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Dear ,
Yesterday I offered you my best coffee cake recommendation (Drake's)... plus... the ingredients of a successful business according to Marcus Lemonis, star of the show, "The Profit."
I like Marcus. He has a sharp business mind.
So let's review the formula and delve a little deeper, shall we?
The Business Success Formula
Marcus uses this simple formula to assess business performance. It applies to ANY business:
1. People - The employees are the heart and soul of your business. Even one weak link can ruin the dynamics, even profitability, of the company. Are the people in your business hard working? Are they self-motivated? Do they look after your company like it was theirs? Does every person
bring positivity to the work environment or does someone's negativity bring everyone else down? You can't overestimate the importance of having the right people in place.
Of course, if you are the only person in the business, you should ask yourself the same questions.
2. Product (or Service) - Whatever you're selling, if what you're offering isn't well suited for your target market, the business will struggle. Worse, if your product is poorly made... or if your service doesn't consistently deliver as promised, the company won't last very long. If you have good people, they might keep your business running for a time, but ultimately, if your product doesn't deliver, it's game over.
3. Process - This applies to the efficiency of production or the maximization of resources. For example, if you own a belt factory and your various work stations -- design, cutting, gluing, stitching, finish, etc -- aren't positioned properly and aren't producing at optimal levels, the entire operation will suffer. The same idea applies to a retail store, a law firm, a real estate agency, or any other company. What is your
production process? Eliminate any waste, delay or inefficiency and you'll boost your chances for success significantly.
In addition to the 3 P's, I will add a 4th P which I consider equally as important:
4. Promotion - How will you market
your product or service? Is your message finely-tuned and easy to understand? What is your Unique Selling Proposition (USP), i.e., what makes you different than everyone else? Will your promotional efforts require a big budget or can you use less expensive means to pull in customers? Do you have a SYSTEM to generate referrals and positive reviews or do you simply wait for the business to come to you (a very bad idea)?
I can't tell
you how many times I've seen a business with the good people, an excellent product and the right process... but they sink because of poor promotion.
You need to be firing on all cylinders... in all aspects of your business... all the time... to hit the home runs.
Please review the 4 P's
and make whatever adjustments are needed to tighten everything up.
As you know, running a business it's easy. It's not for the faint of heart. But never forget, YOU are what fuels the economy. You are the heroes of America.
Until next time...
Your friend,
