Top mistake made by a Fashion Entrepreneur on a TV Series

New Year, New You. 
To you and your family, we wish you a healthier,happier and more prosperous New Year 2021.
It all starts with an idea and a first step taken towards making this idea become reality.
We are only a phone call away to make sure this first step is followed by a second, third, fourth, fifth ... positive step heading in the right direction. 
Remember, we like to give before we receive. 

People really love the fact that we provide them with a WhatsApp number as they often have an internet connection yet not all have the money to give an expensive phone call to our landline or mobile when they live in a different country and continent.

Apart from our content which comes directly from working with other Brands, Retailers and fashion stakeholders (agents, trade shows, PR, manufacturers ...), we also encourage you to interview and get the real news from Designers or TV / Radio programmes like The Profit on CNBC and investor Marcus Lemonis.

Marcus Lemonis is investing his own money and he helps companies scale up effectively. We appreciate him as he is also a people's person and wants the staff to be rewarded for their commitment, dedication and performance driven personalities.

The episode you should watch is the one with Murchinson Hume (referred below as MH). A cleaning products companies based in the USA. CEO Max Kater is a former Editor of a Fashion Magazine in Asia.

Marcus has made a $250000 investment in the business however after a few issues, he had to withdraw from the business opportunity.

Let's understand what has happened.

Situation Room 1
After making the deal, Marcus wanted to visit the Container Store where MH had its products listed. What Marcus realised is that the CEO had asked her employee to work with the Client to provide a higher and wider shelf space on the floor. 
Marcus could not understand why the CEO would do that. 
This would distord the real situation and potentially affect what solutions and how solutions are implemented. 
Isn't there also a lack of honesty and transparency between the investor and the Company the investor is investing in? For sure.

Situation Room 2
The original investment amount was decided based on a inventory asset of $250 K at cost. After heading to the warehouse, the real stock value was less than $50 K or 5 times less than the original value the 2 partners had shaken hands when the investment deal was done. 
Not to put too much pressure on the CEO, Marcus left the CEO 1 week to investigate why this difference happened. She did not know and showed little or no willingness to thoroughly understand why it happened. It happened and that is it. 

Marcus concludes saying 
" she doesn't want to deal with what it takes to be a business owner... like knowing your numbers,  working on your Brand,  managing your inventory, driving cost down, improving margins and selling more. I was exhausted from her illusions, from her her facade and her flipping attitude and I had deal fatigue."

ACTION
If you sign a deal or shake hands on a deal, respect it. Do not show a flipping attitude.
Know your numbers - A little dashboard is easy to implement. Make sure you input the right data so that you can extract the right data to make the right decisions.
Be open to the creativity brought forward by your employees or the investor.

Let us know more about your Brand and project as we are happy to help you all the way. 
Often a call is the fastest way to create innovation and the  opportunity to sustain the business and ultimately the call will help you productively prepare 2021.

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As the LFBA is owned and managed by GFM ,feel free to also visit the GFM website and blog.

PS - The Profit - What you can get out of it
What is unusual is the level of honesty and transparency in this programme. Marcus himself is happy to share the mistakes he made and the true reasons why he cannot work with a specific business owner. LEARN FROM IT.