Page 4 of 4 FirstFirst 1234
Results 31 to 36 of 36

Thread: Discussion about tv show "The Profit" or any other businesss-related show

  1. #31
    Registered User
    Array
    Join Date
    Mar 2015
    Location
    Beaver Falls, PA
    Posts
    866
    Thanks (Given)
    0
    Thanks (Received)
    5
    Likes (Given)
    17
    Likes (Received)
    103

    Default

    I love the show as well. I think even someone who operates their business well would become an even better manager if they watch that show. It is so much cheaper to learn from the mistakes of others than to make them ourselves. I do think it instills the importance of presentation as with the candy at Farrells/Sweet Petes. His People - Product - Process thing is also key. One of the main things is how important knowing your numbers is.

    I just posted in the thread I started about my straw blower web site but never really said why I have been trying to improve the sales of that product. It goes back to his show. With most of my products I try to have a 50% margin. On that product it is near 70% and my prices are 20%+ lower than any competitor. If I could get sales up I could easily raise prices to improve the margins even more. This year the two products I want to promote the most are the two with the highest margins although the other with similar margins does sell well.
    Ray Badger, Turbo Technologies, Inc.
    www.TurboTurf.com www.IceControlSprayers.com

  2. #32
    Registered User
    Array
    Join Date
    Feb 2013
    Location
    Ontario, Canada
    Posts
    1,305
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    119
    Likes (Received)
    248

    Default

    Quote Originally Posted by turboguy View Post
    I just posted in the thread I started about my straw blower web site but never really said why I have been trying to improve the sales of that product. It goes back to his show. With most of my products I try to have a 50% margin. On that product it is near 70% and my prices are 20%+ lower than any competitor. If I could get sales up I could easily raise prices to improve the margins even more. This year the two products I want to promote the most are the two with the highest margins although the other with similar margins does sell well.
    I don't know if you do many sales up this way, but 2 of Ontario's largest farm shows happen within 25 minutes of me. One is wrapping up today in London and the other runs in mid September (Canada's largest outdoor show I believe). I can see a straw blower doing well in barns when spreading bedding in stalls. Not to mention your other products peddled to the right people.

    @ SumpinSpecial
    Finance 101 these days is to pull as much liquidity out of companies for short term "shareholder benefit" rather than a focus on long term planning. Look at many of the largest, publicly traded companies and study their financials. I wouldn't touch Bombardier unless it was free, I get majority ownership and authority, came with no personal debt obligation (to me), and I'm guaranteed at least $100K a year until profitable without relying on non-repayable government bailouts every 2-3 years.
    Brad Miedema
    Fulcrum Saw & Tool

  3. #33
    Web Consultant
    Array
    Join Date
    Aug 2008
    Location
    127.0.0.1
    Posts
    9,732
    Thanks (Given)
    12
    Thanks (Received)
    2
    Likes (Given)
    1069
    Likes (Received)
    978

    Default

    Quote Originally Posted by SumpinSpecial View Post
    The second Farrell's episode blew my mind. How can you take profits out of the store before paying off your debtors? That's finance 101, isn't it? I can see pulling profits from one store to prop up another one (temporarily!) but to pull the profits just to cash out? Beyond irresponsible.
    Likely because of greed, or a feeling of entitlement that they were supposed to make a certain amount of money by now, or because they had personal bills and a lifestyle that needed supporting no matter what. It's a short lived action, but I see people do it all of the time.
    WordPress Websites | WordPress Support

    Free tools to test your website for errors and security vulnerabilities: Test Your Website

  4. #34
    Registered User
    Array
    Join Date
    Mar 2015
    Location
    Beaver Falls, PA
    Posts
    866
    Thanks (Given)
    0
    Thanks (Received)
    5
    Likes (Given)
    17
    Likes (Received)
    103

    Default

    I just watched the Southern Culture episode yesterday (actually for the second time). I had talked about so many of the companies he is called in to save not knowing their numbers. When Marcus sat down with the owner to go over her financial statements she commented she had never seen them. That is sad. She had a half million in debt and really had no awareness about how much debt she had and to top it all had been using alternative lenders and was paying a 40% interest rate. No wonder she was in trouble.
    Ray Badger, Turbo Technologies, Inc.
    www.TurboTurf.com www.IceControlSprayers.com

  5. #35
    Web Consultant
    Array
    Join Date
    Aug 2008
    Location
    127.0.0.1
    Posts
    9,732
    Thanks (Given)
    12
    Thanks (Received)
    2
    Likes (Given)
    1069
    Likes (Received)
    978

    Default

    I don't understand how people can have so much debt, be in negative numbers every month and still have the lights on and be open. What are they using to pay the bills? Are they using credit?
    WordPress Websites | WordPress Support

    Free tools to test your website for errors and security vulnerabilities: Test Your Website

  6. #36
    Registered User
    Array
    Join Date
    Mar 2015
    Location
    Beaver Falls, PA
    Posts
    866
    Thanks (Given)
    0
    Thanks (Received)
    5
    Likes (Given)
    17
    Likes (Received)
    103

    Default

    Unlike a job I think your own business becomes a big part of your self identity. When you don't understand the numbers you don't want to let go and feel like a failure so you do whatever you feel you have to to survive. In the case of Southern Culture that was borrow from alternative lenders at sky high interest rates. Others may run up a ton of credit card debt to keep their dream from crashing and burning. She was actually able to liquidate a lot of junk and inventory and pay down a lot of the debt.
    Ray Badger, Turbo Technologies, Inc.
    www.TurboTurf.com www.IceControlSprayers.com

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •