Marcus Lemonis’s Growth Strategy for Fuel Foods
During the first few minutes it felt as if this episode might be interesting from a business lessons standpoint. Unfortunately it didn’t pan out that way.
Fuel Foods Florida supposedly produces nutritional ready-made meals for people too busy to cook. It then delivers them twice weekly to not only locals but customers across the USA using FedEx. Yes, even customers a mile away get their meals delivered by FedEx. (This fact made my jaw drop.) One employee had already lost 150 pounds and planned to take off even more. This point grabbed Marcus’s attention as he had suffered from an eating disorder as a child.
The Great Kirk Kerkorian Has Died
I just received word that the great Kirk Kerkorian died Monday at the age of 98. Kerkorian was one of the great tycoons and an inspiration for the creation of The Tycoon Playbook. He will be missed.
Business growth is not an option you can afford to pass on. In today’s economy a small business either masters growth strategies or it dies. This is why the vast majority of startups are out of business within five years.
Here we review the six most common small business growth strategies an entrepreneur can pick from. You only need one but the more you have the better you and your business will do.
Marcus Formulates a Growth Strategy for Standard Burger
In this week’s episode our hero Marcus travels to Staten Island to visit Standard Burger after almost two years of pleading by Sammy who is one of the owners. There he finds a single location burger joint that’s serving mediocre food and losing $5K to $6K per month.
Too many cooks spoil the broth.
The biggest problem holding back Standard Burger becomes evident immediately. The business simply has too many owners none of whom have restaurant experience. All of them have day jobs elsewhere and behave like absentee landlords. To Marcus’s shock no one has responsibility for the day-to-day operations of the business. When he asks an employee who she’d call in the event of a fire, she doesn’t have an answer.
As background, Tonnie learned how to bake cupcakes from his mom and started a business baking them in 2006 in New York City. Initially things went well for the business as it won accounts with Macy’s and Bloomingdales. It even expanded to three stories. Unfortunately, Tonnie is a bad manager and as a result lost his big corporate customers and was forced to shut down two of the shops. When Marcus arrives there’s only one shop left and it’s swirling the drain. Will Marcus be able to save it? [Cue dramatic music]