The Utah Gumshoe: What I Learned from Watching The Profit
- October 14, 2016
- by Scott Fulmer
- Business Tips
Listen: What I Learned from Watching The Profit
I don’t have a lot of time to watch television. But there are a couple of TV shows I enjoy including Shark Tank and The Profit. The Profit, on CNBC, follows the exploits of Billionaire Marcus Lemonis, a serial entrepreneur and philanthropist, as he attempts to help struggling small businesses with not only an influx of capital but sage business advice. Marcus also becomes part-owner in the business and, as he says, is “100% in charge.” At least as the business is transformed from struggling to successful. In most episodes the business owner strikes a deal with Marcus and it’s a success. But not in every case. This is, after all, a reality show. I don’t really care for that aspect of the show but what you can learn from it is valuable. Here’s what I learned from watching The Profit:
People
When Marcus goes in to transform the business he focuses on the three P’s: People, Process and Product. By the way Marcus didn’t come up with the three P’s himself. The concept has been around a long time. The first is People. When it comes to your business the right people will make your business work. The wrong people will drive it into the ground and kill it. It’s a simple as that. And it begins with hiring the right folks and continues with managing and training them. When I hire people they have to meet some basic requirements. But beyond that, I’m more interested in whether they’re a good fit for my company culture and goals. I can train them to do the job.
Process
The second of the three P’s is Process. Every business has a process. A methodology by which you produce your service or product. I can tell you that your success will rise or fall based on how well you implement the process. There’s a reason an In-N-Out Cheeseburger looks and tastes the same regardless of whether you order it in Texas or California or Utah. In-N-Out Burger has mastered the process. Many of the businesses that Marcus helps have a broken process. Sometimes you’re so busy with your small business that you can’t see the forest from the trees. I highly recommend Michael Gerber’s #1 best seller The E-Myth Revisted: Why Most Small Businesses Don’t Work and What to Do About It. Run, don’t walk, and get a copy. Michael perfectly explains why process is critical to your businesses’ long term survival.
And finally, The last of the three P’s is…
Product
Or, in my case, services. Hopefully you’re already well on your way when it comes to product. Either the customer wants it or they don’t. As a business owner you may think that your particular product is the best thing since sliced bread. But if the customer isn’t buying it and thinks it sucks…then it sucks; regardless of what you think about it. A good example of this is the problem Proctor and Gamble first had with Febreze; an air freshener that actually traps and neutralizes bad odors. The product is revolutionary and it works. But when it was first introduced into the market – no one wanted it. As it turns out, people constantly surrounded by pet odor and cigarette smoke didn’t realize they were stinky. The product was a complete dud. That is until P&G made a few changes. A year later they had sold $230 million worth of Febreze. All P&G did was increase the perfume content and then run commercials showing a woman spraying the product after cleaning and smelling the sweet perfumed scent; her psychological reward for a clean house. There’s a little more to it than that but I don’t have the time to go into detail. Suffice it to say, your product and services either smell good…or they stink.
This is Scott Fulmer, the Utah Gumshoe, reminding you the game…if afoot!
About The Utah Gumshoe Podcast
The Utah Gumshoe Podcast follows the real-life exploits, riveting case stories, investigative tips and insightful advice of Scott Fulmer, The Utah Gumshoe. Scott is a 20 year veteran Utah private investigator, surveillance expert and President/CEO of Utah Gumshoe, a private investigation firm based in Salt Lake City.
He has written numerous articles on investigative and surveillance techniques that have appeared in PInow.com and other industry journals. He is a decorated combat veteran of the Persian Gulf War where he served with the famous 2nd Armored Division (Hell on Wheels). Whether you're a novice or an experienced investigator this is the podcast for you.
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