This Issue's TLDR...

• Get more cash out of your Amazon business by sharpening your negotiation skills and leveraging credit cards in unique ways.
• A crazy-good sourcing tip from Gary Huang.
• My favorite Amazon tool just got a glow-up.

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BEST from Me

I was at Ecom Summit in Orlando earlier this week.

It was an intimate event, and I had the great pleasure of meeting a number of Best@Amazon newsletter readers in person (you know who you are!).

I also had the opportunity to get up on stage and talk for 30 minutes about one of my favorite topics: CASH FLOW.

I covered A LOT of financial ground in my presentation (i.e., working capital basics + a case study, how to think about your cash conversion cycle, how to calculate your free cash flow margin).

But, unsurprisingly, most people only cared about the cash flow hacks.

So, given that "Voice of the Customer" feedback, below are the 3 Payment Terms Hacks that I shared in my presentation.

Enjoy!

HACK 1: Use ChatGPT as your negotiations coach

Everyone loves to think that they're skilled, savvy negotiators.

That might be true in a small percent of cases, but most of us suck, and could use practice+feedback.

...Which is a perfect task for ChatGPT!

Use the prompt below and practice your negotiation skills daily.

PROMPT: "I want to do deliberate practice about how to conduct negotiations. You will be my negotiations teacher. You will simulate a detailed scenario in which I have to engage in a negotiation. You will fill the role of a Chinese supplier. I will fill the fill the role of a client buyer who is an e-commerce business owner. You will ask for my response in each step of the scenario and wait until you receive it. After getting my response you will give me the details of what the other party does and says. You will grade my response and give me detailed feedback of what to do better based on the science of negotiation. You will give me a harder scenario if I do well and an easier scenario if I fail."

HACK 2: Fund POs with Credit Cards using Melio Payments (or a credit card that is already integrated with Melio Payments)

If you have an interest free credit card with a decently high limit, this is a massive cash flow unlock.

HACK 3: Pay for a credit card with better payment terms

Guess what? Not every credit card has 30-day payment terms.

With the American Express Plum Card, you can get 60-day payment terms (h/t to my friend Evan Swanson for this one).

I even remember, back in my corporate days, my company issued me a credit card with 90-day terms.

It's a crazy cash flow unlock.

That's it! Those are the payment terms hacks. Go forth and bank more money from your Amazon business.

PS: The slides from my presentation are over in the Amazon Private Label Pathway.

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BEST from Everyone Else

📧 Best from my Inbox

You might know Gary Huang from his event: 7-Figure Seller Summit.

I know him as the guy who consistently drops product sourcing knowledge bombs directly into my inbox. Most recently, he shared 5 incredible sourcing tips. I've copied my favorite tip below:

I've been hearing from many of you recently, and it seems your biggest sourcing challenge right now isn't finding a trustworthy supplier. Instead, it's expanding your product line faster without sacrificing quality. So, today, I’m thrilled to share 5 key strategies to help you do just that:

1) Clarity in your Request for Quotation (RFQ) get to a Purchase Order quickly

Detail is key. Use a comprehensive specification sheet which includes the following:

Tolerances for measurements and weights - this will define the limits of what is considered acceptable and unacceptable quality. For example for a tshirt you want to give them a +/= 1cm tolerance on the length of the shirt so anything beyond that would be unacceptable.

Indicate estimated monthly order volumes. This isn't about chasing the minimum order quantity - a classic rookie mistake. This builds confidence in the suppliers

A picture says a thousand words. Use photos and annotations for your product requirements and designs. Show, don’t just tell.

Have drawings of your designs? Include them. Don’t be afraid if they don’t look perfect.

If you want sourcing help from Gary, reach out to him via his sourcing intake form.

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Updates to the Amazon Private Label Pathway

I've got good news and bad news.

Bad News: The price of the Amazon Private Label Pathway is going up from $0 to $5.

Good News #1: It will always be free to my Best@Amazon newsletter subscribers by way of a promo code, which I'll include in this section of every newsletter.

Good News #2: I'm going to be adding 10x more valuable content to it over the coming months. We're talking: SOPs, my Amazon resource rolodex, private training videos, and more.

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Back Story on the Amazon Private Label Pathway, ICYMI...

A few months back, I had a small group of coaching clients that were at the same point in their Amazon seller journeys.

I found myself answering the same questions, and pointing them to the same resources, so, in true Amazon fashion, I asked myself "What's the 1-to-Many solution here?" and built a Notion page of helpful resources, which I've called "Amazon Private Label Pathway."

You can get access to it here: https://auxo.gumroad.com/l/amazonpathway (it's free; but if you want to buy me a beer, I won't object)​

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