One of the best shows on television for entrepreneurs is The Profit with Marcus Lemonis on CNBC. If you haven’t seen the show, you need to start watching it and James and Megan are going to explain why. If you have seen it, you’ll want to stick around and hear how you can use it to improve your business. It’s so good, James and Megan flip the show a bit and call it an anti-Kryptonite!
Today’s anti-Kryptonite: The Profit
Why watch The Profit with Marcus Lemonis?:
- If you don’t know who Marcus Lemonis is, that’s okay. You’re busy building and running your business. All you really need to know is that he is the CEO of Camping World and he is a billionaire. After appearances on Secret Millionaire and Celebrity Apprentice, he started filming The Profit.
- On The Profit, he invests his own money into struggling small businesses, taking control of their issues and attempting to right the ship. Sometimes it works, and sometimes it’s a disaster.
- He focuses on three things: People, Process, and Product. James and Megan will be dedicating one episode to each of them in the coming weeks.
- The reason you should watch it is because it has direct application to your business. The owners he works with are often either blind to their situation or paralyzed by it. As an outsider, it’s easier to see. That’s what Marcus does (along with a big checkbook and tons of experience). But by allowing us to see the process unfold, we also get to be the outsider–and that’s where we can learn.
- Season 3 of the show premieres on CNBC on May 12th, 2015.
What should you look for when watching the show?:
- The easiest way to watch the show is through Marcus’ eyes. We put ourselves in his shoes, evaluating the businesses he’s looking to invest in and help. We see their mistakes, cringe at their behavior, and celebrate the breakthroughs.
- This is inspirational and encouraging to most entrepreneurs. But it’s eye candy if we don’t take the next step.
- Watch the show as if it’s your company. Watch it and imagine what Marcus would find if he was walking through your warehouse, talking with your employees and customers, or pouring over your financials. Now it gets scary!
- If you get a bit uneasy while watching the show this way, congratulations! You’ve just uncovered an area you know needs improvement (even if you’ve been trying to ignore it). Don’t ignore it any more…do something about it!
How can you implement what you learn into your business?:
- Keep a notepad with you as you watch the show. You may need to watch it more than once to get all of the goodness out of it.
- Write down those uneasy moments and the good ideas that apply to your business. Capture the questions you have or the thoughts that come to mind.
- If you have leadership team, encourage them to watch it as well. Make it a weekly lunch discussion. There are 22 episodes from the first two seasons that can be used, and the season three is about to begin with 12 more. See what they see and share what you see.
- If you are a soloprenuer, you should have a group of people–a mastermind or accountability group–that you can do the same thing with. Watch the episodes and share your takeaways.
- Look over your list of ideas for change, prioritize them, and make decisions on what to implement immediately. Inject these changes into your existing plans (you do have plans, right?).
- Successful business build mature processes, but are fluid enough to change as markets and environments change. This is just one way to seed the process.
- Catch up on The Profit (seasons 1 and 2)
- Tune in for the Season 3 premiere on May 12th on CNBC
- Always watch with two mindsets: the outsider and the owner
- Capture ideas for change and implement with your team/supporters