Key Performance Indicators (KPI’s)
- We only discuss the results each week on a Monday but update them daily. This allows the good days to ride with the bad days and for the VA to see their performance during the week, but we don't say anything until Monday.
- We use the Min Profit and Min ROI Values but we get our staff to work out how many we expect to sale in the month and calculate the “Total Deal Profit Figure” for one month's supply. We get the VA to work out the number of sales a listing has, the number of people who will share the BB and then calculate the number to sales we would expect to make in a month. We use this figure and multiply it by the number of units we expect to sell, to make a “deal profit figure” for that deal. IE this one deal makes £3 per item sold, it sales 30 units per month with 2 FBA sellers. Add us to the listing, that makes three FBA sellers who would expect to make 10 sales each per month at £3 each. Total Deal Profit Value is £30 (£3 per sale X 10 sales per month)
- The VA records all the deals submitted on a Google sheet and we feedback if we buy the deal or not and adjust the “Total Deal Profit Value” if we think they have worked it wrong or ‘Tweaked it’
- A big part is that we only count the total number of deals that we buy, not submitted. This way, if they submitted poor deals we don't count them and if they are good that we buy then they are counted. A VA can also submit just one amazing deal that makes enough profit and we are happy.
- We also get our team to record via Slack a quick 5 minute rundown of their day with three questions. What did you do? What worked well? What is your plan for tomorrow? These questions allow us to see what works, share best practice and for our VA’s to know that we expect them to have a plan when they source, not simply start from a blank sheet each day.
- We encourage those who have already met their weekly target early, to try new methods to see what they can find by trying to encourage new ways of thinking by showing them deals that exist that we don't normally do or find.
- The outcome of this approach is we have seen the deals found in various different ways. For Example one deal with a massive profit of £120 per unit which was only found through sourcing a different method because they had reached their weekly quota. We have seen VA’s watching Youtube Videos and then doing Keepa Sourcing, Amazon same marketplace Buy and Holds, Amazon EU flips and voucher code sourcing to name a few.
- The aim of this sourcing effort was to ensure we met the requirements but once they were reached, let's give our team the freedom and tools to try new things and then share this with everyone else when it works.