Ecommerce Exits Podcast | Inside look at Building, Buying, Selling and Scaling Ecommerce Businesses

Virtual CFO Ben McAdam shares the importance of getting to know the fundamental roles of your accounting team and the nitty gritty of forming and selling your company. As well as his role in coaching businesses by focusing on the numbers and helping you grow them.

WHAT YOU’LL LEARN

• Role of financial tasks in Growing an FBA
  
• Introducing the Virtual CFO/Profit Coach
  
• Tips in maximizing Profit
  

KEY POINTS

1. The various financial tasks in a business (bookkeeping, accounting, CFO) is crucial in providing a clear picture on the condition and growth capacity of any company. Financial reports are important in informing on the strategies that a company may undertake to ensure a successful and profitable undertaking.
   
2. It is important to have a change of mindset on how one views taxes and hiring. Attitudes of wanting to pay the lowest tax possible as well as not delegating jobs that the owners are doing may hamper the potential growth of the company.
   
3. The Virtual CFO not only provides an objective eye in reviewing the financial and operational standing of a company but more importantly provides cash flow projections. This will enable owners to make informed decisions on which expenses the company would be able to bear in the long run.
   
4. To ensure the success of a business and adequate capital to respond to changes, there should be a good gross profit margin. This is often neglected when pricing a product and have led to the failure of businesses.
   

ABOUT

Before becoming a Virtual CFO or Profit Coach, Brian worked as a bookkeeper and an accountant. This has prepared him in identifying the crucial areas of a company’s financial performance that are often neglected.

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Daryl Mander, founder of Big Flare Marketing, focuses on advertising for e-businesses. They have spent over $10 million in ad spend and is working with 100 businesses. Mander shares his insights on the use of Google ads in increasing traffic and sales conversions for the e-business.
~WHAT YOU’LL LEARN~

• Use of Google Ads as a Strategy
• Standard vs Smart Shopping on Google
• Project and Generic keywords: When to use
• Other On Line Ad Strategies

~KEY POINTS~

1. Figuring out the intent of the ad is crucial in determining the type of advertising one would engage.
2. Even with a strong website, it is still important to do Google ads as there is synergy between the ads and website that would lead to sales conversion.
3. Smart shopping is a new type of Google ads that allows re-targeting in the various other ad channels. This would allow the ecomm to go fast in its campaign.
4. Consider using prospecting ads; these are ads that seek to provide awareness of the product. Conversion may not be easily be made but it would generate interest.

~CONTACT DETAILS~
https://www.bigflare.com/
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Thanks so much for joining us this week. Want to subscribe to the Ecom Exits Podcast with Nate Ginsburg? Have some feedback you’d like to share? Connect with us on ApplePodcasts and leave us an honest review!

Your feedback will not only help us improve the show, but it will help us connect with more high flyers like you.

Subscribe to the eCOM EXITS Podcast now