6 Versions of the 3 P’s as seen on CNBC’s “The Profit” with Marcus Lemonis

One of my favorite TV shows is “The Profit,” a CNBC production starring multi-millionaire entrepreneur Marcus Lemonis.

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CNBC The Profit with Marcus Lemonis

In each episode, Marcus evaluates a small business and decides whether to invest in its growth. The main tool he uses to make business decisions is called the “3 P’s of Business Success”: People, Process, and Product.

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Marcus Lemonis – People Process Profit

I was curious about who first developed this concept. Was it Mr. Lemonis?

It turns out this concept has its origins in Lean (a systematic processing method used to eliminate waste). After doing some research, I discovered 5 additional versions that can add depth to your understanding of how to run a successful business.

In this post, you will see each of the six examples and illustrations, along with ideas on how to increase your level of business risk intelligence.

Continue reading “6 Versions of the 3 P’s as seen on CNBC’s “The Profit” with Marcus Lemonis”

How to Calculate the Impact and Probability of Business Risk

I was recently asked to explain the “Impact Score” in a Strategic Risk evaluation process. This is easy to do with a tool called the Strategic Risk Severity Matrix.

In this post, I’ll walk you through each step of using this tool, along with a practical example to demonstrate how it works.

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What I Learned from Creating a Word Art Self-Portrait

I am always on the lookout for tools that can help us dig deeper and get clarity about decision making.

Recently, I tried a simple art project that turned out to be a the perfect blend of creative expression and self-reflection. In this post, you’ll hear how this tool can help you develop a strategy for business or professional growth.

Continue reading “What I Learned from Creating a Word Art Self-Portrait”

How to Complete a PESTEL Analysis

The PESTEL tool is used to evaluate various threats and opportunities in 6 key areas: Political, Economic, Social, Technological, Environmental and Legal.

It is typically used as during long-term planning to get a macro (big picture) perspective on issues that could impact the organization. Combined with the SWOT Analysis, this tool can provide incredible insights for risk intelligent decision-making.

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The PESTEL Assessment

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How to Calculate What Staff Turnover is Costing You

Did a long-time employee just hand in their 2-week notice?

Are you worried about how fast you’ll be able to find a reliable replacement?

Hiring the right people is extremely important for every business owner. That’s because staff are the most important resource in any company. Replacing an employee can cost significant money, time, and effort.

To avoid making an expensive and frustrating hiring mistake, you need a way to evaluate your company’s turnover data.

In this post, I explain some facts about turnover, why it relates to organizational risk, and how to calculate the total annual cost of adding new staff.

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How to Think of New Content for Your Healthcare Practice Blog

I specialize in helping business owners (especially natural health practitioners) to identify their goals, prioritize tasks in order to grow their business, and create a balance so they feel more in control.

Today I want to answer a question that has come up a few times lately with several of my clients:

“How do I know what type of content to write in my blog?”

and

“Am I sharing the right type of information for my patients and people I want to serve?”

Watch the video, or follow along with a written version below.

Continue reading “How to Think of New Content for Your Healthcare Practice Blog”

31 “Year In Review” Examples to Inspire You

A Year In Review is an evaluation of what has occurred in the past year, what you’ve learned, where things went wrong, and how you will make changes for the coming year.

To learn how to create your own, read How to Do a Year In Review.

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This type of evaluation will stretch you. You may find information about your company that is embarrassing. And you might decide to keep it private—known only to you or your leadership team. Or you could share the results with staff or customers. There’s nothing wrong with editing the content to fit the audience (especially if you’re an introvert like me).

But if you’re willing to be totally transparent, sharing a Year In Review with the entire world is extremely effective.

Read more: 5 Reasons to Share a “Year In Review” of Your Business. Continue reading “31 “Year In Review” Examples to Inspire You”

How Do I Make a Weighted SWOT Diagram? [Video]

Today, I’m going to explain how to look for hidden opportunities and risks in your organization using a weighted SWOT analysis. This strategic management tool allows you to calculate your options, which leads to decisions that are risk intelligent.

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5 Reasons to Share a “Year In Review” of Your Business

Facing the good and bad of the past year takes courage, especially in re-living painful experiences. But self-evaluating the highs and lows in your past year is just the first step.

Sharing your findings with the entire world takes it to a whole new level.

In this post, I’ll talk about the benefits and downsides of making your Year In Review public, and why we’re afraid to fail.

Continue reading “5 Reasons to Share a “Year In Review” of Your Business”

How to Do a Year In Review

It’s that time of year… to review whether you have reached your goals!

As a business owner, you may feel ready to leave last year behind and move forward—especially if you’ve experienced failure: Disappointing sales, high staff turnover, unpaid invoices, frustrating delays, or negative outcomes.

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But we shouldn’t avoid talking about failure. It may be easier to talk about happy things, but there are just as many (if not more) reasons to review the unpleasant ones.

In this post, I’ll explain the benefits of using a Year In Review, and how to start.

Continue reading “How to Do a Year In Review”