Your business success is directly related to your ability to manage the downside risk and escalate the upside potential. In comes Marcus Lemonis an entrepreneur and business turnaround expert. He writes a $450,000 check for 51% of the company begins to focus on what they are doing right and shudder the things that are not. Interestingly enough the 80-20 rule applied here again – 80% of their revenue came form the pies (with an 80% profit) the remaining 20% is much lower profit (nonproprietary) products.
He changed the product to give it distinction in the marketplace. He changed the identity and image of the facility to make it a destination location and most importantly he rejuvenated the culture and the people that make it all happen. Marcus has a unique mix of directness bordering on harsh when the hard decisions need to be made and compassion and caring when the people decisions need to be made.
For those of you that do not know, Marcus is the star of the CNBC hit The Profit. You can actually see the whole episode of the turnaround for the Key West Key Lime Company. You will get a whole host of lessons from just this one episode.
For now though, maybe ask yourself are totally focused on what you do best and where your highest returns are? If not, why? Find what it is and do it the better than anyone else. Set yourself apart from everyone based on your distinctions and always always take care of the people that take care of you and make it happen.
So back to my win-win-win – The company wins because I purchased from them. Marcus wins because I helped with the turnaround and I win because I love me some Key Lime!
Keep rocking it and love to hear your thoughts.