Episode 43

In this episode, we will be interviewing Cyndi Thomason, the author of the best-selling book, Profit First for Ecommerce Sellers, a Certified Master Profit First Professional. She is also the founder and president of Bookskeep, a U.S.-based accounting, bookkeeping, and advisory firm for eCommerce sellers worldwide. She has a passion for data analysis and process development. She uses that passion for educating her clients and helping them structure their businesses to maximize profits.

Let’s dive right in and learn more about Profit First and how to implement it in our business. 

[00:01 - 04:59] Opening Segment

• Cyndi shares the story about her motivation in writing her best-selling book

[07:35 - 15:14] Profit First for Ecommerce Sellers

• Cyndi talks about Profit First and how to implement it into the existing Ecommerce business
• Parkinson’s law, its history, and how it may apply in our business

[15:15 - 22:40] Finding The Right Strategy in E-commerce for Your Business

• Cyndi shares her opinions on eCommerce’s common strategy, which is to grow and build your business by reinvesting all of your profits back into the business.
• Recommendation to inch forward and go full time in Ecommerce Business

[22:41 - 31:49] The Biggest eCommerce Opportunity in Profit First  During COVID-19 Pandemic

• Cyndi talks about how to make financial statement useful 
  • Check your gross margin and monthly comparison
• The current biggest eCommerce opportunity in terms of Profit first and open space (due to COVID-19 Pandemic)

[31:50 - 47:15] Prevent Procrastination in implementing Profit First

• Cyndi shares the biggest failures and shortfall that she has seen in the E-commerce business
• How to prevent procrastinating in implementing profit first in your business 
• Cyndi talks about coaching and Profit First consulting program in Bookskeep

[43:20 - 46:00]  Top Questions for Vetting a 3PL 

• Lightning Round segment with Michael 
  • Favorite book: The Art of Possibility by Benjamin Zander
  • Hobbies: Gardening
  • Successful e-commerce entrepreneurs vs. people who give up: Resilient to figure it out mindset
  • How to Connect with Cyndi - links below

Resources Mentioned:

• Bookskeep
• Parkinson's Law by C. Northcote Parkinson 
• The Art of Possibility by Benjamin Zander

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Connect with Cyndi on Linkedin and Facebook . or Visit Bookskeep.com for more information about Profit First. 

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