Good poker players know when to hold ’em, and they know when to fold ’em. But either way, when they make that decision — usually within a few seconds to a minute — most of the time, they take a risk. The only time they know for sure they have a winning hand is when they have “the nuts”. That’s when poker players know they have the highest hand possible and that no one can beat them.
It’s the same with small business owners, except you’re holding merchandise instead of playing cards. Using a combination of your system plus your intuition can get you through this challenge.
Holding on to inventory is tricky. When should it be sent to the discard pile? Experts disagree on when to fold ’em, so it’s up to you to make decisions based on your own needs and sensibilities. Some sellers give listings a time limit: for example, 60 days or one year. Some don’t like to carry much inventory at all. Others keep certain rare and/or unusual items listed forever, waiting for the right buyer.
Consider the case of Weazie the texidermied weasel, who was listed for more than a year. Finally Weazie sold for $200+! Her seller just knew there was that one right person. She used her intuition. Use yours for certain rare or otherwise special items, along with a regular system for more commonplace stuff, and you’ll be fine.
Priorities are everything. What is on your “A” list? Here is a simple 3-minute task for each day. First, list all your tasks for today, even the mundane or personal. Then categorize them by levels: A, B, C or D.
“A” items are the must-do’s for today, such as shipping sold items or your 3pm meeting with your child’s teacher. Your “B” list would consist of stuff that if left undone today would result in few if any repercussions; for example, filing your paperwork or cleaning off your file cabinet. “C” items, if left undone, would have little to no negative impact on your business or life.
“D” is for items to delegate whenever possible. This works. Have fun.
Broadcast LIVE throughout the world from the Platinum Ballroom at Bally’s Las Vegas: highlights from eBay Radio show #602 at the eBay Radio Party & Conference! Our guests are:
John Slocum, Founder/President, SixBitSoftware (http://www.sixbitsoftware.com)
A Mystery Guest — who turned out to be eBay Radio co-host Lee Mirabal!
In honor of 20 Years of eBay, Griff and Lee gave away some vintage eBayana as prizes for correct answers to eBay trivia questions. In addition, attendees vied for the microphone to provide 1-minute tips. And in the Mystery Guest segment, Griff and eBetsy surprised Lee with a tribute celebrating Lee’s 50 years in radio.