Today’s Show Recap
Thanks for listening to Makin’ It. It’s a new year, and we have added some new segments to the show! Show Buzz features the business of show business; The Danger Report lists what businesses are in trouble this year; The Fix has the hosts weighing in on what businesses can do to improve themselves; and, finally, Deep Dive takes a deeper look at hot topics.
On this week’s episode, on Show Buzz, the gang takes a look at Jon Taffer and the show “Bar Rescue.” The Fix features the 99 Cent Only Store, and Deep Dive showcases the controversial topic of the state of American business after the election. Finally, on Makin’ It or Breakin’ it, they ask the question: Will the American economy survive the next 10 years? Let us know what you think of the show in the comments section at the bottom of the page!
Let’s get ready for an all new Makin’ It!
Tommy, Todd and Brittany start the show with Show Buzz, and this week they take a look at Jon Taffer and his show, “Bar Rescue.” Taffer’s show, which started in 2011, takes a look at bars and pubs that are in financial trouble and, using his own his skills as a businessman, helps to turn them around by looking at all aspects of the bar.
Known for his no-nonsense style and science of fixing bars, Taffer examines how the bar is run and why it’s not successful. He looks at marketing, customer service, accounting and, most notably, the owner’s own ego. Many times on the show, the reason for the bar’s failure is the ego of the owner and his desire to have the status of being a bar owner. Often believing what they think is cool will bring them success, bar owners often ignore what works in business, like keeping tabs on how much alcohol is being poured in drinks and marketing, completely ignoring the science of business. Typically, once Taffer can redirect the bar owner’s ego, with the help of a modern makeover with new technology, a reset of the bar occurs, and the business can then take off. At this point, Taffer has rescued more than 600 bars. What do you think of Jon Taffer and “Bar Rescue”? What do you think of Taffer’s tactics to turn a business around? Let us know in the comments section.
OMG Fact of the Week:
Women apologize on average 5.2 times a day. Men, 3.6 times.
Next up is The Danger Report. Below is a list of 10 of some of the biggest bankruptcies in 2016 and their industries.
In the next segment of the show, Tommy, Todd and Brittany introduce The Fix, and this week they feature the 99 Cent Only stores. While the stores are doing better than their competition, pulling in $2 billion in business, equating to $300 per square foot, they are nearing bankruptcy. What causes a business that is bringing in $2 billion and beating their competition to be failing? The 99 Cent Only stores are loaded with some behind-the-scenes problems. First up, they still have some debt from when they were sold in 2011 for $1.6 billion. Next up, their stores carry a lot of perishable products that can often go to waste if not moved, and they have some inventory control problems in that area. Additionally, with the ever-changing economy, consumers can get a lot of these products at superstores for the same price.
What can the 99 Cent Only stores do to improve their situation? Getting their inventory under control would help enormously as well as converting that inventory to cash. With the cash in hand, they could pay down some of their debt from their 2011 sale. Moreover, because their market has changed because the competition has changed their paradigms, the 99 Cent Only stores need to do the same. What do you think could help the 99 Cent Only Stores succeed? What have you done to fix your business? Let us know in the comments section.
GO ZONE Energy Break by Vertex Foods:
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“2 with Tommy”
Next up is “2 with Tommy” where Tommy takes two minutes and explores things that have recently come to our attention. This week, Tommy talks about New Year’s resolutions. It’s 2017, and I hope you’ve made your resolutions for the New Year. Is your New Year’s resolution to follow through with your New Year’s resolutions? Do you know that most resolutions are broken within three weeks of being made? How about we change that pattern, and together we make 2017 your most successful year ever? Are you going to lose 25 pounds, get in the best shape of your life? How about make another $50,000 in 2017? It’s all doable, of course. But chances are, you won’t do any better this year than you did last year and the year before with keeping those kinds of resolutions. The problem is most people are creatures of habit and set unrealistic goals without the motivation or will to ever achieve them. So, if you want to have a different result this year than you did in previous years, get in a new mindset, psychologically, emotionally, socially, physically and intellectually and follow these five simple steps to success. Number one, choose specific and realistic goals and commit them to writing. Post them on your mirror where you’ll be reminded of them each day of the year. Number two, don’t have a whole list of long resolutions. Rome wasn’t built in a day. Concentrate on no more than three major changes for the year. Number three, plan your goals out carefully before you start trying to make major changes in your life and start with simple steps. Taking on too much at once is a common reason why many New Year’s resolutions fail. Number four, remember that change is a process, and you will have some stumbles. If you suddenly relapse into a bad habit, don’t view it as a failure. The path to your goal is not a straight one. You will have some setbacks. Remember that change is not a 100-yard dash, but a marathon. So, if you fall off the wagon, get back up tomorrow and start over again. Number five, the buddy system works with accountability. Find a close friend or family member to keep you accountable and on track as well as supply motivation and moral support. If 2017 is going to be your year, prove it. Don’t just talk about it. For more great content, insights, inspiration and products go to tommyrunfola.com
Next up in Deep Dive, the gang discusses the controversial topic of the state of American business, post-election. It has become apparent that while the U.S. is number one in defense, we aren’t number one anywhere else in the world anymore. However, business is the way for us to get that status back. After a very divisive election, we’re probably going to see what the new president will do and how it will affect business in the next 100 days. He is expected to decrease regulation and cut tax with the hopes to boost the economy. In addition, President Trump is expected to impose a 35% tariff on American businesses that go overseas. But what could that do to the economy? It could cause a decrease in wages by bringing jobs over here or, conversely, increase the price of goods. However, there is more to business than wages. There needs to be incentives to bring companies back to the U.S. soil. American workers deserve to earn a decent wage, and in order to do this, it could wind up changing the entire game plan of businesses. What do you think will happen for businesses in the next 100 days? What do you think will happen if businesses are forced to return to American soil? Let us know in the comments section.
Finally, Tommy, Todd and Brittany end the show with the Makin’ It or Breakin’ It segment. This week they discuss whether the American economy will survive the next 10 years. Typically throughout history, the American economy blows up every 10-15 years. Our last one was the housing market, and we are still recuperating. So, the gang asks the question, are we going to thrive in the next 10 years, or are there red flags that will cause American businesses to tank?
In the next few years, Americans would probably be best advised to be careful and not take their eyes off the road. This caution has nothing to do with election or who is in office. It has to do with the divisiveness of Americans. While Americans have the right stuff to succeed, we often have our own self-interests in mind. Of late, many Americans have not been aligned in those interests, politics being a huge barometer. In football, it is known that if a team cannot align together, they are doomed to failure. If Americans could join together in their interests, we could pull it together. Do you think Americans could join their interests together, or do you think we are headed toward more divisiveness? Let us know in the comments section.
Thanks for tuning in to Makin’ It. Let us know what you think of the show and if you have questions about your business, send us an email at info@makinitnow.com or leave us a comment below. We love to hear from our listeners and we read comments on the air. We just might choose yours for next week’s show (so don’t forget to tune in!).
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Additional Resources for Entrepreneurs:
For more information on Jon Taffer, click here.
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