Mike Michalowicz's Blog, page 28

The Benefits of Attending a Speaking Event

I strongly believe in fellow entrepreneurs and small business owners. You’re what keeps the economy alive, and the world needs you more than ever. One of my big dreams is to see every single one of you succeed beyond your loftiest of expectations.

When I began writing books, it stemmed from the desire to help you avoid the pitfalls that you may come across while running your business. I knew I had muddled through some extremely hard lessons and that fellow entrepreneurs would benefit from learning about them. One day I had everything, the next, the rug was pulled out from under me and I lost everything (except my family, thank goodness). That experience changed my mission forever: Eradicate entrepreneurial poverty. Now my work is focused on empowering as many business owners as possible through sharing my story so your business can flourish.

To do this, I started writing books to help business owners implement systems in their companies in order to obtain permanent profitability. Then I wrote some more. And more. I began to worry if creating books was effective enough to help you. What if you didn’t read the whole thing, or skimmed an intrical part of one of the methodologies?

Enter speaking engagements. I realized that through speaking, I could offer up immediate, live, real time solutions with powerful, actionable tools that would drive results in your business.

Fear of public speaking – Maybe you have something to share that you know will inspire other entrepreneurs but you feel unsure if you’re credible. Been there.

Secret time? I’m not a born speaker, and had I to work out and work through some of the aspects that didn’t come naturally at first. Luckily for me, I met a phenomenal speaking coach, John Bates. He taught me, and reminds me to this day, that if I am moved by something that I believe will help you, I have to move past my fears and serve you. That statement shifted my perspective and reminded me that me speaking isn’t about me at all. It’s about serving you. Now, at every keynote speech, I get that vest on and become a soldier for your success. And you can too. But the vest thing? It’s been done.

Another thing to remember is that speaker chosen to be one of the few presenters at an event means credibility is already established. (Don’t screw it up. Joking. Sorta.) You don’t have to be like everyone else. In fact, please don’t be. No degree in molecular biology or psychology? That’s just fine. You still deserve a place at the table if you have something to offer that will transform the lived and businesses of others.

The art of communication – Ok, you’re up there, and all eyes are on you. Now what? Engage! I believe in the value of a story (and bad jokes) to connect with the audience. Attendees are there because they’re hungry for knowledge and you sharing that knowledge with them is a gift. I share my story and the systems to help with you not because I want to hear myself speak, but because it’s a way to connect.

So what’s in it for you if you’re attending a speaking event?

Immediate impact – Keynote speeches allow me to have immediate impact on a community of attendees. It’s the best delivery method of business saving systems I can think of. Audience members can immediately draw out their own unique solutions, and then have a chance to ask questions at the end to ensure they’re on the right track. Speaking about the methodologies saves people time. Instead of reading one of the books, you may attend a keynote. And while I rather have you follow the book verbatim, I know that’s not always realistic. This way, you may find you’re having epiphanies and profound and permanent change to your business in a span of forty-five minutes.

Immediate feedback – For each keynote speech, I like to shake things up and use new stuff. Then I read the room and get vibe of the audience right away. Sometimes there’s applause or laughter. Sometimes I swear I hear a cricket in the hallway. These responses allow me to gauge if the solutions I deliver are workable or if I need to make adjustments.

What’s more important, is growing the community that attends. At the end of the keynotes, you’re about to questions and receive real time solutions to take back to your business, so there’s a free coaching element involved. I love learning about your stories after an event. It’s absolutely the best way to connect, and incredibly interesting and compelling. I often learn about needs you have that I haven’t yet addressed and hopefully can in the future. Because that’s why I’m here, to serve you, empower you, and hopefully deliver resources that will help you achieve profound, transformative success in your business.

Wishing you the best in your business.
-Mike

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Mike Reads Excerpts from My Money Bunnies



When Profit First was released, my wife told me, “Mike, there needs to be a version of this for children. These principles are so important, and rarely taught.” And, since my wife is incredibly smart (and managed pre-schools) I took that advice.

Since then, one of my biggest dreams has been to create a children’s book to help the next generation establish healthy financial habits, and avoid the pitfalls of not having the tools to manage money correctly for the long term. And I finally did it, with My Money Bunnies.

Now, here we are, a week from the book release, and our office is buzzing with excitement. I cannot wait to see how the kids in your life respond to learning this fun and engaging money management system.

I thought I’d give you a little sneak peek of My Money Bunnies and read an excerpt from the book. Check it out (above).

To help your child further understand the key concepts of the book, we’ve created some resources for your kiddos to use while learning the system. You can find them on My Money Bunnies website here.

We created a word search, chore list and a list for what your child is saving for. If you think of more resources we can develop that will help your child, please let us know, because we want your child to succeed in their new saving habits!

Thank you for sharing the My Money Bunnies principles with the little ones in your life. You’re now a part of fulfilling my big wish for children – Teaching them how to manage their money will change their future for the better.

With so much gratitude,
– Mike

P.S. November 15th is the release date! Aannnnd, as usual, there will be a multi book bonus page, so stay tuned for that (you know, if you like free stuff and the possibility of me reading to your kid’s class in person!)
P.S.S. My Money Bunnies will be available on Amazon & Barnes and Noble. Leaving a review increases visibility, and gets the book into the hands of more kiddos, so if you have time, please do!

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A Simple Step to Stay Motivated



It’s not grade school, but I’d be lying if I said I don’t love a reward for accomplishing a goal. Even adults require positive reinforcement. It’s just how we’re wired. Behaviors rewarded are behaviors repeated. Connecting a reward to your finish line will offer you that mental break you require to avoid business burnout.

I took a poll in our office, asking how each team member likes to reward themselves for accomplishing a goal at work. Here are eight of our favorite ways to reward ourselves at work:

1. All of the coffee – Yes really. That last hour you know you need to push through to meet that deadline? Keep pushing. Set your goal and tell yourself your reward is that fresh, hot, better-than-the-office-Keurig cuppa.
2. A breath of fresh air – You’re working away at your desk all day and I commend you for your commitment, but get outside! Once you complete your big task, set another goal – for you. Go outside and clear your head – then get back at the next goal on your list.
3. What book do you want to read? Don’t buy it yet! When you’ve completed your goal, you may have it.
4. The Wheel – You may or may not know we have a wheel that we spin when we accomplish our goals in our office. We each have a ball with our initials on it, so when we have accomplished one of our big goals, our ball goes into a Bingo cage. Whoever’s ball comes out first, gets to spin the prize wheel. Some of the prizes are material, and some aren’t. It’s a fun way to stay motivated as we work toward our goals.
5. Get social – When we’re hard at work, we tend to put a lot of our personal needs on the back burner. It’s known that social engagement is emotionally healthy, so why not make one of your rewards for your efforts spending time with a friend?
6. Quiet time – On the flip side, it’s also important to get some alone time to be with your own thoughts. Some of my team members have started scheduling that quiet, meditative time as a reward as well.
7. Take your time at the gym – If your gym offers a sauna or steam room, get in there! One of our team members says she rushes in and out of the gym and realized what a treat it is to use the other facilities like the sauna. If you belong to a gym, take advantage of that quiet, relaxing, detoxifying space.
8. Plan time off – Maybe it’s an hour, maybe it’s a week (or four weeks if you follow The Clockwork method!), but taking time off to decompress and step away from work will help you return to it refreshed and ready to tackle the next goal. I find that time off usually garners more creative ideas about how I can grow my business when I have stepped away from it.

The success of your business is likely your motivation, and your ultimate business reward. Remember, you need a full cup to pour into others. Celebrate those wins!

Take care of you.
-Mike

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How to Create More Opportunities – The Weekly Wake Up



Perspective is everything. You’ve heard it before.

This boulder in my yard is a prime example. Originally, I would dismiss this rock as a non-living thing, thinking it’s just a rock.

In actuality, this boulder is thriving with abundant life. From chipmunks to snakes, it provides natures little creatures with crevices that act as sufficient safety and shelter from the elements.

At first glance, I thought nothing of this rock. But now I realize it’s thriving with life and is its own ecosystem.

The lesson I want to share is: By simply taking a moment drop your own preconceived notions, and to really observe, you will find life and opportunities in something I may have previously missed.

Look deeper. Concentrate on what you’re focusing on – and you’ll see so much more. The opportunities are endless.

Wishing you endless opportunities,
Nature Mike

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A Favorite Business Tip – The Weekly Wake Up



One of the most actionable business tips I can offer is something you’ve heard a lot lately – Different marketing is better marketing. But you must know what your unique “different” is, and how to implement that in your marketing to drive more business.

Being different doesn’t mean outrageous and controversial. It means do something unexpected and that gets noticed. It can be as simple as creating a signature outfit. Me, I use my vest as a signature look. Jesse Cole of Savannah Bananas wears a bright yellow suit and wide-brimmed hat. If we traded outfits, it wouldn’t make sense. Being different is all about finding the unique identity of your business, and enhancing that to draw attention – different, yet positive, attention.

Getting attention for attention’s sake doesn’t work. It must compel and attract your target audience. What can you do in your business that is different enough to stand out from the rest of your competition? Look at what separates you from the crowd. How is your offering better than anyone else’s?

Check out Get Different to create the best marketing your business, and your customers, have ever seen. There’s an opportunity to fully immerse in the Get Different system here. And, check out the resources here.

As always, I am wishing you tremendous success. 

-Mike

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Women’s Small Business Owner Month



October is Women’s Small Business Owner Month. Time to recognize the achievements of women, and support them, too.

Walking down Main Street in my town made me realize how many business owners of these storefronts are owned by women. Women – you are the backbone of our economy. It’s not just what I see in my town, either. Check out these stats regrading female business owners – women:

Own over 12 million women owned businesses
Generate over 1.8 trillion dollars per year
Own 40% of US businesses
Only receive 7% of venture funds for their startups

And, there are 114% more female entrepreneurs than there were last year. During a pandemic, no less. Just saying.

Female business owners, I applaud you, and learn from you.

Here’s to your success.
Mike

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Profit First is now in VIDEOBOOK format. Check out the new, documentary-like production



 

This has been a long time coming – Profit First is now in VIDEOBOOK format. It’s a new, documentary-like production created by the Emmy award-winning team at litvideobooks. In just over an hour, watch the core concepts of the Profit First System come to life.

If you can’t find the time to read a book cover to cover, consider yourself a visual learner, or just want a Profit First refresher, this videobook is for you. Check out the trailer here.

I’ll guide you through how your business can maximize profitability, crush debilitating debt, and ultimately lead you to financial freedom. It’s 60% off for a limited time to celebrate the launch.

Watch it in full exclusively at watch.litvideobooks.com/profit.

Just another tool to use as you navigate your business to more success! 

-Mike

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The Weekly Wake Up – Measuring Success



“You can’t manage what you can’t measure.” – Peter Druker

There are different schools of thought on this statement. I’ve read that measuring for success is a fallacy, but it works for me. If I’m not measuring my success, it’s hard to stay on track getting to my ultimate goal. Tracking my progress is a tool I’ve always used for maintaining focus on my objectives and creating momentum toward them.

Measuring your efforts allows you to see if you’ve made any headway, and if your action plan requires adjustments. It doesn’t automatically ensure action. That part is entirely up to you. Progress doesn’t magically occur by itself. What tracking progress does do is increase:

Awareness – The main result of tracking anything is that it will increase your awareness around your goal. I see my goals daily, and it keeps me honest about where I am in the process of moving forward toward them.

Accountability – We must hold ourselves responsible for our momentum. When we’re measuring and tracking, it inspires us to reach for the next step, and then the next one. And, it’s motivating to see how far we’ve come.

Time management – How do you know your time and effort is being spent effectively? Tracking your time is the perfect tool to ensure you’re not wasting it on superfluous tasks. It enables you to delegate or get rid of the things that aren’t serving you. And you must serve your goals to serve others well.

What are some of the ways you measure and track your own strides toward your goals?

I am rooting for you and wishing you tremendous success. 

-Mike

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Have Questions About Profit First? Profit First Must See FAQs

I get a lot of email asking specific questions about Profit First. When readers start implementing the Profit First methodology, it can be both liberating, and daunting at the same time.

I developed a FAQ page, along with tons of other resources for my books. In case you missed it, I thought I’d answer one of the most common questions I get asked about accounts.

Question: Which Profit First accounts should be checking accounts and which ones should be savings accounts?

Answer: It’s important to understand the difference between a checking account and a savings account. As a general rule, savings accounts yield interest, but are limited in the number of withdrawals (usually 6) during the statement period (usually a month).

A checking account typically offers an unlimited number of withdrawals and checks, but does not yield interest.

Option 1: Since Profit First encourages the 10/25 rule (allocate funds and pay bills on the 10th and 25th) for most businesses, all accounts except for the Operating Expense (OpEx) account can be savings accounts. Note that a savings account can’t write checks, so Owner’s Pay,Tax, Profit and other accounts won’t be able to issue checks.

Option 2: Following the 10/25 rule, the Income account will accumulate all deposits until they’re allocated to the Profit, Owner’s Pay, Tax, OpEx and other accounts on the 10th and 25th, at which time those funds will be used for those specific account’s purpose. Therefore incoming funds sit in the Income account for approximately 28 days a month. Understanding this, the Income account can be setup as a savings account (to accumulate interest)and all the other accounts can be checking accounts. This will allow the most flexibility for withdrawals and writing checks, while accumulating the most interest.

Stick with it! I know Profit First will serve you.

I am wishing you tremendous success

-Mike

PS – For more FAQs – check out our Free Resources page.

PSS – Turn your leads into customers for life – get your copy of Get Different now.

 

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Introducing My Money Bunnies – A Money Saving System for Kids



Heads up: I’m listening. One of the comments I have heard over and over since the release of Profit First is, “I wish I knew these concepts growing up”. Me too. Like so many, I had to learn my money lessons the hard way. Yes, I finally learned, but if you know my story, you know I learned only after I hit rock bottom. It wasn’t pretty, and I don’t wish it on anyone.

One of my big dreams is to see financial security for generations to come, so they can avoid the pitfalls of not having the tools to manage money correctly for the long term. What better way to contribute to that cause than creating a fun and engaging money management system specifically geared towards children to start them off on the right foot on their financial journey?

I took this system and created the children’s book, My Money Bunnies, which captures the innovative cash management system in Profit First. Kids will love going on an adventure with Sophie, who finds she isn’t saving her hard earned money. Without giving the ending away, Sophie eventually learns how to save for her big dream, while still having funds for her daily experiences. The book concludes with Sophie’s greatest lesson: The My Money Bunnies system allows her to serve others, too! 

My Money Bunnies will engage, entertain and encourage children (and you!) to effectively manage money into their adult years.

I cannot wait to share this book with you, and I cannot wait for you to share it with the children in your life. 

I hope this book serves our kids so their generation faces less financial insecurity. My wish for them is that they have the resources to fulfill their dreams, and to be of service to others. 
-Mike

My Money Bunnies hits the stands on November 15th, 2021! Stay tuned for more updates and bonuses!

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