Day In Life Of A 6 Figure Business With Systems 🔥 | Success In Business💰| Online Arbitrage | Ep 03
This is my third post in my Success in Business series! Today I am going to be giving you some practical insight into what it looks like to have your business with systems set up!
Watch the video below:
Last week I went through the process of creating your business documentations – your Strategic Objectives, Working Procedures, Operating Principles, and Key Performance Indicators! I hope you’ve started taking action on these key pieces of documentation, and this week I want to give you some insight as to how it all plays out in the business.
When it comes to online arbitrage, it’s all about understanding where you’re at, what phase of the business you’re at. You need to have a plan for where you are to where you want to be, and that’s different for everyone, whether you go down the warehouse route or the prep centre route, whether you’re a seasoned seller or only just started.
Key Performance Indicators
Key Performance Indicators are important for establishing the state of the business, so I have this for the virtual side and warehouse side of my business. I have a virtual team manager who looks after the virtual side of my business from sourcing, reviewing, purchasing, growth reports and he updates me via my Performance Overview – which I’ve shared in my second post – and a weekly report!
Personally, in terms of my business, I knew I wanted to be in full control of my entire business. There are three phases of your business and you need to harness all three in your business:
- Entrepreneur – always look for growth
- Manager – needs be to in the know of the day-to-day business
- Technician – get involved and work out where your business is at
Apps and documents you need for your business!
Slack is amazing in terms of communication within your business. it allows you to separate your business into different areas where you can have different conversations with specific teams.
Asana Task Manager
From the virtual side of my business, Asana helps me see if tasks have been completed and updated. Every single member of my team has been assigned tasks, and with Slack, I can then communicate with everyone.
A routine I run is a weekly update, and warehouse meetings. This gives me a complete overview of the warehouse.
At the warehouse meeting, the whole team discusses the meeting purpose, which is to ensure the whole team is working in the same direction, we also talk about critical performance. This includes inbound performance, harzadous materials in the warehouse, and Asana tasks remaining.
This tells me what I need to focus on in terms of critical performance that the warehouse need to focus on. We also discuss safety standards and cleanliness of the warehouse.
In terms of documentation, I always keep in control of the accounting side of the business, so this includes the receipts and warehouse procedures.
In terms of our inventory, we discuss the bundles and Amazon returns. I basically just get the status of all of these things, and then work on actions.
We also discuss reconciles and quality control where we talk about the quality of our shipments and the reconciles from Amazon’s point of view. I get an update on materials, so every week we know if we’re going to run out of anything.
I then talk about any improvements that need to be made and my expectations, or anything new that I want to introduce into the business.
We also discuss any personal concerns of the team, the morale of your team is key to your business running smoothly!
Virtual weekly report
I have my virtual team manager, team leaders and members, and the idea is for us to all work together in the same direction.
In terms of critical performance, I have owners for everything such as policy warnings, customer feedback, response time, and Asana.
As this document is updated, it allows me to see what is happening in the business, and to take any immediate actions that are required.
We then talk about the business performance in the last week, so this includes the sales, the purchase, the units, and the units purchased. This is going into a bit more detail for the whole team.
I also have the sourcing, purchasing, replenishing and inventory health so that I know how we’re doing in these departments. I have systems within the business for these categories and I also discuss any new systems I want to introduce into the business in that week. This could range from wholesale to repricing.
Again, any team issues are brought up here.
As the deliveries come in, we put them into our pre-log in stage, which I have a video on, so check out my Shipment Process video if you want to know more!
I have a processor who logs everything in, and there are individual slots ready for the products to be packed.
We have a list from Amazon printed out so we know the quantities and the prep required and while this is being done, we work on another shipment on another bench for optimum workflow!
It’s a case of streamlining as much as possible!
End of day systems!
It’s important as a business owner to reflect on how your business has operated for the day and anticipate the future. This is so important, you need to keep anticipating what your business is doing and what it might need.
As an example, we shipped 432 units today, and this information now goes into Slack, which tells the virtual team what’s been happening in the warehouse! This allows us to anticipate our future sales, and keeps both teams on the same page.
At the end of the day, the warehouse team goes through the shipment and delivery discrepancies. A lot of the work in the warehouse is just physical. I try to limit virtual work in the warehouse and leave that to the virtual team, allowing the warehouse team to reach maximum output.
You should try to virtually outsource as much as you can! My virtual team takes care of our replenishables, reordering for the following week and all other similar processes.
Key summary of my usual work day:
You’ve got to have specific growth outcomes every single day in terms of what you want to achieve.
You have to put in systems that allow you to see the entire operations of your business.
I’m also creating an Ultimate Guide to Online Arbitrage, so if you go to www.LifeSuccessEngineer.com/FBA, sign up to that and I’ve got some free training for Amazon. I’ve put in a lot of content in this guide, but it’s all in concept.
I’ve gone through my work flow and the things you need to consider in your business in this post, and introduced concepts and specific examples I use in my business. Online Arbitrage Mastery goes into those specifics for every stage of your business in a strategic way so remember to check out the link!
Let me know how your online arbitrage journey is going in the comments! 🙂
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