E465: Back to Basics – Increasing Profitability Q&A

After recording this episode, Ben's back to ask about the various strategies that I've been incorporating into our brands to revive our profit margins. 

In this new episode, Ben will be asking me a bunch of questions on how I've managed to increase profitability back to 15% from almost losing money in the beginning of the year. We've covered a few of these strategies in the past, but I thought it'd be nice to have it all in one episode for the audience to take and use for their own brands.

This episode is all about increasing profitability. With COVID-related challenges to consider and inflation in full swing, we thought this was a highly important subject to talk about, especially with Q4 in the horizon.

Episode highlights: 

  • What our Back to Basics podcast series is all about – 3:10
  • The four levers to lowering your costs and improving profitability – 4:12
  • How to deal with rising shipping costs and supply chain disruptions – 7:10
  • How resizing your packaging lowers costs – 10:40
  • Raising profitability by raising your prices – 13:05
  • Keeping your TACOS under control – 20:15
  • Ancillary costs that you can cut back on – 22:30
  • How to get manufacturers to hold inventory for you – 28:34 

If you listened all the way to the end, then you know we have some exciting topics to discuss in upcoming episodes of this series, so make sure to tune in to the podcast.

As always, don’t forget to leave us a review over on iTunes if you enjoy our content. Happy selling and we’ll see you in the next one!

Michael Jackness

Michael started his first business when he was 18 and is a serial entrepreneur. He got his start in the online world way back in 2004 as an affiliate marketer. From there he grew as an SEO expert and has transitioned into ecommerce, running several sites that bring in a total of 7-figures of revenue each year.

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