This episode discusses strategies for increasing profits for e-commerce businesses, including monitoring conditions and cleaning up the profit and loss statement. It also emphasizes the importance of understanding cash flow and working with an accountant who understands ecommerce and the business. The article provides twelve ways to maximize profit and stay safe, using a metaphor of instrument flying to understand the system, and suggests involving oneself in the process of setting up an accounting system and chart of accounts. Get a Free Amazon Profit Audit Get a free audit from me, Michael Veazey, personally. As long as you have at least $10K/€10K/£10K in monthly revenue.  You can be a reseller or Private label/custom product brand owner   Just click the link below, scroll down, click on “Amazon audit” and book in a time! Timestamps [ [ [ [ [ [ [ [ [ [ The Show Outline  Why This matters Amazon Seller Frustrations Working hard but not much money left at end of month/quarter/year Don’t know where your money goes Don’t know if you should reorder products, what to buy. How much What we Want from our Profit System  Clarity and guidance  Financially informed decisions  Overview of business Know what to do more and to stop Know what to costs to cut  Profit and Loss Mistakes Having no accounting system Not integrating Amazon with the system  Not updating the system with accurate data Not acting on the insights you get  Who this is for  * Resellers using RA, OA, or wholesale sourcing * Own brand sellers  (Private Label/custom products) Using Amazon Profit and Loss is like a dashboard on a small plane  “Instrument flying” is what pro pilots do to be able to fly in all weather conditions With “instrument flying”  you are using accurate data to build a mental map of conditions. Everything you do has two aims: * To get to the destination * To stay safe while doing so You need to monitor things like  Altitude above the ground  Attitude/orientation Air speed  Weather conditions  Other aircraft  What Amazon profit seekers can learn from instrument flying Altitude - how far from zero profit are you?  Attitude/orientation Are you at an aggressive approach angle relative to direction of travel  Environmental  conditions  - like shrinking markets, recessions  Other aircraft - competitors -  where they are, speed, how close  How to Clean up your Amazon Profit and Loss