Cazmanian_minx's MFi3 diary

cazmanian_minx

Dosh transferred to business account - going to go over my order one more time today and then email the manufacturer with it. Why am I so nervous?? :eek::eek::eek:

Caz

cazmanian_minx

*gulp*

I just committed to spending $5,063.70 - plus another thousand-ish in transport, VAT and customs charges.

IcandothisIcandothisIcandothisIcandothis...

Caz

earthgirl

You have come so far! Well done!

setmefree2

cazmanian_minx

I did it Order confirmed, telegraphic transfer made (though thanks to the snow I couldn't get the car out of the drive and had to catch the post bus in!), manufacturing run started and goods will be delivered to Hong Kong port on or before 17th March :j

Now I just need to sort out marine cargo insurance to cover the container sliding off the ship and a pseudo-TURN to get the goods through customs.

My business account manager had booked me in for an account review since I had to come in anyway. We had a good chat about the business for three quarters of an hour and she said that despite what the press was reporting, they were very much open for business and since I had plans to expand, if I needed a business loan or overdraft to bridge the cashflow gap that comes with importing, they'd be more than happy to assist, since they were happy with the way my account was being run. I'll see how this one goes first, but it's nice to know that option's there if needed. I really do think that importing is going to be the key to paying off the mortgage - yes, it's a lot more work and there's a lot more hassle, but the profits are proportionately larger.

I so nearly got the transcription queue emptied - yesterday I was down to one 39 minute file outstanding, which I'm going to knock on the head today. Then there was a thump on the kitchen door and Billy turned up with a CD to sign for. Haven't dared open it yet, but I got an email saying 'We've got lots for you over the next fortnight.' That may be TWO nice lenses then!

Caz

setmefree2

Fascinating - good luck:D

catshark88

My word - I don't read the forums for a couple of weeks and just look at all that has happened!

The importing sounds really exciting. I know it is scary to do something like that the first time, but as you say, the increased profit possibilities will more than compensate.

Good luck!

PS Happy lens shopping!

cazmanian_minx

It's been a busy week. Firstly and most importantly, I finally emptied the transcription queue and have had two blissful transcription-free days Yesterday I got an email to say there was another disc on its way, but it's only 56 minutes, so I should be able to whip through that quite quickly I hope. I've also invoiced for two of the jobs and should have c.£400 landing in my bank account in the next couple of weeks :j

I'm filling the transcription time by trying to catch up with a backlog of stock that needs listing - ideally I'd like to get it all sorted and listed by my year end (which coincides with the tax year, just to make life easier), as it'll make the annual stock count a much simpler job. I've been reading about something called 'the long tail' which is where a large percentage of sales come from a small percentage of items and then you have this long tail of items which might sell once a month or less and it's worth taking the time to work out whether it's economic to stock them at all given the profit you make on them versus the cost of storing them, listing them etc. So I need to have a look at that, because my life would be a lot simpler if I cut down on the number of lines I stocked. Or even just took the slow sellers off eBay and had them on my website only. Lots to think about there.

Caz

evab_2

Well done Caz, your hard work is certainly paying off x

abouttimetoo

cazmanian_minx wrote: »

It's been a busy week. Firstly and most importantly, I finally emptied the transcription queue and have had two blissful transcription-free days Yesterday I got an email to say there was another disc on its way, but it's only 56 minutes, so I should be able to whip through that quite quickly I hope. I've also invoiced for two of the jobs and should have c.£400 landing in my bank account in the next couple of weeks :j

I'm filling the transcription time by trying to catch up with a backlog of stock that needs listing - ideally I'd like to get it all sorted and listed by my year end (which coincides with the tax year, just to make life easier), as it'll make the annual stock count a much simpler job. I've been reading about something called 'the long tail' which is where a large percentage of sales come from a small percentage of items and then you have this long tail of items which might sell once a month or less and it's worth taking the time to work out whether it's economic to stock them at all given the profit you make on them versus the cost of storing them, listing them etc. So I need to have a look at that, because my life would be a lot simpler if I cut down on the number of lines I stocked. Or even just took the slow sellers off eBay and had them on my website only. Lots to think about there.

Caz

Hi Caz re the 'long tail' and it's impcat on your business - the other thing you could think about it something called the 3R's - runners, repeaters and rarities -

• runners are your standard offering/process - your bread and butter work
• repeaters - similar to above but with different aspects so (and I'm making it up here as I don't know much about your business) - an order for one of your runner necklaces but with maybe some different beads on it in part
• rarities - you might only see them infrequently, or regularly but they are completely different to the runners and repeaters - they probably cause you 'pain' in terms of producing them, inventory, packaging etc

The above can be used in conjunction with your long tail thinking and can also be used in deciding where and how to store your raw materials e.g. runner material close at hand.

You should also think about things that cause you and your customer waste - a handy acroymn is TIMWOOD

• Transport - this is the movement of the goods when they are with you - how can you reduce this
• Inventory - how can you keep just enough stock rather than bearing the cost of storage
• Motion - this is your own movement in producing the goods - how can you make it as efficient and effective as possible
• Waiting - how can you reduced waiting time for both you and the customer
• Over-processing - can you make what the customer wants exactly without doing too much to it e.g. do you do any bells and whistles to your product because you can or because you like it when really the customer might be happy with something simpler
• Over-delivery - are you doing/delivering/producing things faster than you need to rather than doing it when you have to?
• Defects - defects lead to re-work which costs time and money - identify your incoming defects and what you can do to reduce them, any defects you make (as if :rolleyes: ) and any defects that reach the customer - again how can you establish root cause and work to elimnate your work

Work out what adds value to the customer and you and try and reduce any non-value added aspects

Hope I haven't bored you...:o