467 | Why Your Budget May Need Adjustments Throughout the Year with Katie Wilson, The Good Twin [Part 2]

How do you make spending decisions that keep a product business sustainable and profitable year after year? In Part 2 of my conversation with Katie Wilson of The Good Twin and Crush and Touch Art Supply, we talk about money.

Katie walks through her yearly budgeting process, from projecting sales to setting aside funds for new products, and explains why she treats her budget as a living plan rather than something to set and forget. She also shares why she keeps her team small and well-paid, and why she believes the world needs more good small business jobs.

In this episode, you’ll learn:

How Katie projects her sales for the year aheadHow she allocates money for new product developmentHow she sets her non-negotiable expensesWhy she’s paid herself through payroll since day oneWhy your budget is a plan that may need adjusting throughout the year, not something set in stoneWhy she keeps fulfillment in-house instead of using a 3PLWhy she believes in keeping her team small and well-paid, and creating good small business jobs

Listen to part 1 at http://prooftoproduct.com/466 or wherever you get your podcasts. Katie talks about product trend cycles and creative fulfillment, and explains why your bestsellers deserve to stick around.

Today's episode is brought to you by our Retailer Roundtable interview series.

To make a strong first impression with wholesale buyers, we need to do a few things well.

We need to make it easy for stores to purchase from usWe need clear pricing and terms and conditionsWe need to build strong relationships with our customers

All of that gets easier when we listen to our customers. This on-demand interview series gives you a window into what buyers want and need from you, and it's only $27. You can get access to it at prooftoproduct.com/roundtable.

You can view full show notes and more at http://prooftoproduct.com/467

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