Today, we are going to talk about the Foundations – these are the building blocks that you need to systematically apply to your multipliers.

So what are the foundations – I have a acronym to make it easier to remember – TIMES which stands for: Time, Innovation, Measurement, Education and Systems

So if you are going to increase your multipliers on a consistent basis, the foundations provide you with a framework and focus to do that.

My name is Arnie Shields and I am your host, bringing you the skills and knowledge to work ON your Amazon business rather than IN your Amazon business.

In the First Episode, I discussed a framework for understanding and building your Amazon business or any business that enables you to work through and understand your business.

The framework has three components – Fundamentals, Multipliers and Foundations.

The Fundamentals of any and every business are Cashflow and Risk – they are the core of any business and are part of every business decision you make.

The 5 Multipliers are the drivers of your business and when combined propel your business to exponential growth. The Multipliers are Sessions or Leads, your Conversion Rate (the percentage of sessions that convert to sales), your Average Sale Value ( in Amazon that is your price), your Gross Profit Rate ( the profit that you make on each sale) and your Valuation Multiplier.

And Today, we are going to talk about the Foundations – these are the building blocks that you need to systematically apply to your multipliers.

So what are the foundations – I have a acronym to make it easier to remember – TIMES which stands for: Time, Innovation, Measurement, Education and Systems

So if you are going to increase your multipliers on a consistent basis, the foundations provide you with a framework and focus to do that.

Time has a number of components.

Firstly it is just allocating time to the task, putting it in your calendar to work on the task.

Secondly, it is the amount of time that you are going to have to allocate to the task whether that it one hour or one day. If you are working in your Amazon business on a part time basis, time will be a scarce resource unless you buy more time. So you will have to allocate your time in the activities that are going to generate the biggest result.

Thirdly, it is the value of that time. This is not how much you are paid but the value of the task – the value that that task is going to add to the business. Some tasks will add nothing to the bottom line others will be $10,000 an hour tasks. You need to be focusing on the high value tasks and minimising or delegating the low value tasks to someone else. The high value tasks will always directly involve the 5 multipliers.

Innovation is essential in todays business because business today is so much faster than it was before even a few years ago. Markets move faster, money moves faster, information moves faster – just look at your Amazon business.

So you need to be continually innovating to stay ahead or even keeping up with your competitors. Just think about what would happen to your business if you didn’t change anything – it would go backwards pretty quickly.

Innovation is not just product innovation, it is innovation in all pa