You probably know Marcus from The Profit. When he isn’t running his multi-billion dollar business, he’s on the hunt for small businesses in which to invest time, care, and money. He can’t invest in every small business, but he can teach a new generation of entrepreneurs some of the secrets to his success. It all starts with People, Process, and Product - it sounds simple but few get it right! Keep watching, keep learning, and stay 100% in charge.
BITS OF ADVICE
Regardless of the size of your company, every business owner needs to know three numbers:
- Your annual sales revenue
- Your gross profit margins.
- Your expenses as a percentage of your gross profit.
Focus on People, Process, Product:
It’s not just critical to have the right people—you have to have them in the right roles as well. Create a positive atmosphere where your employees can play to their strengths. It’s your job as a manager to give people the chance to succeed and get them out if they can’t deliver.
At the end of the day, big companies share the same issues as small companies. Focusing on a streamlined, effective process will improve outcomes for any business.
Many times, small-business owners assume that consumers will view their product the same way they do, but that isn’t always the case. Consider what's being sold and key marketing characteristics like pricing, packaging, sizing, and targeting.
THE UPS STORE ELEVATOR PITCH
First impressions matter and you never know when you’re going to get the chance to give a first impression of your business. They say success is preparation + opportunity. Watch entrepreneurs pitch Marcus Lemonis and hear his critiques to prepare yourself for whatever opportunity presents itself.
WHITE BOARD WEDNESDAYS
This is your opportunity to talk shop with Marcus and get his take on topics that could make or break your business. Get on top of your marketing & social media, explore ways to grow your business, gain financial literacy, and learn to effectively manage your employees and your relationships with your customers.