Where Does Your Business Fall Short?

profitA few weeks ago, I was introduced to a new show (new to me) called “The Profit”(www.facebook.com/TheProfitcnbcprime).  I like it so much I ended up watching the first five episodes in less than two days!  It has been very entertaining for me, but what has amazed me is the amount of business education that is taught throughout the show.  As a business coach, I have been amazed at the amount of confusion that business owners have about business! Although I have not encountered a lot of owners with extreme personalities similar to the ones I have seen on the show, I have seen a lot of the same problems that each of these businesses face.  The simple axiom that is used in every show should be adopted by businesses worldwide: product, process, and people.

 

Product

If you don’t have a good product, you need to get out of the game.  If you have ever seen Shark Tank, you will know exactly what I mean.  People make their lives miserable holding on to an idea that just doesn’t work, and this is very common for a first idea.  I will admit that I had the same problem with my first internet business…I put all of my cards into the software and the idea, but at the end of the day it was just a bad product.  The best advice for saving your money in this instance is to keep your eyes open to see what people want from you on a daily basis.  This will help you to grow organically, instead of hoping and expecting that your “big idea” is going to pan out for you.

 

Process

41nQe4dJ9ZLBusiness Process fascinates me.  In the coming weeks and months, we are going to dive into this aspect a little farther and nail down some actionable thoughts and ideas for your business.  Most companies have great products and great people, but there are no systems, no processes.  The owner has millions of headaches, hundreds of fires to put out every day, and not enough time to do the things he should be doing.  The bigger problem with no systems is that the owner, employees, and eventually the customers begin to take up arms against one another because “no one is doing their job,” “the boss man is working us too hard,” and “the customer service is horrible.”  If you want to learn more about this right now without having to wait for me to expound on the answer in the coming months, read books like the Emyth and Work the System.

 

People

I save people for last because we are the most important aspect to any organization.  The point to remember about people is that it all starts at the top.  If there are crappy owners, you will either have crappy employees or you will not have a business for long (or both).  An extreme example of this was the episode on The Profit called LA Dogworks.  The owner of that business was insane, and all of his people wanted to leave him.  I tried googling the business and I wasn’t very successful, but I believe that they ended up going out of business shortly after Marcus left.  If you are a business owner, it will be worthwhile to remember these two things: 1. Treat your employees with respect and listen to them. 2. Hire skilled and humble employees that will do a better job than you at the position they are hired into.

If Marcus Lemonis can become a billionaire using these ideas, then you can become a successful business man or woman as well by paying close attention to each of these three aspects of your business.   It’s not easy, but it is simple—and that is how business should be.

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