Our Marketing Los Angeles Specialists list Marcus Lemonis’s advice for businesses.
Marcus Lemonis is the host of reality TV show, The Profit. Lemonis’s purpose on the show is to help companies that are having difficulties. The process as is follows: the company invites Marcus Lemonis to their office; Marcus evaluates the company and offers his advice in exchange for a part of ownership of the company; the company is then left to either accept or decline the deal. Though each of the companies that Lemonis deals with is different, there are three pieces of advice that Lemonis offers.
Mistakes Can Be Hidden Lessons Learned
Each of the businesses that are featured on the show face serious difficulties; Lemonis explains how they arrived at their dilemma. The episodes are case studies and Lemonis is tasked with providing a solution. Though Lemonis is invited to offer a lending hand, finding a solution can be complicated when the manager is egotistical. The advice that Lemonis offers is, “When you face big problems, leaving your ego at the door and being open-minded to suggestions is the best thing to do.”
Know Your Numbers
One of the biggest things about running a business is profit. Profit is the money that is earned once expenses have been taken care of. Unfortunately, many businesses underestimate their costs, which can in turn cause them to lose money. For some businesses, it wouldn’t hurt to hire a good CPA or advisor who can advise you properly.
Think About Partnering Up
A partner can add lots of value to a company. Though some partners have differing views, they can work together and progress to the next level. If you can overcome differences among partners and occasional drama, working with a partner may work for you. Lemonis acts as a partner, adviser and investor once his offer is accepted from the company. Every episode on The Profit offers noteworthy business advice.