Very good question, if Brad was making $225k his new job is paying him 6x too much. He wasn't worth 225k. I could of done better running it into the ground than him. I might even made it go belly up in less time.
WOW is there anyone left to run it? And would anyone take the job now?
I think I'll call Marcus Lemonis the turn around guy maybe he could actually make it profitable. With his PPP. And that's people, product & process.
Not the gov't hand out PPP.
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.'s not a very valid business plan.
