1 00:00:00,810 --> 00:00:07,340 OK so just want to basically take this lecture to introduce the concept of good housekeeping right. 2 00:00:07,380 --> 00:00:14,160 Good discipline when we talk about sales and expenses you know this is this is the lifeblood of your 3 00:00:14,160 --> 00:00:15,030 business. 4 00:00:15,060 --> 00:00:22,410 Keeping track of these key figures and you know in my experience at least I am absolutely amazed of 5 00:00:22,410 --> 00:00:25,820 the number of people who don't do this. 6 00:00:25,920 --> 00:00:27,780 It's a daily discipline. 7 00:00:27,780 --> 00:00:29,640 Please don't ignore it. 8 00:00:29,670 --> 00:00:34,980 And what I'm going to show you here is a very very basic method right this is what I use still actually 9 00:00:34,980 --> 00:00:39,930 to a certain extent but it's by no means you know your definitive accounting package. 10 00:00:39,930 --> 00:00:45,450 Nothing like that but it's going to help you enormously to give you a very good overview of what you 11 00:00:45,450 --> 00:00:47,560 have and how well you are doing. 12 00:00:47,610 --> 00:00:51,200 And in fact a lot of these figures you can get your accountant know later on in the day later on the 13 00:00:51,200 --> 00:00:52,580 year as your business develops. 14 00:00:52,620 --> 00:00:56,430 You do need to actually file your accounts. 15 00:00:56,550 --> 00:01:02,630 All the information that he or she will need will be there but most importantly right now it's for you. 16 00:01:02,730 --> 00:01:03,170 OK. 17 00:01:03,240 --> 00:01:07,810 So if you've been in business for a while forgive the simplicity of what I'm doing here OK. 18 00:01:07,900 --> 00:01:13,170 But if you're new to business I really hope you find this to be useful it's not supposed to be patronizing 19 00:01:13,170 --> 00:01:13,980 in any way. 20 00:01:14,010 --> 00:01:20,830 OK I'm just trying to sort of give you a very nice introduction to some simple but very effective methods. 21 00:01:20,850 --> 00:01:25,450 So as you can see I've basically got here an Excel spreadsheet. 22 00:01:25,560 --> 00:01:27,490 So let's just get rid of the top headache here. 23 00:01:27,780 --> 00:01:31,490 So an Excel spreadsheet with sales. 24 00:01:31,590 --> 00:01:33,090 OK that's it. 25 00:01:33,090 --> 00:01:36,060 And what I have here on the left hand side is the start date. 26 00:01:36,060 --> 00:01:39,560 So when I actually started my campaign to sell these things. 27 00:01:39,570 --> 00:01:40,040 OK. 28 00:01:40,110 --> 00:01:42,630 So I took down the first of May 2017. 29 00:01:42,630 --> 00:01:44,710 Obviously this is just an example. 30 00:01:44,940 --> 00:01:48,610 No end date for the moment because you know we are still doing this. 31 00:01:48,630 --> 00:01:51,850 All right then we got the product name itself. 32 00:01:51,870 --> 00:01:56,880 OK my heart shaped dog pendant necklace what I actually called it on my site. 33 00:01:56,880 --> 00:02:00,960 And then the actual You are out of that product on my site. 34 00:02:01,020 --> 00:02:05,040 OK if I start to get many many products on my site I need to be able to go there quickly if I need to 35 00:02:05,300 --> 00:02:06,390 to keep track of it. 36 00:02:06,390 --> 00:02:10,290 So that's exactly the product you are all on my site itself. 37 00:02:10,290 --> 00:02:10,820 OK. 38 00:02:10,890 --> 00:02:15,060 If you can see here you don't see much of the product yourself if I draw your attention to the top part 39 00:02:15,060 --> 00:02:16,340 here of the sheet. 40 00:02:16,380 --> 00:02:19,410 You can see the full URL appearing here. 41 00:02:19,980 --> 00:02:27,310 Now next to that I've now got excuse me I've now got the product you're out on Ali Express. 42 00:02:27,360 --> 00:02:27,670 Right. 43 00:02:27,670 --> 00:02:33,130 The actual corresponding address for that product on Ali Express and as you can see here. 44 00:02:33,300 --> 00:02:34,110 The whole thing. 45 00:02:34,120 --> 00:02:34,720 All right. 46 00:02:34,860 --> 00:02:37,100 Now this is also very important. 47 00:02:37,110 --> 00:02:42,930 OK because I get people saying to me things like you know how do I keep track of you know where my products 48 00:02:42,930 --> 00:02:44,170 were that I bought on our L'Express. 49 00:02:44,190 --> 00:02:46,820 Well this is a very simple method to do it. 50 00:02:46,830 --> 00:02:50,610 You'd be amazed that people who sell something on highly expressed maybe two or three weeks after they 51 00:02:50,610 --> 00:02:56,430 started advertising or later on or whatever it could be and they can't find the Pagnell Express because 52 00:02:56,430 --> 00:03:00,360 they simply haven't taken the time to record where it was in the first place. 53 00:03:00,360 --> 00:03:01,190 So there we go. 54 00:03:01,200 --> 00:03:04,100 That's exactly where it is on daily express. 55 00:03:04,260 --> 00:03:07,580 Now this next one is called the U. 56 00:03:07,770 --> 00:03:14,490 Kate which is basically just a it's called a stop stock keeping units OK askew and it's just basically 57 00:03:14,820 --> 00:03:21,080 a number a unique number that identifies where that is on our Express. 58 00:03:21,080 --> 00:03:26,120 So let me just take you to Ali express itself. 59 00:03:27,030 --> 00:03:27,420 OK. 60 00:03:27,420 --> 00:03:34,610 So now here we are on my on the next list that we're talking about and here is a unique Jaro you know 61 00:03:35,160 --> 00:03:38,910 which relates to where we actually can get this from from our supplier. 62 00:03:38,910 --> 00:03:45,740 When somebody buys and the skew is actually this last number here I hope you can see that. 63 00:03:45,900 --> 00:03:49,450 Basically you've got just before the age demand you get a series of numbers here. 64 00:03:49,500 --> 00:03:50,100 OK. 65 00:03:50,280 --> 00:03:52,060 7:57 so probable. 66 00:03:52,200 --> 00:04:00,580 What I've done is I've taken that and I've copied it and I've pasted it into my spreadsheet here. 67 00:04:00,780 --> 00:04:01,370 OK. 68 00:04:01,620 --> 00:04:04,480 Now just to show you something that you might not be aware of. 69 00:04:04,680 --> 00:04:09,780 I can now find that products store straight away just using that skew. 70 00:04:09,780 --> 00:04:15,530 So let me demonstrate to find out copy this let's go back to early Express. 71 00:04:15,530 --> 00:04:17,000 Let's just go to the home page. 72 00:04:17,070 --> 00:04:21,130 OK let's imagine we've just come into well-expressed and we need to go straight to that product. 73 00:04:21,160 --> 00:04:21,490 OK. 74 00:04:21,490 --> 00:04:30,070 All I need to do is actually paste that number into the search bar on an express click on the search 75 00:04:30,070 --> 00:04:32,650 icon and it takes me straight there. 76 00:04:32,830 --> 00:04:37,510 It's a unique number that identifies it on our Express. 77 00:04:37,510 --> 00:04:42,440 So that's very very useful very very important to have in my spreadsheet right. 78 00:04:42,640 --> 00:04:44,300 So now I've got everything linked up I know. 79 00:04:44,340 --> 00:04:49,810 You know the product you're on my site where it is on Ali and I can find it very easily on Ali as well. 80 00:04:49,840 --> 00:04:52,290 Now these next bits is just what I do. 81 00:04:52,420 --> 00:04:52,880 OK. 82 00:04:52,900 --> 00:04:57,370 And again this is just an example but I hope you're beginning to realize you know this is very simple 83 00:04:57,430 --> 00:04:58,920 but very powerful. 84 00:04:59,080 --> 00:05:01,450 So what I've got here is my advertising costs. 85 00:05:01,450 --> 00:05:03,270 OK this will be a running total. 86 00:05:03,280 --> 00:05:08,100 So just an example so far has been 12 dollars and 32 cents. 87 00:05:08,110 --> 00:05:09,490 Clearly I'm making this up. 88 00:05:09,730 --> 00:05:15,110 And then every time I get a sale I'm going to record it in these lines below. 89 00:05:15,160 --> 00:05:15,750 OK. 90 00:05:15,760 --> 00:05:18,820 So my example here I've got a sale on the first. 91 00:05:18,820 --> 00:05:20,320 How much money I got. 92 00:05:20,420 --> 00:05:25,840 Yeah nineteen dollars that's how much I'm selling it for how much I paid my supplier. 93 00:05:25,840 --> 00:05:26,200 Right. 94 00:05:26,240 --> 00:05:28,920 $3 50 that would be the cost the price of the shipping. 95 00:05:28,930 --> 00:05:30,130 Just for example. 96 00:05:30,250 --> 00:05:31,800 And then some sort of difference. 97 00:05:31,940 --> 00:05:32,370 OK. 98 00:05:32,530 --> 00:05:34,870 And this difference here is curative. 99 00:05:34,900 --> 00:05:38,940 So you know the same day I got another sale of 19. 100 00:05:39,130 --> 00:05:39,830 Right. 101 00:05:39,850 --> 00:05:43,040 And my cumulative amount now is 31. 102 00:05:43,080 --> 00:05:43,490 All right. 103 00:05:43,510 --> 00:05:49,860 Fifteen point five plus the 19 I got minus 3.5 that I gave to the supplier. 104 00:05:49,900 --> 00:05:51,860 Now I've got thirty one dollars. 105 00:05:51,900 --> 00:05:58,300 Yeah those are my actual sales now and then hopefully now becoming obvious the next day I got another 106 00:05:58,300 --> 00:06:03,330 sale and then I put this last one in here just to demonstrate you know that now I receive perhaps 25 107 00:06:03,350 --> 00:06:04,890 because it's no longer on sale. 108 00:06:05,020 --> 00:06:07,500 So I got a different price for it this time. 109 00:06:07,570 --> 00:06:08,480 Right. 110 00:06:08,500 --> 00:06:17,470 So straight away I can see from this very very basic exercise that at the moment I have got excuse me 111 00:06:19,230 --> 00:06:23,500 I have got sixty eight dollars received as a result of this. 112 00:06:23,550 --> 00:06:27,950 And I spent $12 and 32 on advertising so you know I'm doing well. 113 00:06:27,960 --> 00:06:29,210 This is great. 114 00:06:29,340 --> 00:06:33,870 And you can imagine Yeah I can just basically list all my other products that I have on my site that 115 00:06:33,870 --> 00:06:39,240 I'm using and I can list them down here and I can very easily see how well they're doing how much I'm 116 00:06:39,240 --> 00:06:44,040 spending on advertising how much I'm actually getting them from the suppliers when I get an order I 117 00:06:44,040 --> 00:06:49,990 just grab that SKU from Ali and I put it into the site and I go straight there straight to my supplier. 118 00:06:50,070 --> 00:06:52,820 So it's a very very nice little exercise. 119 00:06:52,860 --> 00:06:54,980 Nice little control panel. 120 00:06:55,230 --> 00:06:59,870 So on a second tab down here I've got expenses and this is even simpler. 121 00:06:59,880 --> 00:07:02,950 But again you'd be amazed the number of people who don't do this. 122 00:07:03,210 --> 00:07:10,950 So you know again just as an example on the first of May I spent three dollars and 14 cents on Facebook 123 00:07:10,950 --> 00:07:11,660 advertising. 124 00:07:11,730 --> 00:07:12,060 Yeah. 125 00:07:12,300 --> 00:07:18,060 Two days later I had an expense for web hosting for $4 50 and so on and so on. 126 00:07:18,090 --> 00:07:23,230 Basically every time record my expenses now do this every day. 127 00:07:23,300 --> 00:07:27,430 OK assuming there's something going on every day but do it every day. 128 00:07:27,540 --> 00:07:27,890 OK. 129 00:07:27,900 --> 00:07:28,860 Don't do it. 130 00:07:28,860 --> 00:07:35,550 You know once a month or so I just do that on Friday or of course I'll do it tomorrow because you won't 131 00:07:35,550 --> 00:07:35,880 do it. 132 00:07:35,880 --> 00:07:37,120 I know it's boring. 133 00:07:37,150 --> 00:07:37,400 Right. 134 00:07:37,410 --> 00:07:41,400 And that's the reason why people don't do it because it's boring we've done all the fun stuff of designing 135 00:07:41,400 --> 00:07:42,160 the site. 136 00:07:42,240 --> 00:07:44,630 We've done all the fun stuff of you know driving targeted traffic. 137 00:07:44,630 --> 00:07:47,170 We've had great fun making sales of feeling great. 138 00:07:47,250 --> 00:07:50,730 What we need to do now is to actually record this stuff. 139 00:07:50,730 --> 00:07:51,330 OK. 140 00:07:51,420 --> 00:07:54,820 So just use a very simple spreadsheet like this. 141 00:07:54,840 --> 00:07:56,310 You know this is just to give you a start. 142 00:07:56,310 --> 00:08:01,060 This is not a definitive you know this is the solution you must do this is just to give you a start 143 00:08:01,120 --> 00:08:04,100 start to give you an idea you know take your own spin on it. 144 00:08:04,410 --> 00:08:05,490 But definitely do it. 145 00:08:05,490 --> 00:08:07,770 Please please please don't ignore it. 146 00:08:07,770 --> 00:08:10,470 You will not regret it in the long run.