It’s finally time, time to review and go over how the goals were tackled (or not so much.) Let’s just get to the meat and potatoes to see how things went. You can see the goals I made on this post. To recap, it was $250,000 in gross revenues and 32 SKUs.
I’ll be honest, I have no idea if I did 32 SKUs in 2016. I didn’t make this an active goal throughout the year. I actually forgot about it! So, I went back into my active SKUs and counted. You’ll never guess how many are there… thirty one. Now I know for a fact, I ran out of stock on two items right off hand. As in, I sold out in December and opted to not restock yet. Then two of my active SKUs have had ZERO sales! So, what do we figure? 32 was a solid number for a goal!
As for my $250,000 minimum goal. Nailed it.
In my two accounts, I crossed the $392,000 mark. My better half asked me if I was upset I didn’t hit $400k. Nope! I wasn’t. Because I was happy to just hit the $250,000 mark. To do so much better was thrilling! Now, you’ll actually find out, I’m not a bragger. I take to heart the quote “you’re only as good as your last at bat” Now, that’s probably kinda harsh to some, but it’s just me always looking forward. That’s why this recap is going to be short and simple.
2016 was a good year, but 2017 is going to be a great one. I learned a lot as I’m finishing up with my bookkeeper to see just how well I did. With $392,000 in sales, I have to admit I wasn’t optimistic to see what the real margins were on this. It’s about 25% as I see the books wrapping up but I don’t have official numbers just yet. COGS was $107,000 with $8,700 left in inventory on January 1, 2017. My expenses were really out of line from what I’d like them to be seeing that I was wasting money on frivolous things. Like not taking the time to cancel my GoDaddy Bookkeeping when I had Xero all year long. Or maybe paying for Google Ads that weren’t optimized. These are all little charges each month that add up at the end of the year.
My big focus in 2017 will be to keep my expenses down. I’m finally hiring that damn bookkeeper! Ha. He’s having a hey-day (or is it hay-day?) going through 2016, and he’s being retained long term this year. I also focused on getting business credit lined up for 2017, as I ask the big guy to treat me as an S-corp with legit payroll.
Outside of this, I’m going to try to stay in stock with products! (Need I remind you how I lost $12,000 in April?) I also got that fun little tid-bit in December when Amazon figured I’d lost about $100,000. Yea, feel that sting. I’m taking bigger leaps this year, trying to add as many products as I can. That’s the big mistake in 2016 – not having the inventory. If you hear nothing else as you read this, buy more inventory. Granted, there is a test phase but once the test is a proven A-result – buy more. You know what, double it. When your brain says “reorder” – double it. No risk, no reward. Don’t join me with the sad “I lost $10,000” in April post. It’s not a fun one to write. Ride the wave, take the risk.
Quit talking. Work Hard.