Be the profit. No, this isn’t a piece of ancient Chinese wisdom or anything like that.
The “Profit” is a business show on CNBC. It’s pretty good. If you are interested at all in business, you should try watching it.
The star of the show is a guy who’s had some real success. His name is Marcus Lemonis, and he is the CEO of Camping World, along with a few other companies.
Each week, Marcus comes into struggling businesses and tries to turn it around.
Of course, it’s reality TV: There’s always some bickering. But there are also always some good business lessons to be learned here.
What’s cool is: Marcus identifies the main problems each company is having. By focusing on and fixing those, the business can get into a much, much better place. If the company takes Marcus’s suggestions, it can go from a mess to running smoothly, from losing money to making profit.
Hopefully your business isn’t in big trouble. Hopefully things are at least going okay for you. But every business has challenges and places where it can improve.
Here are just a few areas where roofers’ businesses could need improvement:
Hiring the right employees
Keeping good track of costs
Collecting on receivables
Making a meaningful profit
Maybe your company should get better in all of those areas — and more than those.
The trick from the Profit, though, is to identify the one, two or at most three biggest challenges. Focus on those.
There are two main points here:
1. Identify the most important areas to work on.
2. Focus on those.
Maybe this advice is simple. But if it is simple, are you doing it?
Even if your business is thriving, relatively speaking, do you know what one, two, or — at most — three areas where your company should be improving?
Lemonis always says that he looks at three things when evaluating a business: people, process, and product. (Those are his “3-p’s.”)
Is your company staffed by the right people? Or did you make some bad hires and are stuck dealing with problem personalities?
Your product is roofs, right? But are you focusing on marketing and selling your most profitable product — or do you spend too much time promoting products and services that you don’t make much of a margin on?
And process. That’s a big one for a lot of companies. Do you have systems in place for your business, across all important areas? Do you have a marketing system and a sales process? Do you have a system for customer service? For closing out a job and getting referrals?
The title of this article, “Be the Profit,” means you need to be like the guy on the show. Figure out the areas you need to work on. Not a laundry list of fifteen, twenty items — the few main areas.
Once you have decided where to do the work, take action. If it’s marketing where you need to do better, for instance, try new door hangers or Google ads. Or contact a local marketing company.
If you can’t see the top few areas where you need help, ask a friend in the business. You want someone who you can trust, but not someone so close that they won’t shoot straight with you.
If you don’t have a friend in the business, consider a business consultant. They can be expensive, but they can be worth the cost.
And if you need help, you can also contact us. (Seriously.)
Be the Profit. And increase your Profit!