Save a failing business
I just watched my first episode of million dollar intern (CLICK TO WATCH), Now i feel like i can write a book on business , lol .
Million dollar intern is a business reality TV show where young successful entrepreneurs are recruited to apply their experience into saving struggling businesses. On the show, young successful entrepreneurs go into failing businesses disguised as interns. They investigate to understand what’s going on within the business after which their identities are revealed to members of staff . Based on their discoveries , they offer advise to transform the business. I am really into this show ; i can totally relate with the struggles faced by the entrepreneurs on the show.
The episode i just watched (Season 1 Episode 10) had Gary Martin, a young successful 25 year old millionaire entrepreneur working with a pet shop owner to resurrect her somewhat failing business , Pet Paks . This 20 year old business was at a point of just breaking even and the future was not looking too good.
Here are some lessons i picked up
- Research your business environment.
- Profile your customers (including potential ones).
- Make your front store appealing (physical or virtual).
- Give your business a personalty/ identity, make sure this personalty shines through to your audience enough to drive sales.
- Know where your business industry is going in the next 5-10 years.
- Be open to trying new things.
- Be service minded and profit minded as well (find a balance between maximizing your sales and keeping your customers happy and satisfied).
- Observe what your competitors are doing.
- You can’t keep doing what you have always done and expect a different result.
- Know whats going on in your industry, carve a niche for yourself so you can make extra profit.
- Sell as much products as quickly as possible without compromising quality.
- As a leader, its your duty to discover potential and bring the best out of your employees.
- Feel the pulse of your customers, always try to get feedback from them.
- When upselling; focus more on the effect of not using the products so they can understand the benefits of using them.
I picked alot more from watching but will just leave it at this.
Overall, for me , this TV show teaches how businesses can be run successfully in this modern age. I liked how when Gary stepped in, researched the industry in which the business (Pet pak) exists , looked at what the business was doing at the time then came up with a strategy.
If you are struggling with a failing business, this might be the time for change. You just might need to tweak a few things here and there, apply Gary Martin’s Methodology, probably watch more episodes of the show – Million dollar intern and come with with your own strategy.
Got this quote from one of Gary Martin’s interviews – ” Success leaves clues” , he says its the best business advice he’s been offered. Which brings me to this- Whose success clues are you studying?
I truly admire Gary’s business mind and will definitely be stalking him online.
All the best today and always….
F.O (The Entrepreneur).
Save a failing business