Episode 113 – 10 Lessons from the Profit as told by Marcus Lemonis

You Must Know Your Business’s Financial Numbers
Ep 112 - When is it Ok to Fire a Customer or Client?

the Profit as told by Marcus Lemonis

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Episode 113

The Local Small Business Coach Podcast 

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the-Profit-Marcus-LemonisHere is what we discuss in today's episode:

What Not to Do When Slammed with Business:

I love The Profit and I thought I'd share my take on the 10 lessons that Marcus Lemonis shared on a recent episode of the show. So below are the shownotes and the podcast episode. So you can either read or listen.

The Profit is a fantastic show all local small business owners should not miss! Each week Marcus Lemonis will teach you nuggets to take your small business to the next level.

 

Don't forget to listen to the show by clicking on the player or by listening on your favorite podcast app

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Here are the shownotes if you prefer. 

Hey badass business owners. Welcome to another episode of the Local Small Business Coach Podcast where each week, my goal is to help you get one step closer to that $100,000 in profit!

So, I was watching one of my favorite TV shows – The Profit. I love this show and if you aren’t watching it, you need to be. It is a show that every small business owner can learn a lot from. Now, I know, I’ve touched on this show in the past and I’m sure I’ll touch on it again in the future I’m sure. The reason I love it is, there are some great lessons you can learn as a local small business owner that can seriously help you improve your business.

The episode I was watching was one of those special episodes these types of shows do, where they pull snippets from the past and drive home certain lessons they want to share. And on this episode, Marcus Lemonis wanted to share 10 lessons we all have learned during the course of the show.

 

WHAT IS THE PROFIT & WHO IS MARCUS LEMONIS?

For those not familiar with the show, Marcus Lemonis is a major businessman / CEO who a few years ago started investing in these smaller, locally based companies. Sometimes he is there to help save their business since he sees something in them, sometimes he just wants to help grow them into larger businesses. And in all cases, he has big plans to help them become a big part of his growing portfolio. Some of these companies have gone from losing month after month, to making millions a year now.

I thought it would be fun to share the 10 lessons he shared on this particular episode of The Profit. But before I do, you need to understand that Marcus Lemonis is all about 3 key areas of everyone’s business… People, Process and Product. He feels if you focus on these key areas, the profits and sales will come.

From the very 1st episode, I resonated with his message. I had this moment of wow, someone that has such similar beliefs as I do. Heck, I even tied this into my mission. My tag line, says I’m here to help you increase your profit, boost your sales, improve your processes and develop stronger teams. I just happen to include product under the sales category.

I love his little nuggets where he breaks down the numbers so we all can learn his lessons. He does a great job not just showing the problem, but how the tweaks he recommends will impact their sales and profits.

 

10 LESSONS FROM WATCHING THE PROFIT

Let’s get to these lessons that Marcus discussed on the episode:

10 – Don’t Be an Ass

  • No one wants to work for an ass
  • People do not give you their best
  • You believe your own B.S.  (more on this to come)

9 – Make Your Employees #1

  •   Employees are who take care of your customers – so take care of them!
  •   They give you their best when they know you care

8 – Know What You Don’t Know

  •   Be aware of what your weaknesses are
  •   Hire those that compliment your weaknesses
  •   Be open to learning more

7 –  Accept the Crazy

  • Crazy stuff is going to happen. It is how you handle the crazy is what matters
  • Family has conflict and so does business so bad combo and create tons of crazy

6 – Be Vulnerable

  • Be real and honest
  • Courage to “own” your story
  • Share with your employees as well

5 – Be Authentic

  • Be honest with yourself, your employees and your customers
  • Don’t mislead your customers on who you are (example when I did real estate and be myself)

4 – Be Transparent

  • Don’t hide stuff. It will come out at some point
  • You only hurt yourself
  • Ultimately will cost you the business

3 – It’s all About Follow Through

  • Must do what you commit to – Walk the talk
  • Can’t give up just because it is hard

2 – Know Your Numbers

  • His biggest frustration by how little folks know their numbers
  • Your numbers are your business’s health report
  • Know your sales and margin
  • Where is your money going?

1 – Quit Whining and Start Winning

  • Only one person to blame – You
  • Whining doesn’t make shit happen
  • Being positive and having a can do attitude

 

He also shared his biggest personal learning experience –

The Business Owners Always Had a Dream and Believe in the Business as One Point

 

He realized that despite all the drama, all the losses and all the craziness, each of the business owners believed in what they were building and had a massive dream at one time. He was inspired by the spirit that folks like you have.

He loved taking a chance on people. He loves the spirit folks like you have. And so do I.

It takes a special person to be a local small business owner. This crap isn’t easy. Easy is working the 9 – 5 and clocking out and checking out and collecting a paycheck. Easy is not working crazy hours, scraping and scrapping for every customer or client.

You guys and gals are awesome and heros in the community.

What I love about The Profit and what Marcus Lemonis teaches weekly, is how you will pick up nuggets for your small business. I’m curious if any of you watch the show and if you find any value. If so, shoot me an email at tammy@localsmallbusinesscoach.com.  I’d love your take.

If you haven’t been watching the show, you need to go to CNBC or their website and watch the show. You will not regret it. Not only do you get the insights from these business owner, but you get the chance to be mentored by Marcus himself. Now that is pretty cool to learn from a great business man and have him open up his brain and share not only his business knowledge but the process he uses to problem solve these trouble businesses.

 

Trust the Process

There is on last thing that I’d like to pull from the show. At some point during each episode of The Profit, Marcus will tell the business owner he is trying to help one critical piece of advice…Trust the Process.

He says this, to enforce to the business owner that even though they might want to push back or they think something will not work, they must trust the process and see how it will play out. He is betting that his advice is going to help the small business owner.

There are times during our show I want to share this same advice with you. While my nuggets might not work for all of you or fit all of your businesses, for most of you, they will. You have to trust the process.

I know the advice I give might not seem the normal way you do things. But you aren’t listening to do things the normal way you have been doing them. You are listening to get some ideas on how take your business to the next level.

You have to trust the process. Try the advice that either I or other business folks are sharing from our experiences. If it makes sense, and your gut is saying to try it, do it. What do you have to lose? In most cases you have tons to gain.

Oh, and don’t forget to watch the Profit with Marcus Lemonis. You will be glad you did.

 

 

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8 Steps to 100,000 profitDon’t forget, if you are looking to take your local small business to $100,000 in profit, head on over to LocalSmallBusinessCoach.com/8steps to download the free ebook & workbook called: 8 Steps Local Small Business Owners Need to Take to Make $100,000 in Profit.  Where I’ll walk you through how to double or triple your current profit level.

Also, don’t forget to shoot me an email on any topic or question you would love for me to cover in an upcoming episode of the show. Just send your ideas to tammy@localsmallbusinesscoach.com.

 




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HELPFUL LINKS

GET YOUR FREE – 10 Questions Every Small Business Owner Needs to Ask to Evaluate their Business – WORKBOOK

Get Your FREE eBook – 8 Steps to Increasing Your Profits in Your Local Small Business

Our Training Materials for Local Small Business Owners: TrainingforLocalSmallBusinessOwners.com

Starting a Local Small Business WebsiteStartALocalSmallBusiness.com

Get a FREE Audiobook! Take your Business Books on the Road with You!   CLICK to GET YOUR FREE AUDIOBOOK

My Recommended Bookkeeping Program for Local Small Business Owners: Freshbooks Link

Why? Helps you invoice quicker and more importantly, get paid quicker. Let’s you know when your clients have opened the email and they even help send reminders. Clients / customers can pay right from their phone or computer. Give it a Try: Freshbooks

**Freshbooks & Audible are affiliate links. This costs you nothing. I only recommend due to how much folks have loved it. I am paid a small commission but trust me. Even I use it. Try it for free for 30 days and see if you don’t love it too!

 




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Two Great Books to Help You With Your Small Business:

Highly Recommend all Local Small Business Owners Read the eMyth by Micheal Gerber. You will learn some critical things about running your business.

 

The second book is one I wrote based off a popular example I always use when folks are trying to understand their role as a leader with their people. Check it out.

 

 

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2017-08-13T22:24:06+00:00

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