Mike Michalowicz's Blog, page 24

Scale Your Business With This In Mind



Scaling is reducing the variability in your offer, so you can get more done with less effort.

Scaling is reducing the variability in your offer, so you can get more done with less effort.

Business owners are always generating new ideas to grow their business, but is growing right for you? Or, should you be scaling your business instead. 

There is a difference between the two.

When you grow your business, you need to add more resources such as adding new technology, capital, or employees with the hope of generating more revenue.

When you scale your business, you find ways to increase your revenue – without increasing the cost of new resources.

I think I know which one I’d work through first.

Growth – Most people try to grow their way through to increase business.

Oftentimes business owners keep adding more resources and services to try to get more done. Does that feel like a bit of a gamble? Increasing growth translates into increasing resources. When you’re focused only on growth, you will find that financial growth is achieved by taking larger losses. 

Scaling – A more modern approach (especially in today’s economy) to driving business is through a business scaling strategy. 

The main difference between growth and scaling is that you increase your revenue, without incurring a ton of extra cost. To lower the risk (not that I’ve ever been scared off by risk!), look at what you already have. What can you repurpose? What can you repackage? How can you change your communication? 

Scaling brings efficiencies to increase profitability to your business. Take a good look at what you have. What is a scalable approach for you?

As always, I am wishing you health & wealth.

-Mike

 

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Market Like Mike Webinar Replay



To strengthen your business in today’s economy, you’re going to have to start with this:

Market differently than everyone else in your industry.

You must stand out, get attention, and keep that attention to convert prospects. You also need to do it in a way that’s authentic.

In the Market Like Mike webinar, Justin Wise of the GetDifferent.Agency and I give you marketing tools you can use today to amplify your marketing – and stand out from the rest.

Wishing you tremendous success!
-Mike​

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The Easiest Marketing Hack



Question: What word is guaranteed to get a person’s attention?

Answer: Their name.

If you want to cut through the noise of the barrage of marketing out there, use your client’s name. Immediately, your communication is individualized and friendly.

Look at the amount of baby name books and websites out there – people put a lot of care into naming us humans! We respond a lot better to that than any awkward, “Er, uhm”, filler we can use.

Marketing, selling, serving – it’s all about establishing a relationship. When we’re communicating with our clients and customers, it’s incredibly important to connect with them and make them feel like they’re not indispensable. Using their name will immediately get their attention, and create the opportunity for connection right off the bat. 

What exactly is it about names, anyway?

Names are unique identifiers. Everyone responds to their name. We’re conditioned to instinctively pay attention. It lights up that part of our brain and prompts us to have a specific response.Using names builds trust and loyalty – At least, lets the person know you’re paying attention, and they will assume you’re paying attention to their challenges, wants, and needs. You create a personal relationship. Using someone’s name makes them feel validated in the conversation and that they’re receiving personal attention.A friendly warning – Using someone’s name too much can get weird. If someone was talking to me and kept repeating my name, I’d either think they were getting weird or condescending. Opening and closing the conversation with names is plenty.

It may feel like a small detail, but try using people’s names more often and see what the reaction is. I bet they feel more comfortable with you and any conversation that proceeds after that. 

-Mike

 

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Increase Employee Retention With Workplace Diversity



First, let me state that I’m not an expert in diversity. I’m just a regular human who wants to do some good in the world.

Lately there’s been a lot of talk about The Great Resignation, and how we as leaders and small business owners can increase employee retention. I’m working on a book that relates to this very thing and finding that one of the most important aspects of employee retention is diversity in the workplace. And, added bonus: company diversity increases profitability, too.

When you think of diversity in the workplace, you may first think of race and gender, but diversity goes beyond ethnicity and gender. We must also consider different generations, educational backgrounds, different demographics, religions, sexual orientation, and disabilities.

Right now, my company is made up of a diverse group. We all have differences, yet a shared sense of values and purpose. It’s really quite beautiful. Our brainstorming sessions are incredibly insightful and productive, because more people with diverse backgrounds inevitably bring more insights.

Benefits of a diverse workplace:

Employee retention – Driven candidates are drawn to inclusive businesses. Employees feel more confident, included and satisfied with their positions when they don’t feel that they have to be someone else at work and have a sense of belonging.

Provides more solutions – If I’m in a room of people who are just like me, how will I learn anything? Besides, how boring would that be? Various life experiences bring a multitude of perspectives, which leads to more thinking outside of our norms, and better solutions for our company and clients.

Better profitability – All of this adds up to a more efficient and profitable business.One study showed that companies in the top quartile for gender diversity on their executive teams are 15% more likely to generate above-average profitability compared to companies in the bottom quartile whose executive teams are predominantly white males.

Bring in people who are not like you, who have different backgrounds and opinions, and watch your business bloom.

Wishing you tremendous health and wealth.

-Mike

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Wellness in the Workplace

Wellness in the workplace is nothing new, but since the pandemic, companies have been prioritizing wellness more than ever. People are considering the quality of life and The Great Resignation is proving that people aren’t afraid to go after jobs with companies who truly value their employees.

Recently I participated in an interview with Authority Magazine on this very topic. Check it out and let me know what you think.

Working Well: Author Mike Michalowicz On How Companies Are Creating Cultures That Support & Sustain Mental, Emotional, Social, Physical & Financial Wellness – An Interview with Karen Mangia

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How to Scale Your Business – Break Some Industry Rules



One of the best ways to scale your business is to start breaking sh….I mean, the rules.

While there are rules in place for a reason, are you following some that aren’t serving your business?

The key to succeeding at marketing and sales is to continuously ask yourself, “What if I tried a different way?”

There are rules in every industry and business. And we often comply with them blindly. 

Don’t comply. Defy!

Look at me starting a revolution and breaking your businesses. There are key aspects that most companies base their brand on and build from there. The best insight I can give when approaching these however, is to get different. Really different. So different you’re breaking the rules in your industry.

Great offers need different marketing.

Now here’s the confusing part. Do what doesn’t scale – because no one else will do it. You have to look at how you can scale your offer differently than others in your industry to stand out and  truly serve your clients.

Before you start your grand plans, hit the refresh button and take a few minutes to answer the following:

Who are you?Who is your customer?What’s your purpose?What’s your product?How will you get there – what systems are in place?Is your team ready?

Now, try this this step by step exercise to start scaling your small business:

Ask yourself, “What if? What if you weren’t concerned about scalability? What if the inability to scale something was just an industry myth, and you can in fact grow your business? What would you offer, or how would you deliver your offer differently? What if you simply did what can’t be scaled in your industry and filled the gap with raw effort? That just might be your secret sauce. Ask yourself who benefits from the product or services you provide. Beyond your customers, there are vendors, suppliers, contractors, and others in the food chain. Document all the other people who participate in the creation or delivery of what you do. They are the beneficiaries. Now ask yourself, “How else can they be partners?”Create a list of all the things in your industry that cannot be scaled. Ask yourself what the industry doesn’t do because people say it can’t be done. Then pick one and actually do it.

What if you bucked conventional wisdom, or set aside industry norms, and tried something completely out of the box? When you reimagine the big stuff – what you sell and how you sell it – you just might discover your true calling. 

Break a few rules. You, your business, and your clients deserve it.

– Mike

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Wellness in the Workplace – My Interview with Authority Magazine

Employees are reconsidering their options. If you’re a small business owner and you want to stay ahead of The Great Resignation, I strongly encourage, no, demand, that you find ways to support your employees’ wellness.

From mental health, to social health, to physical health, it all counts. Recently I was interviewed by Karen Mangia, of Authority Magazine, to discuss her new series, Working Well. Check out How Companies Are Creating Cultures That Support & Sustain Mental, Emotional, Social, Physical & Financial Wellness – and apply some of these methods to your business today.

Be well.

-Mike

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The Best Way to Request a Review



When you’re considering a purchase, what’s one of the first things you check? Reviews!

Reviews have the power to make or break your small business. This is why it’s paramount that you have a stellar system in place to request reviews from your community. 

Before you go out requesting people’s opinions of your offering, I want you to consider how you will convey your request, because that will make all the difference when it comes to your customers’ experience and potential response. 

Recently I received a letter from a toner company who I made a purchase from. This was a great example of getting different with marketing and I appreciated it. It was pleasant enough and I certainly didn’t expect a letter. Overall, I give it a four out of five stars, but there were a couple of oversights that really got me thinking about how we as small businesses can turn these types of communication into something mutually beneficial. 

The beginning of the letter was a little wishy-washy in that they said they hoped everything went well, without offering an opportunity to reach out if something wasn’t working out. While they did do this later, by then I was a little disengaged. Then they went right into asking me for something, which was the review. Hey man. I just bought toner, now you’re expecting something from me? And, they asked me for a four or five star review. Kind of presumptuous. And then…here’s the no no: They offered me an Amazon gift card for the higher review. I could see the stars I may have offered fading. I’m also quite certain this isn’t an allowed practice. In the end, the letter was signed off by the marketing team. That doesn’t scream, “We care about your consumer experience!”.

Still, I did smile when I received the letter and I did leave an honest review. It was also a great exercise for me and I reviewed the importance of how I request reviews as well. Some suggestions when requesting reviews. 

Ask your customer to send you an email, or send them a follow up letter or email. A thank you note for a purchase is unexpected and if worded correctly, can make a big impact.Be sure that you are first addressing the customer and make sure you have lived up to their expectations. Ask about their consumer experience and if there is anything you can do to make it better. If you have any additional resources or guides relating to your business that may benefit your customer, include those links or tips for them in the letter so they are receiving a little something for free. Then, and only then, can you ask them for something, like a review. When requesting the review, be sure not to ask for a four or five star review. Ask for an honest opinion so you’re not seeking to manipulate them, giving them license over their own experience. Also, be transparent in your motives. Let people know that the best way for clients to discover you is to leave a review, and that selfishly this helps you as well as prospective clients. Of course, be sure to let them know how much you appreciate the time they may take to do so. Give an “out”. Saying there’s no pressure to post a quick review, that you really appreciate their patronage either way and are looking forward to serving them in the best possible way in the future. Sign off from the small business owner or the customer care team. The letter should open with concern for customer service and end on that note as well. 

Ultimately, we know we cannot please everyone. Not everyone is going to love your email request, letter or email sent to them. That’s ok. There will be a positive group of your customers who see the value in what you offer, and want other people to benefit from it too. 

Stay authentically you. That gets the best review. 

Wishing you big, big success.

-Mike 

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Reach Your Goals With Small Steps



When we create our goals, it’s with a great transformation in mind.

Before you start working toward them, I want you to remember that it’s the small, consistent steps that create big wins.

You have a lot of goals. So do I. 

Instead of ending up with paralysis by analysis (a trap we’ve all fallen into), I’ve found it’s easier to gain momentum when I take small steps toward my goals. 

When we’re standing in front of our dreams, we just want to get there. But most dreams aren’t realized overnight. We toil away at plans to make things happen fast, but in my experience, anything worth achieving takes time. 

Sometimes our goals can seem overwhelming and unattainable. But if you break them down into small steps it’s easier to get started. Those small steps are more likely to establish a tangible path because they’re doable, and more likely to stick. They add up together to equal the bigger leap that may be too unrealistic to take. Here are a few ideas to get you started:

“But, but!” Don’t resist the smaller steps. You just want results. Now. I get it. But something I do is limit the scope of my goals. Instead of setting a lofty goal, I set smaller acheivements to build to “the big one”. Say I want to write a chapter, for instance. If I attempt to write a chapter all at once it’s not going to happen, I’ll feel disappointed, and likely procrastinate. Conversely, if I create a smaller daily or weekly goal that I can commit to, say, writing one hundred words? That’s feasible. I may even write more than that. 

Make a plan and track it. When you create your goals, map out those mini goals that will give you a clear, succecessful path. Remember – small steps makes consistency equals consistency. Consistency equals progress. Progress equals momentum. You know the rest.

Have short deadlines. Short enough so you can work toward your goal without procrastination. When we have a goal set for too far in the future we may not prioritieze it. But if you create a daily or weekly routine that accomplishes a mini goal, you’ll maintain momentum.

You can attain any goal you want. Pick a very small step you can accomplish consistently, and you will see transformative results. 

What’s the baby step you can take toward one of your goals today? (Yes, pick one).

My challenge for you today is to pick a goal, maybe one that feels overwhelming, and take five minutes to outline how you will achieve it in smaller, more frequent steps.

I cannot wait to hear what you’ve accomplished. 

-Mike

 

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Get Out of Your Own Way – Lead Less



I cannot drive this home enough:

The biggest linchpin in your business is you.

Ouch!

It’s true.

Many times, your great leadership means great removal of, well, you. 

It took me a few years, but now I realize that as the leader of my company I had become the linchpin in my business. 

I want you to ask yourself if you’ve become the linchpin. It’s easy to fall into the trap of wanting to monitor everything, but that’s incredibly counterproductive. When you are the one controlling the decisions, production stops. Your employees have to wait to hear back from you. Not only do you have to halt the flow of what you’re doing, but it’s also likely you won’t make the most informed decision that serves your company, team, or customers best. 

Empowering your employees with autonomy in their roles and providing them the license to make larger decisions is imperative in your business. As leaders, we can be somewhat removed from the day to day interaction with customers and may not have the best gauge of the overall temperature. We may not make the best decisions for each thing that comes up considering that the employees are the ones who are on the front line. They are who implement the systems you’ve created to make your company work efficiently. You hired them for a reason.

If you hire the right people, you’ll trust them to understand the community you serve, how to serve them well, communicate effectively with them, and time that communication far better than you may.

You can’t be reluctant to delegate. If you are, you have to look at if it’s a “you” thing, or a “them” thing. 

If you’re concerned about entrusting big projects to your employees, I have some suggestions:

Mission alignment: First, make your mission clear. This can’t be a generalized statement either. For instance, our mission here is to “Eradicate Entrepreneurial poverty”. It’s a mouthful, but there’s also no question about what we want to do. If we said, “Help small business owners”, is our mission statement, it would leave room for interpretation. Help with what? Be sure to make your mission clear. Another important aspect here is to understand what your employee’s personal missions are. Ask what your teams’ professional and personal goals are. Then try to align the work and compensation so that your employees are even more jazzed about supporting the company mission. It’s a win win.

Role alignment: If you read the blog you’ve seen this before, but it’s for good reason. Everyone is good at something. If you find an employee who is dedicated to the mission, but has a skillset that can add value to your company, create a role for them or tweak their role to better suit them.Yes, work will offer challenges, but you when your team feels like they fit, their sense of belonging, creativity, and work ethic combines into one big productive ball of fire.

Reciprocity: Great loyalty is born out of reciprocity. When you, as a leader, instill your trust in your team, more than likely they will work to continue to earn it. And, they will offer their dedication and trust in you in return. 

Lead like a human: I cannot stress it enough. You are a human leading humans. It’s not about the headcount and the budget. Allow for flaws. You have them. Allow for mistakes. You make them. Allow for learning within your business. You still are. It’s so important that while running a business, you acknowledge that the quest for perfection can be a stick in the wheel (and horrible for morale). When you give yourself and your employees grace, beautiful things begin to happen. I see it in my office. Folks are less anxious about messing up. And ironically, there is less messing up these days, and more laughter and employee satisfaction. 

Remember: empower your employees with some license to make decisions for your business. They will make you proud.You’ve got this.

-Mike

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