10/29/15 – My Insights from #TheProfit

My Insights from #TheProfit

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QBOchat
Thu, Oct 29 2015 18:06:01

My Insights from #TheProfit

Did you watch last night’s episode with Bentley’s Corner Barkery? Here were my small business insights from this episode.

  1. It's time! #TheProfit has returned. 

Retweet to welcome back @marcuslemonis. All-new episode starts NOW! https://t.co/Uki4s2D6mY

    It’s time! #TheProfit has returned.

    Retweet to welcome back @marcuslemonis. All-new episode starts NOW! pic.twitter.com/Uki4s2D6mY

  2. If you didn't see the episode, here is the link:  http://www.cnbc.com/live-tv/the-profit/full-episode/bentleys-corner-barkery/554361411596 . In this episode, Marcus goes in to help a small chain of natural pet food stores that is growing too quickly for its own good.
  3. This business has way too much inventory on hand. #TheProfit
  4. Dog food is low margin, that is why you want to increase ticket price with toys and treats, higher margin items. #TheProfit
  5. When you have multiple stores, you want a consistent look, feel and experience across the board. #TheProfit
  6. #TheProfit 101: Before you can expand, you need to fix your flagship store first.
  7. Don’t look to acquire businesses when they aren’t making money at several of the current stores. Prove the model. #TheProfit
  8. #TheProfit 101: You can’t expand your business if you don’t have the money to back it in your checking account.
  9. Don’t acquire a business if you can’t afford to change the signage. #TheProfit
  10. Do NOT run a business off of your bank account. If you are, that is a SIGN you are already in trouble. #TheProfit
  11. Business owners have to do whatever it takes to get the job done. Do Lisa & Giovanni fit that criteria? #TheProfit https://t.co/bJpmGDaQxh

    Business owners have to do whatever it takes to get the job done. Do Lisa & Giovanni fit that criteria? #TheProfit pic.twitter.com/bJpmGDaQxh
  12. @TheProfitCNBC doing whatever it takes and making good strategic decisions are two different things. #TheProfit
  13. These problems are no different than thousands of other small businesses. Don’t be embarrassed. Ask for help! #TheProfit
  14. The first step to fixing any business is understanding when you need help.

    #TheProfit

  15. Product loyal > brand loyal? That's not #TheProfit.

☑ Build a business 
☑ Set a standard 
☑ Follow it https://t.co/YERul2NMZs

    Product loyal > brand loyal? That’s not #TheProfit.

    ☑ Build a business
    ☑ Set a standard
    ☑ Follow it pic.twitter.com/YERul2NMZs

  16. I love how @marcuslemonis is making her write down her standards. It is hard to debate what is clearly written on paper. #TheProfit
  17. What’s an agenda? These are still common problems. Not everyone has a business background. #TheProfit
  18. Courage, character, and will won’t save a business, but they’ll get @marcuslemonis on board to help. #TheProfit
  19. Love ain’t enough. If you want to be an effective leader, you need to give people the right tools, resources, and information. #TheProfit
  20. Brings up the issue that so many business owners don’t have a background in business and need mentors. #TheProfit  https://twitter.com/marcuslemonis/status/659564322763345920 
  21. @TheProfitCNBC start with training yourself as a business leader. Invest in your own growth and your staff’s. #TheProfit
  22. Retailers have the obligation to give consumers a choice, not make it for them.

    RT if you agree. Favorite if you disagree. #TheProfit

  23. @TheProfitCNBC Educate us as a consumer as to why these things matter and not make us feel bad about our choices. #theprofit
  24. You’ve heard @marcuslemonis‘s feedback. Now it’s your turn. Tell us, how do you think Bentley’s can improve? #TheProfit
  25. That’s quite the makeover! Tell us, what do you think of Bentley’s new look? #TheProfit pic.twitter.com/fIojFRB6N4
  26. It’s amazing all the psychology behind merchandising and layout. Great to see #smallbiz get the tips. #TheProfit
  27. More variety 
➕more brands 
➕more price points 
= greater market coverage & increased sales. 

#TheProfit https://t.co/lTSJsZARyy

    More variety
    ➕more brands
    ➕more price points
    = greater market coverage & increased sales.

    #TheProfit pic.twitter.com/lTSJsZARyy

  28. Good business comes down to good people. Bring it in & tell us what you loved about tonight's premiere! #TheProfit https://t.co/dYwwl8dUdL

    Good business comes down to good people. Bring it in & tell us what you loved about tonight’s premiere! #TheProfit pic.twitter.com/dYwwl8dUdL
  29. I’m sad #TheProfit is over. Happy to have been retweeted by @marcuslemonis and @TheProfitCNBC. Will try to make it back again!

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