Most businesses today are ‘getting by’ because of the government’s Payroll Protection Plan (PPP)…….which is HUGE for the short-term survival for all companies (big or small).
But, there is another PPP term that is absolutely crucial for the LONG-term survival of ANY business: the People, the Product & the Process. All 3 elements are the KEY determination for the success (or failure) of a business. Find out the secret ingredients to all three.
About five years ago, I was introduced to Marcus Lemonis, host of the CNBC show: The Profit. (IF you haven’t had a chance to watch an episode, I HIGHLY recommend it………you’ll be hooked.)
Lemonis emphasized the importance of people for small-business success. But making sure you have the right people working for you is common knowledge to any entrepreneur. That’s why Lemonis takes this basic advice a step further by showing business owners why it’s not just critical to have the right people—you have to have them in the right roles as well. In the episode dealing with ECO-ME, a producer of green cleaning materials, the company’s founder had a trusted family member in a key sales position. But this person wasn’t really a good fit for the sales position—the company had the right person in the wrong job.
It’s also important to create an “enabling” environment for your employees to ensure they can perform at their best for your company. LA Dogworks was a dysfunctional, dog-related services company. The owner had caring, thoughtful and dedicated employees who were constantly insulted, berated and belittled by the boss. Having the right people in place isn’t going to lead to success if they’re in an environment where they’re made to feel like failures. This episode reminded me of the mantra, “The beatings will continue until morale improves.”
Lemonis’ second key ingredient is a company’s product. In each episode, he carefully examines what’s being sold and its key marketing characteristics, including pricing, packaging, sizing and targeting. Many times, small-business owners assume that consumers will view their product the same way they do, but that isn’t always the case. In the case of ECO-ME, the company decided to name their cleaning products after people they knew. But most consumers won’t clean their floors with something called “Ted”—it’s just too odd of a name and wasn’t clicking with customers. In the case of Planet Popcorn, a specialty popcorn manufacturer and retailer, modifying the packaging by creating a cleaner, more streamlined look allowed the company to sell its popcorn at dramatically higher margins.
The final element, a company’s operations, is key to ensuring a business’s efficiency and opportunities to scale. The most memorable episode related to failed processes was Planet Popcorn. The company makes and sells its specialty popcorn to corporate clients such as Disney as well as through county fairs. This mostly cash business had absolutely no procedures in place for managing its cash flow. Lemonis found piles of cash lying around everywhere. The end result? With no process in place, the company couldn’t account for $400,000 in cash profits, money which had basically disappeared.
If your company seems stuck and can’t get to the level you’d like, take a look at the people, product and processes in place at your business. Lemonis’ three-step evaluation process is logical, effective and easy to implement. I recommend it.
To ME, the most-important piece of this success model is the PROCESS. Without a pre-determined process in-place, you will NOT succeed. People can be replaced, Products can be changed (or even reinvented) but if you don’t have a solid process in place (& just to ‘wing it’), you will not survive……long term.
As an Entrepreneur & Leader, I have ALWAYS believed in the: “Do as I Do, NOT as I say” – mentality. An old Manager of mine once told me: “I’ll give you enough rope….to hang yourself”. At first, I thought It was meant as a threat. But, what he really meant was: You did it YOUR way…….until your way doesn’t work any longer. Then – you’ll do it by the Process. In no way am I saying that you have to be a robot in sales, but if you have a CONSISTENT process in place. You can take your specific talents (& personality) and mesh them with process……..making you successful within any company and <as importantly> making money for yourself……..while having FUN!!
If you’re looking for help in learning more about the SALES-“PPP”. Give us a shout. Because at Bullseye Marketing, we’ll help YOU:
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