Time to sleep is time to sleep, even if it’s just 4-6 hours a night for a bit.
      3. DO NOT check social media while you need to compose key emails etc etc
      4. DO NOT get seduced into checking email inbox when you just need to send an email out. If needed, compose your email on Word/Notes/ etc etc and then get in and out as fast as possible in the actual email programme. (I’m bad at this but I’m learning…gradually)
      5. It sounds obvious but don’t do a Pokemon Go and walk into the path of traffic while Skyping your chinese supplier. Confession. I’ve come close.
        1. Don’t even think of texting while driving. So tempting. So illegal and so dangerous. Listen to a podcast and accept you’re driving. Or, pull over and take care of it there and then.
    3. However, certain tasks can be LAYERED.  Examples:
      1. Listening to this podcast while running for example.
      2. Taking care of phone calls while walking to the PO to collect a parcel from Amazon with a supplier sample which you weren’t in to collect (guess what I’ve just been doing!)
      3. Reading and replying to emails while on a train. (Don’t do it walking down the platform in London. It’s full of fast moving people. Don’t embarrass me by asking how I know not to do this)
  4. STAYING POSITIVE
    1. Do a gratitude list every evening before going to bed. It’s amazing how effective this is. I’ve been doing it for several months now and it really does help you stay positive.
    2. Remember to build in exercise, at least some sleep and at least some decent nutrition. If you’re overwhelmed, remember to take care of your body! Nothing beats physical energy. 
    3. Only Connect – isolation is a dream killer! Get yourself into some kind of mastermind if you’re not already and find out how others cope with real life as an entrepreneur.