Marcus Lemonis stars as The Profit on CNBC. I stumbled upon this reality TV show recently and it has reeled me in. Marcus is a real-life millionaire (billionaire?) who rescues failing businesses with a financial investment, taking over a percentage of the company, and declares, "I am now the boss." The rest of the hour is a summary of how he brings about change to make the company solvent. As I began to watch episode after episode, some things began to stick out to me. Some things which are common to life...not just business. So I took some notes and these are the things I've learned from The Profit. As you read the list, don't just think about business...think about life!
- You can't grow if you resist change. In fact, you may be destroyed.
- You have to have emotion for your business to succeed.
- People fear loss of control.
- When people refuse to change, they become argumentative (at the least), manipulative, subversive, divisive, and destructive (at the worst).
- Someone must be in control--someone who knows how to grow the business.
- You MUST get rid of the old to make room for growth and change.
- A good leader acknowledges where you are, asks questions, LISTENS, but stays focused on the vision. He's not afraid to speak truth to get you where you need to be.
- A business should know their numbers. If they don't, they have no plan for success.
- A leader must be able to see what is wrong. They see weaknesses but play to the strengths.
- A business should know their strengths and capitalize on them.
- A business should surround themselves with people who are different--to fill in the holes of their weaknesses.
- A business must VALUE their employees.
- A business should reward faithful and helpful employees.
- Negativity will kill a business.
- There MUST be quality control.
- You must admit mistakes and rectify them.
- Strive for happy customers.
- Be organized!
- Make the most of your space.
- Your business should be pleasing to the eye.
- Praise a job well done.
- Honor employees.
- Prove you're better than expected.
- Fix what's broken.
- Make your name visible.
- Don't be a know-it-all. Be teachable.
- Expand wisely.
- Deal with your past and your hurts in order to move forward.
- Expand wisely.
- Get counsel from people who can see your blind spots.
- Put "like" products together. Get rid of products which have nothing to do with your business.
- Have the right people in their right places.
- Be willing to let go of perceived strengths when they actually may be a weakness which is killing your business.
- LISTEN!!!
- Don't waste money with unnecessary jobs, misused space, or products which have nothing to do with your main business.
- Make a plan.
- Observe.
- Learn from successful businesses and people.
- You don't have to understand product to understand the business of the product. But you CAN research and learn!
- Be efficient.
- Obey laws.
- Use the right equipment.
- Create partnerships when you can and when it's wise. If you already have a partnership, don't try to be a Lone Ranger.
- Believe in yourself! Listen and receive the praise and encouragement others give. It may lead to a new understanding of yourself.
- Work hard to leave every customer satisfied.
- Don't undervalue your product. You've invested yourself in this product and it has value. Believe it!
- Don't leave anything on the table. Give 100%.
I always find it interesting that people will call Marcus needing help to rescue their business and they know change is imminent. But then most of them resist him every step of the way. WE DON'T LIKE CHANGE! But it's a rule of nature....if you're going to grow, you're going to have to change. Change is all around us. God even created us so that we have to change. So when we resist change, do you think maybe we're resisting God? God is the only one who never changes. He designed it this way so we have a point of reference--a focus--in the midst of our change to keep us balanced. Change is inevitable. Resisting change slows you down...and can even destroy you.
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