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 Marcus Lemonis and the show “The Profit.” The Danger Report talks about PacSun clothing stores. The Fix features Nine West Holdings, and Deep Dive takes a look at Tommy’s nightmare experience at The Capital Grille. Finally, on Makin’ It or Breakin’ it, the gangs asks the question: Should there be less restrictions on pre-employment IQ tests? Let us know what you think of the show in the comments section at the bottom of the page!
Are you ready to Make It?
Tommy, Todd and Brittany start the show with Show Buzz, and this week they take a look at Marcus Lemonis and his show, “The Profit.” Billionaire Lemonis’ show takes a look struggling businesses, and he offers solutions for improvement, in many cases investing his own money to ensure their successes. More importantly, he objectively teaches these business owners the many facets of running a business. Many of the businesses he features are mired by the ego of the owner, believing that service is the only way to ensure the success of their businesses, or they focus on the product alone, ignoring the other aspects such as finances and branding. Other owners actually have people helping them run their businesses, but they ignore them as well, not allowing for growth, often thinking the mom-and-pop mentality to be the best one.
What Lemonis does is retrain their methods of thinking, offering ways to improve the business by looking at what is good for the business rather than their egos. For example, one business owner fired his best employee because of an ego clash. Lemonis is quick to retrain that behavior, reminding these owners of the fundamentals of business and, if they heed this training, they will have the makings of a successful business. What do you think of the show “The Profit”? Let us know in the comments section.
OMG Fact of the Week:
Twenty percent more antacids are sold the day after the Super Bowl than any other day.
The Danger Report:
Next up is The Danger Report. This week, the gang takes a look at Pacific Sunwear of California, Inc., branded as PacSun. In 2016, the company entered a restructuring agreement with Golden Gate Capital as they are nearing bankruptcy. Causes for their restructuring are high occupancy costs of $140 million and the high, long-term debt of $90 million they are carrying. The bankruptcy process gives the company the opportunity to fix their balance sheet, which could reduce their long-term debt by 65% and reducing their occupancy cost. What do you think of PacSun’s strategic plan to help their company? Let us know in the comments section.
In the next edition of The Fix, Tommy, Todd and Brittany discuss Nine West Holdings, which is, at present, a high-risk for bankruptcy. Named after their original street address, Nine West is known for their shoes and accessories and was considered a status brand. However, their status has failed of late, and they were purchased by a private equity firm for $2.2 billion. However, the brand is $1.7 billion in debt, largely because they are overleveraged with debt from having unlimited access to capital. With a drop in their status, sales declining and coming to the online market late, having too much debt became a problem. The entered a debt covenant to help alleviate some of their burden. Nine West needs to get back to the fundamentals of business in order to improve their brand: control debt, understand their consumers and the demand and break into the online market. What do you think of Nine West’s situation? Do you think they can get out of debt? Let us know in the comments section.
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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 what makes you unique! In our businesses, we always talk about a Unique Selling Proposition: what sets us apart from others who offer the same or similar product or service as we do.
With many of us, there are many things we do okay and a smaller number of things we do really well. And, perhaps there is one thing that we do exceptionally well, which we can call our gifting. Some people really have not discovered their gifting, so let me define it for you: Your gifting is what you do really well that actually seems to come rather easily for you. Let me give you an example from my favorite sport: Football.
If on the first day of Training Camp, the coach lines up every player and has them throw a football as far as they can, and one player can throw the ball 70 yards and the nearest, best passer can throw it 40 yards, guess what that player’s gifting is and who is going to be the next quarterback of the team?
But it’s not enough to have a special gift. We have to build critical skills around that special gift. In business, the following are support skills that every businessman who wants to excel should have:
The ability to speak and present well. People judge what’s in our head by what comes out of our mouth. Speaking and the ability to communicate is very important.
- The ability to formulate a vision and develop and execute a viable plan from that vision.
- Your ability to tell a story. Your business is a story in progress. There is a theme to your business, a back story, characters, ideas and concepts. If you’re the CEO, you have to also be the Chief Storyteller.
- The ability to sell. In the successful business, everybody sells, from the CEO on down. The CEO sells his employees, his investors, his bankers and his customers on the value and worth of the company, such as why it’s a great place to work, invest or buy its products. It’s all selling, and everybody from the CEO to the janitor should be selling and be sold.
- Finally, the ability to be of service. Whether you are in a service business or a product business your power is in your ability to serve. The Law of Reciprocity is always in play. Learn to help and serve others, and they can’t help but to pay you back. So, give and it will be given to you.
So, those are 5 Easy Steps to build upon your Gifting. Master those, and I’ll see you at the top. For more great content, insights, inspiration and products go to tommyrunfola.com
Next up in Deep Dive, Tommy tells a candid story about his nightmare dinner at the Capital Grille and how his experience can help improve customer service in businesses. Wanting to take his wife and good friend to dinner for the friend’s birthday, Tommy picked the Capital Grille, one of his favorite restaurants. Known for its high-end service and food, Tommy figured a good time would be had by all. Little did he know how the night would unfold. After being left standing in the middle of the restaurant when a mix-up with their reserved booth happened, Tommy and company felt uncomfortable at best as all the restaurant traffic passed them by. A testy server who seemed to frown on the fact that Tommy and his guests didn’t order alcohol, carried the evening into disaster when he forgot to bring their appetizers, served up uncooked asparagus causing his guest to break a tooth, delivered freezer-burned lobster to his wife and returned the same lobster when confronted with the problem and, finally, charged the table for the complimentary desserts they received for the friend’s birthday.
Not wanting to ruin the evening further with a confrontation, Tommy decided to pay the bill, leaving a good tip, and deal with the matter later, writing a letter to the manager. This was an opportunity for the evening to be made right, but the manager wrote back a letter that was less than satisfying or professional. While he responded promptly to the letter, the manager didn’t account for the unsavory evening, and he went on to make excuses for the server’s poor behavior and food quality by stating how much everyone loves the Capital Grille. While the manager did offer Tommy a free meal, no apology was ever given for his and his guests’ experience, leaving a sour taste in their mouths.
The manager had the opportunity to correct the situation by acknowledging that the evening was a poor one and saying he would talk to the server about his attitude and performance. Moreover, it should be noted that the server, while anticipating a bad tip from his table, and that just because people don’t drink alcohol, they do take care of their servers, completely misunderstood the concept of value in doing something well, regardless of what the situation may look like. What do you think of Tommy’s experience? Have you had anything similar happen? What would you expect from the restaurant manager? Let us know in the comments section.
Makin’ It or Breakin’ It:
Finally, Tommy, Todd and Brittany end the show with the Makin’ It or Breakin’ It segment. This week they ask the question: Should there be less restrictions on pre-employment IQ tests? Employers are currently allowed to test applicants’ IQs if it is relevant to the job they may be performing; otherwise, it is illegal. Employers can give an accountant a math test and a designer a design test, but employers cannot administer an IQ test simply because they want the smartest people working for them. Additionally, an IQ test isn’t necessarily the best measure of how someone will perform on a job. For example, a college student can have stellar grades and the right amount of experience, but an IQ test could render him not employable, which could be devastating. Conversely, more precautions should be taken before hiring someone that could wind up being a huge financial mistake.
Doctors and lawyers do not have to take IQ tests before entering their respective schools, relying on MCATs and SAT scores. But IQ tests can be beneficial toward helping a student who is having difficulty with one of those tests, proving they are capable. Moreover, there are different types of IQs that can be measured: physical, verbal and visual, for example. And, these different types of IQs can help determine where a person’s strengths lie. Aside from getting too deep into a person’s private life, employers should be able to test for this information and use it however they deem fit in their hiring decisions. Do you think employers should be able to use IQ tests to help with hiring decisions? Do you think employers should use them to stock up on the most intelligent employees? 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 firstname.lastname@example.org 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 Marcus Lemonis, click here.
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