Ep.7 9 Top Tips on How to Be Proactive for Your Amazon Business Facing the Coronavirus (COVID-19)

Welcome to the Sprint to Profit Podcast. This is Kirsty and Isaac and we developed this podcast to help highlight the very best strategies on how to grow your Amazon business.

We’re living in an uncertain time. People are anxious about what’s going on around us. Now is the time to be proactive on what we can control and one of those things is how we run our Amazon business. Today we have 9 tips to help you do just that. Not only are we going to try to cover some positives that we can focus on while the world is in crisis, we also cover the current trends and what markets are spiking, as well as tips on how to manage your stock, cash flow, and factories in this time of influx.

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Talking Points:

• 00:20 - Introduction and Who We Are 
• 00:45 - Background on the current events: COVID-19 pandemic 
• 03:08 - Some positives to focus on in this time of crisis
• 10:02 - What is currently happening on Amazon because of COVID-19 
• 12:47 - Current trends on Amazon 
• 18:15 - Stock management
• 19:10 - Priority #1: Take care of yourself and your family
• 20:07 - Tip #1: Look for a secondary factory instead of replacing your China-based factory 
• 24:30 - Tip #2 Managing stock: think outside the box
• 26:32 - Third-Party Fulfillment/Warehouse (3PF) versus Fulfilled by Amazon (FBA) 
• 31:19 - Tip #3: Manage cash flow with existing products instead of launching new products 
• 31:51 - Tip #4: Stick to your plan 
• 33:33 - Tip #5: Get creative to find the best solutions as new challenges arise
• 34:49 - Tip #6: Use the time with home productively and well 
• 37:21 - Tip #7: Try out some new things (now that you have time)
• 38:25 - Tip #8: Make sure your business is as lean as possible 
• 40:15 - Tip #9: Now isn’t the best time to jump in if you’re brand new 
• 41:36 - Summary and Conclusion 

 Resources/Links: 

Our website: www.goteamreal.com

Quotes:

08:55 – “If you’ve got kids, this is a good opportunity to get more into their world and play a lot more, rather than being separated into our different rooms.” – Kirsty

10:40 – “What we’ve found is that Amazon is one of the easiest ways for people to shop and get deliveries [without having to] interact with many people.” – Kirsty

03:08 – “There actually are some positives that come out of it; anytime there is a crisis, you see the good in people, you see the bad in human nature as well.” – Isaac

13:50 – “You need to find things [to do] at home, at those are going to be the things that are spiking on Amazon.” – Isaac