The 3 P's of Success from "The Profit"
People + Process + Product = Success
As a business person, if you haven't seen Marcus Lemonis in "The Profit" then you are missing out on valuable case study business training that could help you succeed in your business and expand it to a larger level. The show is similar to the hit show "Shark Tank" but in "The Profit" the emphasis is on the actual improvement of the business, rather than the details of the investment deal (although there is a little bit of that as well).
For Marcus, a successful business is made up of 3 things: People, Process, and Product. That is what he evaluates when he is considering investing in a business, and it is the philosophy that he takes in repairing failing businesses.
People: A good business is managed by good people, and has good/happy people working there. #1, Marcus will not work with a business that is run by a terrible owner. To be successful, your management must be in ship shape and be able to lead the business. The "right" people will make you profitable. Take care of your people and they will take care of you (see Company Culture post).
Process: This is all about efficiency (which seems to be Marcus's specialty). A business may be making sales ... but what are the costs involved? Is the business actually making money? A lot of times your business may be having success, but because you have a poor process you are throwing money out the window. Improvements in process may include: upgrading machinery to increase product/decrease production time, using better systems (IT, managerial, supply chain, etc.), negotiating a lower cost of supplies, making a more streamlined sales process, etc.
Product: At the end of the day, if your product stinks ... it's not going to sell. Whether or not you product stinks is a debatable subject (if you can find an audience for it, then great!), but overall, if no one wants it or finds value in it (enough to pay you money for) ... then it's a stinky product, and as Kevin O'Leary from "Shark Tank" says, it needs to go in the trash. But if you have a good product, then some possible suggestions could be to do more R&D to make it better, and to improve the packaging.
Understanding and utilizing these 3 P's will help any business to figure out where potential failures are, and how to fix them so that the business can grow and possibly prepare for mass expansion.