Marcus Lemonis is the star of CNBC's hit show The Profit, a no-nonsense business reality show that offers the struggling, usually over-extended and under-capitalized American small business a fresh start. As with anything, there's a price.
If The Profit agrees to invest in your company the cost and benefit to you is far greater than the check he whips out of his pocket to write. You give up some equity in your company, you give up control, and you give up your privacy. He's going to examine your business practices, your ego, your attitude and your dirty laundry. However, if you're willing to undergo such a thorough examination the rewards are priceless. Should he take a vested interest in your company, you have an investor, a mentor, a powerful network and the impact of the national stage at your disposal.
As a small business owner myself and a corporate retention expert, I have a unique opportunity of being in the position of building my startup, falling along the way, getting back up and finding my footing. I also get the added benefit of spending time in the C-Suite of big companies and the challenges of both are more similiar than they are different.
5 'Profit' Lessons that every CEO and Business Owner Should Know:
Math is Math: Know your numbers, know your target numbers, your actual numbers, your expense numbers and your margin numbers. When you can't make sense of the numbers, then the numbers don't make sense. Find out why, where there is chaos, there is theft. Period.
Sales 101: Whether you are selling a widget, a hair product, a service, or a ferrari there's some basic sales techniques that work no matter what. Sales is a process that has a road map with a clear destination. If you know your product, your scripts and your outcome, you can sell. If you "wing it" you may as well "forget it".
Outsourcing Sales is Outsourcing Success: Too many CEO's leave the money making to incompetant, untrained, well-intentioned friends and family. If you think you can't afford to hire a qualified salesperson, then I suggest you put on your selling suit and get to busy.
Tap Into Your Resources: Every industry has an association, a standard, a streamlined-process that if you're willing to learn and engage can shorten your learning curve and strengthen your position and your network. Don't be so proud, so scared, or so dogmatic that you miss huge opportunities. You don't have to reinvent the wheel.
If you don't A-S-K you dont G-E-T: There's no crying in business or baseball. Therefore, your conflict with your landlord, vendors, partners or ex-partners shouldn't prevent you from forging a strategic alliance if that alliance moves your company closer to the goal.
Business, like baseball, or marriage, or dancing are all basically the same. There will be steps and times when you feel like the odds are stacked against you, you will strike out, you will step on toes. You will also hit a home-run, kiss the bride and take your company public.
The lessons are there, waiting for you. Success leaves a trail.
Seanlai Cochrane is The Retention Expert who puts Profits back in your bottom line!
Want to hire Seanlai to speak at your next event?
Phone 405-314-8716
fax 405-471.5646
email: seanlaic@gmail.com
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