SHARK TANK
ABC?s Shark Tank ?has been a TV phenomenon spanning three seasons, with eight different angel investors from a variety of industries. These angel investors, also called ?sharks?, battle it out for a chance to invest in promising new companies. The show illustrates the American dream, which is something people still believe in despite the bad economy. By watching the show, you?re entertained, inspired and you end up learning a lot about what it takes to sell your idea and make it a reality.
So, what?s the vale of this? Imagine that you?re looking for cash from your relatives, or even a bank. Whether you?re already established and making money is going to make a huge difference. If not, a really good track record, or simply great command that you understand your business is going to make all the difference in your securing funding.
If you need money in? your business, what are you going to do with it? How are you going to live? How much have you invested? What makes your business idea so unique?
This is all very educational, and usually quite entertaining, as you hear entrepeneurs pitch their ideas.
RESTAURANT IMPOSSIBLE
In each episode, Chef Robert Irvine is given the ?mission? of making the impossible possible by renovating a failing restaurant in two days on a $10,000 budget. Irvine is assisted by HGTV designers and a?general contractor,Tom Bury. After assessing the problems with the restaurant, Robert Irvine typically creates a plan for the new decor, oversees the cleaning of the restaurant, reduces the size of the menu and improves the food, develops a promotional activity, educates the restaurant?s owners, or trains the staff as needed by each restaurant.
What?s intriguing about this show is that one of the first questions asked of the owners is what their gross profit margins are. Do they know what their labor costs and what their food costs are? When they develop a new product, do they figure out what their ?cost? is before simply setting a menu price?
Although this has become very much a formula show,?I would recommend any business owner to watch it a few times. It?s one of the best ways to learn from someone else?s mistakes!
Presented by Steven A Feinberg, CPA of Appletree Business Services LLC, a PASBA member accountant, located in Londonderry, New Hampshire, with more than twenty- five years experience on Federal and New Hampshire issues affecting small business, and specializes in tax, payroll and business planning for his clients throughout the year. Steve is a recognized member-contributor of the book, Six Steps to Small Business Success. For additional information, you are encouraged to email Steve at info@appletreebusiness.com or call (603) 434-2775.
Steven A. Feinberg ? www.AppletreeBusiness.com ? Get Appletree Blog via Email ? Follow CPAsteve on Twitter
Filed under: Uncategorized Tagged: | Business, employees, Small Business, business plan, cash flow
Source: http://blog.appletreebusiness.com/2012/11/08/tv-recommendations-from-your-business-advisor/
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