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Dear ,
I'm a big fan of the TV show, "The Profit."
If you've never seen it, it's a show that follows entrepreneur, Marcus Lemonis, as he tries to help failing businesses by giving them business advice and also investing his own money.
He usually makes them an offer to buy part of their business and become their partner.
It's a great show and airs on CNBC.
But the best thing I like is his 3-part formula for evaluating how well a business is performing.
It's really fairly basic.
There are three parts to it:
1. People - How solid is the management? How loyal and effective are the employees? Is the staff properly motivated and compensated? How well do the employees mesh together? Is there a "toxic" work environment? Etc...
2. Product (applies to Product or Service) - Is the product or service of good quality? Is it built to last or will it break down frequently and trigger returns? Where is it produced and at what cost? Is it in demand? Can it stand up to the competition? Etc...
3. Process - What systems are in place? Are there processes implemented that save time and money? Can things be easily duplicatable? How efficiently are things being done? Etc...
How Can This Help You?
It's much easier to assess a business when you have this type of framework in place. Pretty much every part of the business can fit into one of those three components.
It's a good stress test on how well your business running.
I suggest you take a few minutes and see how your business stacks up to the 3-part test.
And after you examine your business, if there are things you need to work on, then by all means, fix them. If you're not sure what can be improved, consider hiring a consultant to work with you. It will be well worth the time and money.
To this day, I don't think I've ever worked with a company using this formula that hasn't needed help with at least one of the parts, if not all three. Sometimes even a small tweak can make a big difference.
Until next time...
K.I.C. (Keep It Coptic!)
If you have any comments, ideas or suggestions, please email me at: nader@copticchamber.com.
