CNBC’s The Profit revolves around its self-made millionaire and entrepreneur host Marcus Lemonis’ People/Process/Product principle to analyze various companies across the country. The attraction of the show, in part, is the discomfort some business owners have in adopting a new business philosophy and implementing improved procedures.
The drama derived from the frequent tension between Lemonis and the business owners is definitely made for reality TV. But, the show has many lessons that suppliers can use to make their businesses better.
Here are 4 best practices that supplier organizations can take away from the show. Understanding your customers better As outlined in the Receivable Savvy Order-to-Cash Toolbox , a supplier will either lose or gain business based on the strength of customer relationships. It all begins when a supplier establishes a connection with a prospect. As it advances, the supplier needs to expertly manage the information pertaining to that relationshipRead More