The Profit
Editor's Note: This piece was reprinted with permission of Ernie Martin, founder and managing director of Receivable Savvy. The company is dedicated to cultivating knowledge and understanding among suppliers in relation to Order-to-Cash processes while also delving into what they do, how they do it and most importantly—why they do it. You can follow this blog and others here.
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 four best practices that supplier organizations can take away from the show.
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