If you're a regular listener then you've heard Lisa mention TV shows like The Profit and Shark Tank before. These shows and others like them offer valuable lessons for business owners. On this episode, we'll talk about some of the things that seem to drive The Profit, Marcus Lemonis, nuts and how some of these things can make or break a business.

Key Points

*Lisa explains why she likes the TV show, The Profit, and its focus on business improvement especially in the area of operations.

*While there is a financial investment side to this show and shows like Shark Tank, the investment is a lesser focus than the areas Lemonis views as important like people, process and product.

*One area that The Profit struggles with is owners who don't have a good handle on the numbers in their business.

*Too often owners don't take time to analyze and understand the financial side and that creates problems for the business.

*Lisa talks about examples where owners struggled to manage spending, debt and overall money management in the example businesses.

*People and staff management are other areas that Lemonis finds problems including leadership issues in companies he considers for investment on the show.

*Lisa discusses how the people side of a business is enhanced by implementing good processes and uses examples from the show to highlight how Lemonis makes improvements to set the owners and employees up for success.

*Ego and the owner's pride can get in the way as owner's struggle with The Profit's concept of "trusting the process".

*Business owners who recognize their business' struggles and embrace getting help to fix their business will usually be more successful on the show.

*Lack of honesty and transparency are things that also can drive Lemonis away from a deal.

*Lisa discusses examples from the show that highlight where owners failed to mention issues surrounding debt and ownership interest that threatened and even stop deals from happening.

*Lisa discusses how business owners can take lessons from shows like The Profit and used them to analyze their own operations.

Resources and Links

Other episodes mentioned in this one:

Stay Out of Hot Water – Keep Business and Personal Records Separate

Entrepreneurs, You Need to Grow WITH Your Growing Business

Quick Care Consultation - If you'd like to talk to Lisa about this subject or any operational issue you're having in your business then set up a time to talk with her here.

About Lisa Roberts

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.