Ok…the second installment of my first blog series is here! I will continue to reveal Insightful Marcus Lemonis quotes, the host of CNBC‘s The Profit, in a thought provoking way. These inspiring Marcus Lemonis quotes pertain to situations in an individual episode, but they deliver very good business wisdom. Marcus Lemonis is an expert in business and has quite an impressive entrepreneurial background. These Marcus Lemonis quotes deliver real game-changing advice and I hope you value them as much as I do.
To quickly summarize the show, Marcus Lemonis rescues failing businesses by investing in them and then taking control to get them back on track. If he feels the reason for failure is repairable, he’ll cut a check for the amount needed for the business to recover. He offers this money for a percentage of the business…a large enough percentage to have substantial skin-in-the-game.
That simply means to be vested enough to stay motivated. He helps save jobs and plans to make profit on his investment. Watching him in action is a lesson in self-control, calculated decision making, and strategic business execution. What a well rounded show that delivers both entertainment and entrepreneurial inspiration jam packed with insightful Marcus Lemonis quotes!
Marcus Lemonis quotes – season 2, episode 9
“If you’re gonna be a national brand, you have to have a national look and feel. I want customers to be able to travel the country and land at any of our locations and have the exact same experience. That’s what a brand is about.”
Cross-channel customer experience
Branding is one of the major keys to a successful business. The form, fit, finish, and design of your brand is up to you. Once you’ve created a winning brand, you must make it consistent throughout your business, and at every location where you do business. This is part of cross-channel customer experience, which is the act of maintaining consistency throughout your company.
Having a consistent company theme and product line everywhere you do business causes customers to become accustomed to the environment you provide at all of the points of contact at your company. Familiarity can be achieved from your customers and that is very powerful. When familiarity is layered on top of great customer service, your customer loyalty will grow by leaps and bounds.
“I walk into their (Courage b) corporate office and I’m surprised how different it is than the two retail stores I’ve been to. It looks like an edited collection of what Courage b actually strands for. It’s much clearer and it’s much cleaner.”
Who knows why the owners of Courage b were not inspired to follow the layout of their own corporate office. When you enter their corporate office, you are drawn to their products. It would be a very good idea to use it as a concept for their retail locations.
Clear representation of your products avoids confusion. Also, limiting the amount you have on display will prevent customers from being bombarded, which will also confuse, and prevent them from honing in on something they might want to buy. Never allow clutter to be on display!
“Even though they (Courage b) were smart enough to pick excellent retail locations, bad merchandising and design inconsistencies is why this company is all over the place.”
Control the creativity
When the product designer is left unchecked you never know how far they will go with their many ideas. This is business, not art, even if your products are artistic. You need checks-and-balances, and you need to enforce strategic planning to design.
Creativity must be allowed to flourish, but it must also be restrained when time and money are involved. If you can set up a well-balanced environment that allows creative inspiration yet enforces level-headed restraint, you can efficiently deliver beautiful products to market that can make quite a nice profit.
In the episode, there was a winning women’s purse design. Instead of going crazy trying to pump out more purse designs, Marcus decided to have them create other types of bags like a laptop bag based on that same design…a product line. Smart!
A well-known key to success is “Location, location, location.” They already have the best locations. Now Courage b should have no problem being successful if they can deliver wonderful products that are displayed in an effective manner.
“If the company doesn’t have the right product on the ground, and if I can fix the product going forward and then merchandise it in a creative way, I know I can make money immediately.”
This one of Marcus Lemonis quotes just reinforces the point!
“So many companies fail when people do jobs that they’re not supposed to do”
Always remember that jobs have functions. There is a reason for this. We all know that when you start a business, you need to wear many hats, and perform many jobs. But when you hire employees with specific qualifications, for specific jobs, you need to keep everyone focused on their specific discipline to stay efficient and effective. Define the roles and responsibilities at your company and stick to the plan.
When help is needed, please do step in and help. Just be sure that the person you are helping remains responsible for the work you are helping them with. Their stamp of approval must go on it. Don’t just assume their job. Replace them with someone better qualified if needed, but keep the job role defined and maintained at all times so you can keep your eye on the ball. Good discipline in this regard will ensure success.
“Courage b will now focus its business on five key items — dusters, tops, pants, dresses and bags. Going forward, if it’s not in one of those categories, it won’t be on the shelf.”
Marcus Lemonis calls this the five product pillars. Good discipline is also key in this area. You may be tempted to create more things in other product categories, but you may end up hurting yourself if you do that. If you can sell more and make more money with a well-rounded set of products, then why not follow the recipe that works. When you become large, there may be some strategic ways to grow into other product lines but get your core business down first.
“Today’s the grand opening for Greenwich — the primary location that we renovated that will be the blueprint for all Courage b’s going forward”
Keep it consistent
Fortunately, they were able to correct their lack of consistency among the many locations they occupied. Of course, it is better to not allow it to happen in the first place. Too many businesses try to expand too soon. Establish one good location and follow these principles. Make sure you use the best business practices in every aspect of your business first. Achieve good success and then prove the success is a lasting success. Then, and only then, you may consider planning an expansion…just the plan to begin with.
Never act without a proven plan and a strategy backed up by the due-diligence required to mitigate all of the risks ahead of time. Once you have a good plan, backed by diligent research and calculation, you are ready to execute that plan with confidence. Be sure to stick with your plan and remember…A good plan will always beat the best plan when executed with laser focus. Avoid plan-execution-spin-out, which happens when you lose focus, follow new ideas, and then get off track. Trust the hard work you have already done. It will pay off big!
You can expect a new post with Marcus Lemonis quotes from an individual episode every few days…so stay tuned for more!
Thank you for reading:
Marcus Lemonis Quotes in The Profit S2:9!
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