July 19, 2017

Items in italics are direct quotes from the articles below

http://www.cnbc.com/2017/07/11/marcus-lemonis-this-is-the-no-1-sign-its-time-to-fire-someone.html

When you’re running a small business, there’s not much room for an employee who isn’t meeting expectations — one person’s poor performance can impact the entire company. But how does a manager know when it’s time to let an employee go? That’s the tough lesson that turnaround king Marcus Lemonis has to teach one business owner on this week’s episode of CNBC’s “The Profit.” Though Lemonis has helped dysfunctional teams overcome obstacles before, he faces a challenging environment at California-based Bodhi Coffee, a high-end coffee bean wholesaler. Their story illustrates a key management lesson for business owners: When an employee demonstrates consistent disregard for a company’s well-being, it’s time to take action. In this article, the author examines Bodhi Coffee. The company saw success in its first few years of operation, but its internal issues were revealed as the company grew, and those issues were a direct result of one employee. Because the employee didn’t have consideration for his co-workers, the company began to suffer, and the owner had to change how he ran his team. “Humility is a requirement for me to be in business with somebody,” Lemonis tells Sims, “but there’s a certain amount of confidence I would like you to have to be partners with you.” Sims began holding more staff meetings to increase communication with his team. He had a difficult conversation with the under-performing employee and after weighing the pros and cons of letting him go, Sims decided to terminate him. “You’ve got to be able to communicate,” Lemonis says. “If you can’t, it’s like, people don’t know what to do.” Communication is the most essential key in any relationship both business and personal. Personally, I have an open-door policy, and don’t believe in talking behind another person’s back nor ruling by fear. Work is a place you should want to be at, and if it’s not there are other jobs out there. At the same time, co-workers should respect each other, and treat each other with care. Some of us will spend 8+ hours with the person next to us, and having a good work environment is essential for productivity and efficiency.

https://www.inc.com/brian-scudamore/how-to-build-a-multi-million-dollar-business-wi.html

Spoiler alert: most of today’s top companies are based on old ideas. Uber is a modern twist on the taxi industry; Airbnb has done the same with hotels. Tesla’s electric vehicles are just another incarnation of a centuries-old idea. And yet the founders of these companies are heralded as the most innovative entrepreneurs of our time. Entrepreneurship is rarely about inventing the next best thing — it’s about innovation, thinking differently about how things work, and asking questions others won’t. You don’t have to be revolutionary to be successful; you just need to revolutionize the way things are done. Invention vs Innovation: What’s the Difference? These words are often used interchangeably, but they’re very different. Inventors introduce a product or process for the very first time. Innovators identify opportunities to improve on existing inventions. Not all inventors are entrepreneurs (in fact, that’s a rarity). Likewise, entrepreneurs are hardly ever inventors — but they are innovative. They don’t have to come up with the big idea; they can take any idea and turn it into a successful business. For example, Tim Bernets-Lee invented the world wide web but didn’t turn it into a business, and Richard Branson hasn’t invented anything, but has improved on existing businesses. The mistake people make is that the word entrepreneur is an occupation when in fact it’s a mindset. Personally, I hate using that word, and I feel it’s been overused. Away is transforming the luggage industry by meeting real travelers’ needs. Netflix took over the video rental space by bringing the movie store to your living room. The most successful businesses don’t have to invent a completely new product — but they do need to reinvigorate old ideas with new-and-improved tricks. To stand out, your business must have a differentiator. Staying ahead is about making things easier for your customers than any other company on the market. By thinking unconventionally about conventional things, you can make even the most ordinary things exceptional. Look at the opportunity in the world around you and ask yourself: how can I make it better?

If you are interested in creating a budget, then contact me for a financial checkup in the contact me section. Also, learn more about the self-lending principle in the mustard seed section.

This week, I’ve included WHEN LIFE GETS HARD – MOTIVATIONAL VIDEO – GYM MOTIVATION from the Mulligan Brothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

September 7, 2016

https://www.quora.com/How-can-people-pull-themselves-out-of-significant-financial-debt

First I would suggest working on a budget. A zero-based budget allows you to clarify your personal financial (and life) priorities to make sure your money is going to the items that are most important to you. I personally recommend even finding a budget format that works for you. The point is to know how much you make and how much money you keep at the end of the month. The author then recommends a “debt snowball” payment method. In this type of payment method, a person pays the minimum payment on all but the smallest debt. When that debt is paid, you take the amount you were paying toward it, and apply it to the next smallest debt. Repeat this process until all debts are paid off. Another method you can use is to align all your debts by highest to lowest interest rates and target the smallest balance with the highest interest rate. Finally, the author recommends making changes to your lifestyle such as downsizing, and decreasing increases. The author also recommends increasing your income through part time jobs or side-gigs like driving for Uber. The process of getting out of debt isn’t easy but it begins one step at time. Focus on creating assets while you get out of debt. If you’d like to learn my techniques, reach me in the contact me section.

http://www.cnbc.com/2016/08/29/the-profit-star-marcus-lemonis-financial-numbers-to-know.html

When it comes to running a business, you have to know your numbers, says Marcus Lemonis, star of CNBC’s “The Profit.” The serial entrepreneur, who puts his own cash into struggling businesses and tries to turn them around, would know. At this point, he’s invested about $35 million in companies featured on the show. There are three numbers that every business owner must know: annual sales revenue, gross profit margins, and expenses as a percentage of your gross profit. Marcus’s point is that you pay your bills with gross profit and not with revenue. Not knowing these numbers is the one big mistake that business owners make. Even in your own life, treat your life like a business. Know your gross income, expenses and net income and be as detailed as possible. Every penny matters. If you want to run a successful business, you have to know your revenue, gross profit and expenses “inside out,” Lemonis said.

If you have a prayer request, or if you’re in need of a financial checkup you can reach me in the contact me section.

For this week, I’ve included a video clip from the Profit called You Have to Take Care of Your People from the CNBC Prime YouTube channel.

“But those who want the best for me, Let them have the last word—a glad shout!— and say, over and over and over, “ GOD is great—everything works together for good for his servant.” I’ll tell the world how great and good you are, I’ll shout Hallelujah all day, every day.”

Psalm 35:27-28 MSG

August 31, 2016

http://www.cnbc.com/2016/08/19/marcus-lemonis-reveals-the-best-advice-he-ever-got.html

For Marcus Lemonis, the star of CNBC’s “The Profit,” a handshake is much more than a polite greeting. “The best advice that I was ever given was about shaking hands and making a deal,” the self-made millionaire and serial entrepreneur tells CNBC. Marcus learned this advice from his Mom. “She said: ‘When you shake someone’s hand, you have to honor the deal that you made, and you have to do what you say you’re going to do,'” Lemonis recalls. It’s refreshing and a sign of a person’s character when the person honors his word. From Marcus’s point of view agreeing to something with someone has to mean something. The handshake represents it. Marcus points out that people that want to get of a legal document will find a way to get out of it.  The handshake is a way of representing the sealing of a deal. “Ultimately, I do paperwork,” he explains. “But if you want to know what the movie’s going to be like, watch the preview. And that’s what the handshake looks like to me.” “Do to others as you would have them do to you.” (Luke 6:31 NIV)

http://www.inc.com/helena-ball/2016-inc5000-indiana-ecommerce-manufacturing-fourth-fastest-growing-company-in-america.html

Most Americans spend about a third of their day in bed, and yet few have a go-to brand for sheets. Paul Saunders wants to change that. After launching as a one-man operated e-commerce site from Saunders’s garage in Evansville, Indiana in late 2009, eLuxurySupply.com is now the fourth fastest growing company in America. Last year, the company posted more than $30 million in sales–a three-year growth rate of 23,619 percent. What prompted Saunders to start this business was buying a new set of sheets for his wife that were of a poor quality, and knowing he could do better. And with his background as an ex-Marine officer and Naval Academy graduate that meant working harder than anyone else to do it. He was able to quit his job when products began literally filling up his house. And those products quickly expanded beyond just sheets: Unlike upstarts in the mattress industry like Casper and Saatva, which only sell two or three products, eLuxurySupply.com now sells hundreds of items under the bed, bath, home, and garden categories (including mattresses). And despite starting out with a direct-to-consumer model, it now also has a growing wholesale business with a presence in hotel chains like Marriott, as well as government contracts for military barracks. The company separated itself even more by acquiring its mattress pad supplier, Regency Pad. Even though the company has high capital requirements, the company’s been able to post growing sales even without angel or venture funding. From its humble beginnings of a character loan, eLuxurySupply.com has expanded to the UK, Canada, Europe and will soon launch in Japan. Saunders says the company’s definition of success stems from the original 1806 Webster’s dictionary: a generous, prosperous, and kind person. “We take care of each other and try to do right by our customers and our community,” he says. Cox, who joined eLuxurySupply.com earlier this year, says that mentality is felt throughout the company. As a leader, Saunders understands that the nature of his business requires a high paced culture, which makes hiring the right people a necessity and to work hard and smart.

 

If you have a prayer request, or if you’re in need of a financial checkup you can reach me in the contact me section.

For this week, I’ve included a motivation video called Building Determination from the EndlessMotivation YouTube channel.

“But those who want the best for me, Let them have the last word—a glad shout!— and say, over and over and over, “ GOD is great—everything works together for good for his servant.” I’ll tell the world how great and good you are, I’ll shout Hallelujah all day, every day.”

Psalm 35:27-28 MSG