On any given day, small business owners have a hundred things to think about. Profit margins, store management, loan repayment, payroll, marketing — the list goes on. In the process, it's easy to lose sight of the crucial details that keep a business efficient.
On this week's episode of CNBC's "The Profit," self-made millionaire and small business investor Marcus Lemonis sat down with the owners of hair care company Ashtae Products. He found that the company's co-owner, Michael Woods, was making a big mistake: Failing to properly keep track of sales.
When Lemonis walked into one of the salon's that uses Ashtae Products, he saw that the shelves were completely empty. Technically, this was a good problem to have — many people were purchasing the company's products. But not monitoring how fast your products sells is a major mistake, Lemonis says.