Almost every business owner dreams of scaling their company, turning it from a small operation into a multinational corporation. Yoni Mazor, Co-Founder and CGO of GETIDA, actually managed to do it, creating the largest organization in the world dedicated to Amazon FBA auditing with more than 180 employees in 7 countries.
In this episode of Let’s Talk Business, Meny and Yoni have a candid discussion about when it’s time to scale a business, what types of investors you should consider, the importance of creating a company culture that will survive your future growth and more. Yoni also offers some practical tips for Amazon sellers on how to increase their profit margins and get back money that you may have assumed was gone forever. It’s a great conversation that might just change the way you understand scaling, so don’t miss it!
Yoni began developing GETIDA after successfully founding and operating a $20 million yearly Amazon FBA business, selling fashion brands internationally. GETIDA specializes in Amazon discrepancy analytics and consulting. By utilizing data visibility technology, GETIDA focuses on discovering and managing financial and inventory-related discrepancies with tens of billions of daily transactions.
[00:00 - 12:50] Opening Segment
• How GETIDA has scaled into the largest organization dedicated to Amazon FBA auditing
• How the landscape of the Amazon space has changed drastically over the last 20 years
• The challenges facing Amazon sellers in the age of increased competition
• Sellers have to be good at all aspects of their business to succeed
[12:51 - 24:52] Maximizing Amazon FBA Reimbursements and Refunds with GETIDA
• Amazon provides reimbursement or refund for losses incurred in shipping, storage, and returns
• Sellers have to bear the responsibility of reconciling discrepancies
• GETIDA's mission is to help sellers get maximum FBA reimbursements and refunds
How it is achieving rapid expansion and maintaining its culture
[24:53 - 36:35] The Story of Successful Bootstrapping and Private Equity Investment
• Good people with honesty and humility are vital to growing a successful company
• People are the foundation of every major empire, politically, business-wise, or financially
• Staying focused on one niche instead of becoming a jack-of-all-trades master of none
• How to leverage strategic investment and smart money for long-term success
[36:36 - 43:58] Closing Segment
• Amazon sellers should reconcile shipments to ensure they receive the retail value and make a profit
• Yoni's secret weapon for success
• Yoni on the rapid four questions
Want to connect with Yoni? Follow him on LinkedIn, Instagram, and Facebook. Head to GETIDA, improving the overall operations of Amazon FBA sellers!
Key Quotes:
“Our mission today is pretty simple, is just to make sure that Amazon FBA sellers all over the world get the maximum FBA reimbursements and refunds that they're eligible to receive.” - Yoni Mazor
“What counts for a business is not gross revenue is always the bottom line net profit.” - Meny Hoffman
“You want to build a good team around you that can really provide something at a large scale if you have the ambition to go large scale.” - Yoni Mazor
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