EP #351] [ENG] - Understand your numbers to maximise profitability - Nachman Lieser

EP #351] [ENG] - Understand your numbers to maximise profitability - Nachman Lieser Unknown Speaker: Welcome to The Ecommerce Lab By Ecomcy. This is the place for everything related to Amazon private label and e-commerce. Learn exactly what you need to start or scale your business. Get insights from the top industry experts who will discuss the latest trends and best practices in the world of Amazon. From choosing products and sourcing from a supplier to setting up your Amazon account and marketing your business, you will hear it here. Let's get started. Here is your host, Vincenzo Toscano. Speaker 2: Hello guys, welcome to another episode of The Ecommerce Lab By Ecomcy, the place of air related to Amazon, FBA, Private Label and Ecommerce. My name is Vincenzo Toscano, founder and CEO of Ecomcy and today we bring you for a second time now Nachman, founder and CEO of Connect Books, which I would say is one of the top solutions out there to really help Amazon sellers, you know, automate their accounting. And the reason why I wanted to bring Nachman today is to really discuss, you know, what has been happening overall with Amazon sellers, especially around profitability, what are some of the challenges maybe he's been encountering with some of the clients when it comes to really being, you know, on top of the books. And hopefully you can get some of that insight, guys, to make sure you can get the most of what is left for 2025. It's my pleasure to have you again on the show. How are you doing? Speaker 1: I'm doing great. Thank you so much for having me. It's a pleasure to come on again. Speaker 2: Thank you, man. So if you don't mind, just give a brief introduction about yourself and the company for somebody that might not know you and then we can dive into the topic here. Speaker 1: Sure. So my name is Nachman. I'm the founder and CEO of ConnectBooks. ConnectBooks is an accounting automation tool which we focus to...we help people get a proper set of books. So a lot of times when people want to do the bookkeeping, especially when it comes to ecommerce, it gets very complicated and they have to spend a lot of time going to all the different marketplaces, pulling all the different transactions and You know plugging it into the QuickBooks or Xero and the idea really is that we automate that process. Now what we do differently than most other tools out there is that we automate with clarity. So a lot of times you have people using different tools or like they have bookkeepers are doing certain stuff and then at the end of the month they're like trying to make sense out of their books and like, hey, you know, we're not showing that we're making the right margin that we're making. We thought we're making more money, making less money. And then the question goes, you know, where is the money? Like what happens differently? So one of the things that ConnectBooks shares very differently and it's really unique about it and that was always our vision from the get-go was to automate this clarity and Just a little background about myself, why I'm so focused on clarity is I myself, you know, connect books were around since beginning of 2019. Prior to that, I was a CFO of a large wholesale business and I'm also an accountant. I do hold a master's degree in accounting. So I've been doing accounting, you know, since, you know, was my first career. I'm doing it already for like 13 years and The time where I've worked as a CFO, one of the stuff that were really valuable is besides providing reports and accuracy to the shareholders and the business owners or the managers, part of the thing always was like, where's the money? Like, okay, so we've made money, where did it go? Or like, if we didn't make money, then the question was, why not? And I was spending a lot of time trying to get to the bottom of it and figure it out. And then what happened was, when I left, and I I started my own bookkeeping company which we focus on small to medium-sized businesses. So we run a bookkeeping company alongside our platform but the idea was not just to do bookkeeping because that I felt like you know there's a lot of competition out there and that's what a lot of people do. For me it always was I wanted to have more of an edge and my edge was you know helping people really understand the books. Not just doing the books but really helping them understand it. So our focus was always was to give people clarity from day one. And then, you know, we started, you know, I started my bookkeeping business back in 2017. And then we started to work with ecommerce sellers. And that's when, you know, I realized, you know, this could be a good opportunity to You know, build out a software because we can do the same thing, the same service we're going to get from one person we can do for a lot of people through automation and having the right technology. So that's really where the idea of Connectbooks came. And the reason why I like to put on my background and the reason I like to focus on importance is that a lot of times what happens with sellers is that they kind of like, you know, like they look for certain tools that are going to help them. But the problem is that If you're not an accountant, it's really hard for somebody who's not an accountant to do a proper bookkeeping. Speaker 2: Like having a Ferrari but not knowing how to drive. Speaker 1: I, for example, cannot run an Amazon agency because I don't know how to run an Amazon agency. I've never sold on Amazon. I don't know how to run an Amazon, but I have spent so much time in the last Seven, eight years in doing, you know, automating accounting for Amazon sellers, talking to sellers, understanding what's the problem, understanding where they're going wrong, understanding what they want to see. I actually just got off a call before, an hour and a half, you know, I was having a seller, we were digging through his books, understanding the margin. He's like, I'm trying to understand, you know, how much inventory I have compared to my loans, making sure I'm heading in the right direction. Now, with the proper set of books, You know, you're able to get the proper clarity. So my mission has always been about clarity. And when it comes to automation, the focus was not just, you know, there's something called garbage in, garbage out. The focus wasn't about just getting the data in there. The focus was to give sellers the right clarity that they understand every month how well the business is doing. If they're making money, they want to understand where they're making. If they're losing, they want to understand where they're losing. And in that, you know, we have like additional two factors that we go into. One is that we like to focus a lot on skewed profitability. So really the idea is, I know I'm like jumping a little bit on the time, but I think it's a, it's an interesting topic because this is the way I look at it these days is that I always get a question people ask me. If I'm making a product 20% profit, is that a good margin or not? So the answer is, I think it's a good margin. Why? Because let's say you're doing $500,000 in sales. And let's say your profit margin is, let's say you have a 20% margin gross. So your gross margin is $100,000. Now, if you're working out of your basement, that's a very nice margin. But if you're running a team of 10 people, no, you're in the red. So the answer is that in order to tell somebody what the right margin needs to be, It really depends on their overhead. So the first thing that we try to do and one of the things using automation will help you understand what is your overhead. Now when you understand what your overhead is, you know where your break-even point needs to be. So for example, let's go back to the previous case. Let's say I do 500,000 miles in sales. Let's say my overhead is 50,000 miles a month. So, I know if you take your overhead, I know that, let's say, when I do, let's say, 250,000 sales and I make 50,000 profit, then I broke even. When I get a 500, you know, we made $500,000 in profit. We made 50,000 profit. So, the idea that we're trying to figure out is like, what is your break-even point? What is the margin that you need to have? What is the margin that you need to meet? And then another thing that we also like a lot to focus on, which is actually almost I find interesting that nobody talks about. And the reason I just have to make up my own reason why nobody talks about and I decided this is very complicated is inventory age. So I've seen a lot of sellers lose out a lot of money is that the Don't, they have inventory that sits around for too long. So the problem is that when you sell a product, you have your, you know, so when you go over your numbers at the end of the month, whether you're looking on a tool like Sellerboard, whether you're using Connectbooks or whether you're using your QuickBooks and you look at the products that sell, the problem is they don't show you the products that don't sell. So how much money is buried in the inventory that's selling in 3PL? How much money is buried in AWD or in all the other places? We give you a full picture of your whole inventory, but the beautiful thing is that we break it down by how many days it's been laying around, and we also tie in the dollar amount. So for example, if you have $2 million worth of inventory, I can tell you right away, a million of it is laying here more than 120 days. Like I said, I was talking before with a customer who had $3.5 million worth of inventory, but a 1.2 was laying past four months. So the question is, why is it here? Now, every other product had a different story, but that kind of data I haven't seen in any other tool. My assumption is just too complicated. Speaker 2: Yeah, I agree. No, I love it. I love it. I think you dropped so many bombs and actually those are some of the things that I want to start. And, you know, as an opportunity to proceed with some of the questions I had, because, you know, some of the things you mentioned are some of the main reasons why people ask themselves, where is the money going? And I think inventory is one of them. I think people, first of all, you know, they're sitting on a lot of inventory all the time. But I think from an accounting perspective, they also don't know how to time when to buy inventory. So they can't even be efficient with the taxes and things like that. So I guess out of curiosity, Beyond this situation that you just described with inventory, like what are some of other things you see sellers doing on a daily basis from an accounting perspective that essentially justify why they can see profit on paper but they don't see on the bank account? What are things you also see people doing? Speaker 1: So, I have a very interesting analysis. You know, I've been in this space since 2019, before COVID started and COVID hit. And, you know, there's a lot of fun in the COVID days. I mean, not fun for people, but fun like on the e-commerce side, a lot of aggregators and e-commerce was spiked. And, I mean, the beginning COVID was like everything came to a standstill, but then everybody realized that everybody's staying home. You know, ecommerce spiked like crazy, a lot of aggregators, you know, there's a lot of things going on during COVID. And, you know, what was interesting, what I realized was that there's a lot of people who went into business in COVID time. Some people got laid off and had no choice and just had to open up a business. And, you know, Amazon is easy. And recently we have seen a lot of sellers go out of business. So, and the real question we have is, What do the people who stay in business do differently than the people who don't stay in business? And there's a lot of customers that we have dealt with, that we're dealing with since 2019. And before COVID started, through COVID, and even today, you know, with all the tariffs, and all the crazy stuff that are going on today, people having issues with employees, people having issues with tariffs, people having issues with the new fees in Amazon. And when Amazon says, I can increase fee, but just one fee or like, you know, placement fees has, I have clients that are paying three, $400,000 a month placement fees. That's crazy. Like it's, it's crazy. It's like just shaving three to 4 million a year off the bottom line. Speaker 2: You might as well have your own warehouse at that point. Speaker 1: No, even way down warehouse, meaning Amazon's charging them to truck it to different warehouses. That's like the most significant fee that came in in the last year, meaning Amazon upped a lot of fees, but they're not that significant. So, What ended up happening is one thing I've seen, one thing very clearly, the people who know the numbers really clear, those are the ones who survive. You know why? Because they always put an emphasis and a focus on being profitable and being cashflow positive. You have to do both. You have to be profitable, but you also have to be cashflow positive, meaning you can't just buy inventory that lays around. So the people who really sit and dig down to the numbers and they want to really understand the bottom line, and they really want to understand, you know, why am I making money? Why am I not making money? Speaker 2: Where am I losing? Speaker 1: Where can I make more? Those are the people who, at the end of the day, I work through the hard times because when times get hard, A, they understand that they're not making money. So they right away know that they have to pivot. And they're focusing all day on pivoting and making sure they're profitable. Then I've seen certain sellers who never look at the numbers. So when times are good, like in COVID, I mean, I wouldn't say COVID is a good time, but I'm saying times when there's a lot of business for ecommerce sellers. If they made a lot of money, but when the economy shifted, they had no clue that the economy shifted, meaning they can read the news, but they don't understand how it impacts their business because they don't have their numbers. And even when you have your numbers, you have to study it. You have to make sure that you understand it. You have to make sure that you're clear with it. So what happened was they didn't pivot. And they just continue doing what they're doing. And all of a sudden, they found themselves in the red one month. And then, at some point, they went too, too, too low. Usually, by the time they try to get a bookkeeper, it's when it busts. Yeah, when it's too late, and you know, I can tell you one thing, you know, we, we have two companies, we have the software, which is an automation, which I'm not really meaning, I'm involved in building the software, but we don't really, usually people have in-house bookkeepers, in-house CFOs, and they do everything themselves, we don't really get involved in their accounting. And then we have, we have also our own bookkeeping company that we do bookkeeping for sellers. So like, if somebody tries to use a tool, it's too complicated, and they like, hey, you know, just do the whole bookkeeping yourself. We manage around 100 Amazon sellers that we do bookkeeping for. And I can just tell you in the last year, the last like six months, we have had like five, six clients shut down. Every single one of them shared one comment reason. They hired us as a bookkeeper and we did their books, but they'd never Paid any interest to understand the numbers, like whenever we sent it. There's actually certain clients who I told him, for example, his inventory was off and every month he was losing like, he never had a proper inventory tracking system and we recommended a couple of times to help him set up something and he couldn't bring himself to do it. And today his business is shut. Why? Because if he was losing like 200,000 miles every quarter in inventory and he had no visibility where he's losing it and he never took the, he never took the time. And I understand like what's going on. And what we have seen in the last six months, I've seen every single one of my clients that shut their business down. I don't, you know, sometimes we have some clients that call us with questions. Like you can see when a client calls you with questions. They're trying to understand. They want to know what's going on. And then you have those clients like, okay, I have a bookkeeper. He just does everything for me. It's like, you know, I don't need a book. If I don't need a book, I need my taxes. They're like, kind of like, like I outsource that and just don't bother me. Don't talk to me about it again. I wouldn't say all, but all the clients that closed down were clients that never really cared about the numbers. Speaker 2: Yeah, they have searched all the accounting and everything and they think that that's something they don't need to touch ever again. I agree with you. We also, with clients that we handle from an agency perspective, it's the same. I can't tell you how many times we jump on call people doing millions of dollars. And you ask them, like, what is your net profit? They don't know. They don't know. What is it? How much is it going into the bank? And it's like, they just hope that at the end of the month, it's going to be enough money to pay employees and then to buy inventory and keep doing it over and over. And some of them, let's be honest, they've been lucky. That's why they're not going on. They're lucky. Speaker 1: Yeah, but luck is not forever. Luckily not forever. I remember once I asked somebody when it comes to hiring employees, I'm like, so, you know, hiring employees is a trade on its own, but one of the things is you want to have like a good framework. So I was telling the guy, I said, look, I have good employees, you know, I know based on my gut feeling, you know, why do I need this whole framework? He's like, look, your gut feeling worked for you maybe once, worked for you twice, it might work for you another five times. When it doesn't work for you, you have no way to understand how to do it better. If you have a framework of what is your core values, what are you looking for, what's the mission that needs to be accomplished, what type of employee do you need in your business so you should be successful, Then when you hire somebody and it doesn't work out, you kind of go back to your framework and you say, hey, what did I mess up? What did this person not have or did have that's not part of the framework? And then you tweak it and better. And the goal is after a couple of times, you have a solid framework and you should be able to, you know, hire the right people. Speaker 2: Yeah. And I guess from a proactive point of view, given that we mentioned that a couple of times already, like what is something Sellers, maybe from a routine point of view, can come up with to avoid this. Do you recommend on a monthly basis to check any specific KPI, have a certain methodology to cross-check? What is something that high level could be a basic that could allow you to avoid this kind of build-up from the potential situation that cannot be fixed? Speaker 1: So we actually work with a certain customer where we help them out on the bookkeeping side as well. And actually, we don't really even get in calls on a monthly basis. I mean, in the beginning, we got quite a few calls. And then we put our KPIs in place. Every month, we send them his profit and loss on his balance sheet. But in the email, we have a summary of the KPIs. And as long as we hit the KPIs, we know we're good. So our first KPIs, we have to, so we basically, I broke it down before in a little fast, but You want to know what your overhead is, so make sure you hit your break-even point. Let's say, for example, he does a million dollars a month in sales. And they have, let's say, a 25% gross margin, so they have $250,000 in profit. And let's say their overhead is $100,000. So we went over the overhead once with them, and we confirmed that the overhead is good. It's not much what you can cut. They got a pretty lean overhead. So what we do every month is they're happy making $150,000 a month. And the owners have a lot of other stuff that they do besides Amazon. So they don't want to be really too involved. So every month they get their report. A, they have to make sure the sales are in the range of a million. B, they want to make sure that their margin is still 25% gross margin. And C, they want to make sure that their overhead is not more than $100,000. So if we see one of these three stuff out of the ordinary, then we take action. Speaker 2: Yeah, yeah, having a KPI like like I guess that's actually a good point. Like most people don't know. What is the, I guess, the benchmark they have to sit in terms of revenue, profit, and everything? They just go with gut feeling, as you mentioned, and it's kind of gambling at some point. Speaker 1: You bet. Oh, you bet. Warren Buffett said once, you know what makes him a good investor? He's like, my job is to do, is to analyze the stock market and analyze businesses. And based on my analysis, you know, that's the stock I'm going to buy. What happened is in the last couple of years, a lot of times the stock market doesn't reflect the actual economy, even today. I mean, the economy is horrible, but a lot of stuff don't really reflect. The video hit $5 trillion. Speaker 2: That's crazy. Speaker 1: I don't know what it's based on. But I've gone over to certain people and I've asked them, so one of the things is because All the new technology, let's say like Robonaut. Robonaut has enabled a ton of young people to buy stocks. Back in the days, like when you wanted to buy a stock, you went to a broker, you had a conversation with him or her, and you discuss your strategy and what you want to buy. Today, since it's so easy to buy and sell stocks, People are just buying right and left, basically no clue what they're doing. They're kind of like just hype. And that's really a big part of why the stock market is not really properly reflecting the economy. But one of the things would be, for example, if you buy a stock, how many times earnings are you trading? Most people don't even know what that means. When you ask them like when you look at stock, so Warren Buffett says is that my job is to analyze the stock and that's what I do all day and that's why I'm so good at buying the right stock and having the right stock and I think Warren Buffett is like one of the only funds who always beat the S&P 500 every single year. But other people like they have no clue what they're doing and they just like randomly buy stuff. And then they end up losing all that money. So sometimes it works and sometimes it doesn't. You know, like one of the biggest stuff where I remember, even I lost some money in the beginning, like I didn't pay too much attention. But let's say when Tesla skyrocketed back in COVID-19, Tesla went crazy. And a lot of people, even I, I didn't buy Tesla then. And we felt like we lost out. So all of a sudden Rivian came up. And everybody went crazy to buy Rivian. And I know Rivian at one point was trading at $150, now it's like $13. There's so many different, you have to really know what you're doing. A ton of people lost a ton of money in there. There's a bunch of other things that a lot of people lost their money. But it goes back to the same thing with just not having visibility. It's the same concept. And the same concept with Amazon. Same concept with your products. You have to have proper visibility on your products. And what's interesting, I'll just share another thing, which actually I was working with a client recently. He wasn't making money. So he came to me. He's like, I don't know what's going on in my business, but you know, based on the numbers, I should be pulling out like $100,000 a month. And like, there's nothing there. So we sat down, we set him up and whatever. And then we went over, we had a call with him. So it turns out he was actually selling at Walmart. So he buys a product, let's say, for $10. And he, let's say, wants to sell it for $30. So he says, OK, commission of a phone fee is, let's say, $10. And then advertising, let's say, is 10%. That's what he decided. So then from $30, I should be down to $17 minus my cost of the product. So I should have $7 profit. And then he was looking at an ROI. So if I spend $10 and I make $7, I'm a 70% ROI. The problem was there was a bunch of other fees that he was missing. For example, first of all, his ads were not 10%. So his problem was that across the board, his ads were 10%. But a lot of SKUs, especially new SKUs that he was starting, they were nowhere close to 10%. Speaker 2: It's burning money. Speaker 1: Yeah. I said, you know why your tacos is 10%? It's because let's say this product He had a certain product that was doing very well or he wanted to just liquidate and he lowered the price and he did a ton of ton of sales, but zero ads. Speaker 2: And they camouflage. Yeah. Speaker 1: Yeah. So you can't just look at the bottom number and say it's 10%. I said, number one ad is 20%. I said, now what happened with returns? You completely forgot about returns. He's like, yeah, some come back. I said, on average, you have a 10% return rate. So 10%. So if you're, if you're, you have to leave, you have to have 10% of the profit. I said, what about your storage fees? What happened to the removal fees? What happened to the inventory? I said there's so many other fees that you're just not accounting for. So we basically redid the formula for him. And we told him, now when you source products, this is the number you're supposed to look at. And if you can't hit profitability after going through all my margins, then just don't buy it. Speaker 2: Yeah, I know, I know. That's such a good example. I think that's, you know, the perfect analogy to show that, you know, even if sometimes you think the numbers on the screen, you know, you're pulling a profit, you need to go deeper and really understand what is happening because Without that, you can't even predict what you're going to be doing in the future. We're pretty much at the end of the year and a lot of people need to be thinking what they're going to do in 2026. By you sometimes making assumptions on things such as that you're profitable and you're not, you can definitely kill the business. So I guess, Nachman, to close today's episode, what would be your last advice maybe for the remainder of the year? What you should advise people to look into or be careful to avoid having You know about Q4 and make sure they can set for success in 2020. A very good piece of advice to share. Speaker 1: So I was working with a client and it's interesting. So some people make money in Q4 and they make money all year. But that kind of business model is the wind link because Amazon's not more the gold rush that it used to be back in the days. I mean, if I can say so. But some people used to like just make money December and not make a whole year. Most people today try to make money every single month. Try to like, you know, pull in a through profit. So I actually have a client That does not make money in December. So they're in a certain industry which doesn't spike in the holiday season. So since it doesn't spike, they're not really making, they're not making money in December. But throughout the year they've been making money. Now actually with that client, it was an interesting story that we actually helped them take their business from like a loss into a profit. And they've been cashflow positive. And one of the reasons was is they were like from one of those clients who never looked at their numbers. And then they were complaining to us once that I'm losing so much money. I said, let's just have a phone call. And I started telling him, by the way, do you know that based on your overhead, anything under 20% you're losing money on? I said, you're right. He's like, what do you mean? And then another factor, he never calculated properly landed cost. That's because he never provided us proper documentation of how much the containers are costing and all that. He used to think he's making money on certain products, but when he factored in the landed cost, and that was before the tariffs went in, he was actually losing money. So, you know, he actually came to a very good standpoint throughout the year. Speaker 2: He's very profitable. Speaker 1: But then he wanted to make sure that in Q4 he's also profitable. So why is he not profitable in Q4? Because his storage fees is around like $20,000 a month. But if you're gonna take the storage fees from, let's say, like a month of July and a month of December and compare the two, you'll see that Q4 is three times the price. I don't know what the rate is, but from my analysis, the Q4, the storage fee is three times. So basically, he has, let's say in July, a $20,000 storage fee, and in December, he had $60,000 storage fee. So that $40,000 ate up his profit. So now what we're trying to do is trying to see how can we minimize it. So A, we have a very lean inventory in Q4. We're really on top of it. So we want to try to move down the storage fee as much as possible. Then we actually did a very good, this I did like as a, you know, cause we also working on the bookkeeping. It's different, but we also, what I did for them was a different report was we took a list of all the products that were still in stock. And we looked at what would be the potential profit. So how do we calculate? We took the profit per SKU after all the fees included for the last three months, came up with an average profit for the SKU. Then we took out the storage fee and tripled it three times. So now we know how much profit we're going to make on this product in the next three months. And then we looked, okay, so based on, now that we accounted the proper storage fees, how much money are we going to make on these products? So certain products had no way of making money through Q4 based on the amount it sold. Oh, so we did nothing. We looked how much sold and looked also how much is left in stock. So certain products, like for example, that weren't making money, he didn't send them more, but a lot of them were still in stock. So what we did is we looked on what our potential profit is. We made a bunch of removal orders. Now, certain products do make enough money that he was able to eat the Q4 storage fees. But then there's certain products that don't. So what we're trying to do, the products that really don't make, so then we have to look into another problem, the ranks. You know, if you have a good rank, you don't want to lose it. So really, the best story would be for him to go on vacation for Q4, to shut the Amazon store, go on vacation for three months and come back. The problem was, and technically, if he could do it, he can afford it, because they made enough money in the first nine months to pay for the last month. The problem is that in the last month, they lose money. They lose. So what we're trying to do is really the reason why we can't shut the store for a few months is because we're going to lose the rank. So the products that he planned on discontinuing, we right away made removal orders, like right away got them out of FBA because the Q4 would have killed you. The next thing we did is understanding the margins of each product. And then trying to minimize the storage amount and then trying to bring the price. So he should at least like the next two months, like just mainly break even. So really one of the things that we took a lot out is that Q4 storage fees three times amount. And then we have to do is go through your product and factor which ones can survive Q4, which one will make money in Q4. And then the ones that don't make money, you know, If it's like a private label item that you're going to be selling throughout the year, you might have to eat the loss to keep the rank, because that's tricky. But if it's not, get it out of there as fast as you can. Speaker 2: Yeah, I love that. I think at the end of the day, I mean, the main takeaway of everything you just described, which is something I'm sure a lot of people are going through, is like, sit down, know your number, guys. Q4 is also a moment to reflect, especially getting into Q4. And I'm sure like, you know, if you do the right revision, as Nachman is mentioning, like you can really set yourself for success. So it's been a pleasure to have you on the show for the second time. Thank you for dropping all the knowledge as usual. So I guess for people that want to, you know, work with you or give it a try to the software, tell us more about that so I can put it down below. Speaker 1: Yeah, so the best is just visit our website connectbooks.com and just book a demo and you know we'll have one of our reps get on a call and answer all your questions and we'll tell you what's the best you can do. And then I wish everybody to have a great Q4 and just have a good season. And one more tip is just be careful with all the lightning deals and coupons you put on Black Friday with Cyber Monday because a lot of times I've seen where people, let's say, add another client. He was selling a product for $80 and he made $20 profit after all fees. But then he went and put a $10 coupon. Sometimes we have so much money coming in and out of your account, it seems like $10 is nothing. So if a product's selling for $80, big deal, I'll sell for $70. But I told him, you know you slashed your margin in half, and he put down a $10 coupon. So just be careful. I've seen many people on Black Friday make double the sales but half the profit from a regular day. Now, if you've got to move inventory, then do it. But if you don't have to move inventory, then just be careful. Speaker 2: Yeah, I think that's super important. Sometimes people get suffocated in making as much revenue as possible. What is the point of that if you cannot put money on your pocket, right? So, good one. Thank you, man. So, it's been a pleasure. Thank you so much and looking forward to having you in the next time for sure in the future. Yeah, been a pleasure. Thank you. Thank you so much. Thank you. Unknown Speaker: Thanks for listening to The Ecommerce Lab By Ecomcy. Be sure to subscribe so you don't miss an episode. While you are at it, we would appreciate it if you could leave an honest rating and review on Apple Podcasts, Spotify, or wherever you listen. That will make it easier for others to find out about the show and benefit from it. Want more? Visit our website at www.ecomc.com where you can get your first consultation for free. Or find us on Instagram, Facebook, and LinkedIn at ecomc.