I’ve recently been captivated by a CNBC series called The Profit, a reality show where Marcus Lemonis turns around failing small businesses. He starts by assessing the operation, making a partnership offer, taking absolute control of the turnaround, and executing the plan. For me, it’s a fascinating show to watch, not just as it relates to business, but as it relates to human behavior and psychology. I want to write about several lessons I have learned from watching over 20 episodes.
Profit Point 1: If your business is failing, get someone involved who is smarter than you to help you.
This is priority Numero Uno. After watching over twenty episodes, the profile of the owners share some characteristics. They are stressed out, unable to see the forest for the trees, trapped in a survival mindset, and pretty opinionated. When Marcus begins to assess the mess, the owners look at him like he has just slapped them. “Why are you selling jewelry in a hair salon?” “Why do you not have a system for inventory?” “Why don’t you know your margins?” “Why haven’t you let that person go?”