In the show Marcus Lemonis saves failing businesses by buying at least some percentage of the businesses and rerouting them so they can get back on track. Which is at least half of my dream job.
That being said, right from the first episode of season 2, you see a major reason why businesses fail:
It was astounding to see the failing business owner almost $7 million dollars in debt yet unable to admit that he doesn’t know the best way. And worse, it was crazy to see him be unwilling to make major changes in order for his business to be successful.
This narrative wasn’t surprising to me - it was comforting to see that I haven’t been the only one who has gone up against it. I’ve seen it in 2 failing organizations I tried to help. One is now one quarter away from bankruptcy. The other is, at best, limping along. Neither would put their egos aside to do what was best for their organizations.
Baron said it really well when I interviewed him - “Business is truly is one of the most complex but simple things. Businesses are run by people who are generally f’d up. But business itself is simple.”
In this episode of the The Profit, the business owner had a ton of his money sunk into his building and into improper inventory. He micromanaged, which especially hurt his business as it seemed like his general manager knew better than he did. He was distrustful. Even while standing in his obviously failing business, he didn’t want to make changes.
I hope you can see this. Because we do it all the time. We sit in the failed circumstances we created, yet foolishly, pridefully refuse to change what we’re doing.
We value our egos over what’s best.
I know it’s hard, but we need to start the painful surgery of removing our egos from the driver’s seat.
We need to replace our egos with our intellects.
Our intelligent frontal cortexes that say “Hey, this hasn’t been working, let’s try something else.” need to be driving.
In my experience, it’s often not a lack of intelligence that ruins businesses.
It’s letting ego drive and making intellect take a back seat that tanks a business.
Are you unsure if your ego is driving? Ask one of your employees. They know.
So how do you start the process of removing your ego from the driver’s seat?
You kick it out with facts:
- Write down the facts about your business - where you’ve been, where you’re at now, what parts you’ve refused to change and why you’ve refused to change them.
- If, at this point, you feel that you’ve made mistakes by letting your ego drive, you should admit it. You should embrace the emotions that convict you of running the business out of your ego. Apologize. Reroute your business. If you do this, you likely don’t need to do the next two steps.
- Write down what is at stake if you keep your ego in charge - job loss for your employees, bankruptcy, loss of your business, etc. Understand that waiting on the winds to change isn’t an option. If something hasn’t worked, you need to move on to do something that will. Otherwise you’re essentially risking your business on waiting to hit the lottery.
- Decide if keeping your ego in the driver’s seat is worth it. Is it worth the loss? You’ve likely lost quality employees over it already. Is it worth losing your entire business?
If you’ve kicked out your ego and your intellect tells you to get help, to put your business on the right track - then go get it. Don’t go back to listening to your ego when it tells you to wait it out or that you can do it yourself, simply because you don't want to give up your pride.
Is your business worth it?
Give up your ego.
If you’ve kicked out your ego and recognize your business needs help - I’m here. I get how hard it is to admit you need help. I’d love to help you get your business back on track. Simply fill out the form on Let’s Better Your Business and we’ll do it together.