The financial strategies, best practices, processes, and habits of successful DTC brands (based on first-hand experience).
Saman Izadiyar is a numbers guy. His passion for finances led him to a mission to serve fast-growing DTC brands through Ottit, a financial services company. 吃瓜黑料 CEO Adii Pienaar and Saman discuss common practices of today鈥檚 business world and challenge you to question them.
In this episode, you鈥檒l learn:
- How budgets are a false ceiling for DTC brands听
- Technology, tools, processes, and habits that set DTC brands up for success听
- What clarity can do for your business
Tune in on: | |
鈥�鈥淎ctionable data. That's what it's all about. And it's much easier to stay ahead of the curve than to go back in time and try to fix it.鈥�Saman Izadiyar, founder & CEO at Ottit
Meet Saman Izadiyar
Saman has always had a passion for numbers. His background in finance and prior experience in the ecommerce world have allowed him to build on a mission to serve growth-driven DTC brands.听
In 2021, Saman founded Ottit, a financial services business, to help brands with bookkeeping to scale faster and better.听
Before Ottit, Saman co-founded Bloomy Wellness, a supplement brand for kids acquired in 2022 by a private purchaser.
Connect with Saman on:听听|听听
About Ottit
Ottit is a leading provider of financial services designed to support the rapid growth of ecommerce businesses. With a focus on streamlining administrative tasks and delivering reliable bookkeeping solutions, Ottit empowers you to concentrate on what truly matters: Expanding your business to reach new heights.
Learn more about Ottit:听
The Checkout听episode 38 unpacks:
In today鈥檚 episode, Adii Pienaar and Saman Izadiyar walk us through their recommendations for building successful businesses, including processes, habits, and tools. Here are the highlights:
Saman鈥檚 journey entering the DTC space
- How Saman鈥檚 love for clothing got him into the reselling business at 18 years old
- A terrible experience at the start of his career when he was scammed for $30k
- The workarounds that got him over challenges as he started his wholesale business
The challenges brought by Covid-19
- How Saman had to pivot to a mask DTC business during the pandemic and ended up selling 3 million masks.
Daily habits that will set you up for success
- A business owner’s worst financial mistake
- The one thing Saman does as a daily practice to keep his finances on point
- Saman鈥檚 proven strategy to project revenue
A book recommendation: Simple Numbers by Greg Crabtree
- Why you should do bookkeeping for your business on a weekly basis
- Greg Crabtree says, 鈥淒on鈥檛 budget, project, or forecast鈥� instead
- 鈥淧rojecting out or forecasting out, both revenue and expenses, put you in a position to take action.鈥�
- 鈥淵our business is entirely different from day to day. You don鈥檛 know what鈥檚 going to happen.鈥�
Budgeting 鈥� to do it, or not to do it?
- 鈥淚 think budgets are very good if you have no discipline with money. And I think they’re very bad, if you’re putting a ceiling. So it, it goes both ways.鈥�
- How bookkeeping will tell you the full story you need to know about your business
Building clarity within your business
- 鈥淭he clarity that you can showcase to someone not only has a representation of your business, but it even tells the person that’s investing in 鈥� these guys care, these guys are on it, these guys know what’s happening in their day-to-day operations, and that it is somebody that they can trust in and give more money to if you’re going that route.鈥�
- How Ottit鈥檚 financial back office services help businesses build the clarity they need to succeed
- Automating processes to keep assets and expenses organized
Reporting sales on a cash basis vs. accrual basis
- Why you should start reporting sales on an accrual basis
- 鈥淚f you’re doing anything on a cash basis, everything will hit your PNL as soon as it’s recognized on your bank. But now you don’t have a clear idea of what’s going on because you don’t understand what your assets are.鈥�
Empowering teams to do great work
- The importance of recognizing the mission of your business and communicating it to the team
- Why you should gamify challenges within your business to incentivize teams
- 鈥淲hen you empower smart, ambitious, and aligned people to work, they can do great things.鈥�
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